As of July 2022, there are over 581,000 people living in Wyoming. It’s the least populous state in the nation, which makes it perfect for starting a small business. Not only is there less competition, but you can also build a local client base, resulting in lasting and meaningful relationships.
Of course, you don’t have to solely stick to local customers, as the power of the internet can help you reach significantly more clients. So what we mean to say is, there’s no better time to start a business than now!
But do you know how to set up an LLC in Wyoming? Read on to find out.
Wyoming LLC Benefits
First of all, you might be thinking: why form an LLC in Wyoming? Here are the benefits you can get from creating an LLC in this state.
No Income Taxes
There are no state income taxes in Wyoming. You’ll still have to pay federal income taxes, but eliminating the state ones can help immensely.
No Citizenship Requirements
In some states, you must be a US citizen to form an LLC. However, this isn’t the case in Wyoming.
In addition to this, you can operate your LLC from anywhere in the world too. This means you can easily be a digital nomad.
Better Financial Protection
By choosing to form an LLC for your business, you have better financial protection. This is because LLCs are considered separate legal entities. The LLC is responsible for its own liabilities and debts, which means you personally aren’t.
This means that you’re better protected from lawsuits too. If the LLC is sued, you aren’t responsible for paying damages from your own accounts.
If you’re a fickle person, then an LLC is ideal for you, especially in Wyoming. For example, if you already have an LLC, then you can move it to this state.
In addition, if you ever want to transfer ownership, you can do so whenever you wish. You can even transfer it to people after your death, so your company will live on.
And speaking of ownership, you can have an unlimited number of members. Whether you want to be a sole owner or have over 100 of them, it’s up to you.
How to Set Up an LLC in Wyoming
Now that you’ve learned about the benefits of a Wyoming LLC, this might’ve been enough to convince you to form one. Here are the steps you need to take to start your business.
Choose Your Business Name
First, you’ll need to pick a business name that’s not only catchy and easy to remember, but also not taken already. The stipulation is that it must end in “Limited Liability Company,” “Limited Company,” or any combination of abbreviations, such as:
- Ltd. Co.
Also, certain words need approval from the Department of Education:
Plus, the following words need approval from the Banking Division:
- Private Trust
Once you’ve decided on your business name, you’ll need to file a name reservation application with the Secretary of State. This reservation is good for up to 120 days and the application costs $60.
Get a Registered Agent
A registered agent is an official person who receives legal documents on your company’s behalf.
You can choose to be your own RA, but it’s better to get someone else for the job. This allows you to keep your privacy, and your business and personal affairs separate.
Apply for Your Employer Identification Number (EIN)
If you’re the only person in the business and you’re not planning on hiring anyone else, you don’t technically need to get an EIN. However, it’s a good idea, as it makes it easier to get loans and business banking accounts.
This 9-digit number is similar to an SSN. You’ll use it for tax purposes.
Draw Up an Operating Agreement
LLCs in Wyoming aren’t legally required to draw up operating agreements. But like with an EIN, it’s better if you don’t skip this step.
This operating agreement counts as a governing document in this state. It’ll clearly outline who owns your company, how it’s structured, and how it’s managed. Not only will this provide clarity, but it’ll also protect you.
Pay the License Tax
In Wyoming, you need to pay the Annual Report License Tax. As the name implies, you pay it every year on the anniversary of your LLC formation date.
This tax is at least $60, and you can file online. However, if your fee is over $500, then you’ll need to file by paper.
Make sure you pay this tax on time. If you’re late in filing and paying, your LLC can be dissolved or revoked.
Use Business Anywhere Instead
If all the above sounds complicated, and/or you don’t have the time or energy to handle this, then there’s another option: using Business Anywhere.
We have business registration services at affordable prices; they start at $37, and filing takes between 2 days to 2 weeks, depending on the package you select.
To start, create an account with us. Then fill out our online form with your details. It’s straightforward and should only take a few minutes.
After selecting a package, you can pay through a secure gateway. Not only can we then set up your LLC in Wyoming, but we’ll also provide you with a virtual mailbox. We can also be your registered agent and provide online notary services if needed.
Form an LLC in Wyoming Easily
Forming a Wyoming LLC can lead to exciting things. You can finally become a small business owner and bring your dreams to life, but it also comes with pesky paperwork.
Remove the obstacles from your goals and have Business Anywhere handle your business registration. With our comprehensive services, it won’t take long to get set up. And most importantly, it won’t be stressful either!
If you’d like professional help with forming your LLC in Wyoming, then sign up with us now. We have simple pricing with no hidden fees or add-ons.