Guide to Forming an LLC in Wyoming
Follow our free guide to form an LLC in Wyoming
- Pros and Cons of Forming an LLC in Wyoming
- Starting Your Wyoming LLC
- Maintaining Your Wyoming LLC
- Additional Wyoming Resources
The process of starting an LLC in Wyoming includes multiple steps. Our comprehensive guide will help you navigate the Wyoming LLC formation journey.
Pros and Cons of Forming an LLC in Wyoming
Privacy for Owners
Wyoming does not require all of the names of members/manager of an LLC to be included in the Articles of Organization. In fact, an organizer is able to submit the formation paperwork in place of the members.
Wyoming is one of the few states that does not have a state income tax or a corporate/franchise tax. Business owners are only responsible for paying the appropriate federal taxes on company income.
Progressive Wage Growth
Wyoming experienced the fastest growth in weekly wages in the nation during 2017. The jump in wages was almost 10%, according to recent reports.
Struggling Economic Climate
Based on Forbes’ annual check-up, Wyoming is near the bottom of the list (#46) for its economic climate. The state is slowly recovering from hard hits in 2016, but the process is slow and not all industries are bouncing back as quickly.
Constricting Labor Force
Qualified labor supply is another area where Wyoming ranked on the lower end of Forbes’ annual list; While Wyoming is bouncing back from the oil & gas industry fallout in 2016, the state’s labor force is still shrinking, dropping 5.1% in the past ten years - the largest drop of any US state.
Cost of Doing Business
- $100 filing fee
- $50 annual fee
- No corporate/franchise tax
Phase One: Starting Your Wyoming LLC
Starting an LLC in Wyoming can be done without a lot of stress, especially when you have the right kind of help to walk you through the first phase.
- Step 1: Name your LLC
- Step 2: Establish Ownership of your LLC
- Step 3: Decide on a Registered Agent
- Step 4: File the Articles of Organization
- Step 5: Create your Operating Agreement
- Step 6: Register for an EIN
Step 1: Name Your Wyoming LLC
The first step with your Wyoming LLC is to name your business. There are state and federal government regulations and restrictions regarding the use of certain words in business names.
Tip: Use a free business name search tool to ensure your company’s desired name is available.
Business Name Guidelines
- The official name of your business must end with: Limited Liability Company, Limited Company, LLC, or L.L.C.
- Your business name cannot be intentionally misleading to consumers
- The name of your new LLC must not be similar to another organization’s name/trademark
- “Lottery” and “Bank” are ineligible for use (any state)
- Terms that represent educational or Veterans’ organizations are restricted
- Terms related to the Armed Forces or civil servants (police, EMT, fire)
LLC business names associated with government and/or financial entities are not always restricted - it depends on the state. Additional paperwork may be required.
In addition to choosing a name for your LLC, you will also need to select a domain name for a business website — check availability at a number of online web services sites.
Step 2: Establish Ownership
LLC owners are actually known as members and managers. All LLCs will have members, but not every LLC will have managers — the difference depends on the management structure of the business.
LLC Management Structures:
- Member-managed: All members participate in operating and making decisions for the LLC
- Manager-managed: An appointed manager oversees the daily operations of the LLC and the members are not actively involved.
Wyoming LLC Member Guidelines
Required Number of Members
There must be at least one member or manager to form an LLC in Wyoming.
Member Disclosure Requirements
An organizer/authorized representative may sign and file the Articles of Organization in place of the LLC members.
LLC members in Wyoming may be of any age.
There are no residency restrictions imposed on LLC members in Wyoming.
Step 3: Find a Registered Agent in Wyoming
The registered agent is necessary for all LLCs formed in Wyoming. Your business cannot be official without filling this position.
Please Note: All registered agents must sign a Consent to Appointment form.
What is a registered agent?
A registered agent can be either person or business who is authorized to accept all official mail on behalf of the LLC.
Why do you need a registered agent?
Wyoming law requires you to appoint a registered agent so that the state government has a consistent contact person for your LLC.
What are the main requirements for a registered agent?
- The registered agent must have a physical address — not a P.O. Box
- The registered agent must be available during business hours
Who can be a registered agent in Wyoming?
- A state resident with a physical address in Wyoming
- An LLC or corporation that is licensed to conduct business in Wyoming
Is the registered agent’s contact information publicly accessible?
The name and contact information of the LLC’s registered agent is a matter of public record.
Can I be my own registered agent for my business?
You are legally allowed to be your own registered agent as long as you have a physical address in Wyoming.
Is being my own registered agent discouraged?
LLC business owners risk compromising their personal information if they choose to be their own registered agent.
Tip: Avoid the hassles and choose Swyft Filings to fill the registered agent needs for small businesses in Wyoming. Find more information here.
Step 4: File the Articles of Organization
The most important step in creating your Wyoming LLC is filing the Articles of Organization with the Secretary of State.
What is the Articles of Organization?
The Articles of Organization is a legally binding document that is filed with the state government to officially and legally form your LLC.
Why do I need the Articles of Organization?
Your LLC business in Wyoming will not be legally recognized by the Secretary of State without filing this document.
What is the cost of filing the Articles of Organization?
The filing fee for Wyoming is $100.
What information is included in the Articles of Organization?
- The name and address of the LLC
- The name of the organizer filing the paperwork
- The name and location of the registered agent
Additional Wyoming Filing Information — Professional LLCs
Wyoming does not offer an option for specific professional LLCs (PLLC); however, the state does not prohibit professional service businesses from forming an LLC.
Step 5: Create an LLC Operating Agreement
An LLC Operating Agreement is necessary for the successful formation of your Wyoming LLC.
What is an LLC Operating Agreement?
The LLC Operating Agreement is a legally binding document that defines the rights and responsibilities of each member and lays out the LLC’s operating procedures.
Why do I need an LLC Operating Agreement?
The LLC Operating Agreement is necessary because it provides structure for the business, protects business assets from creditors, and reduces disputes among members.
Do I need to file the LLC Operating Agreement?
You do not need to file the Operating Agreement with the state; it is for the benefit of your LLC and remains in-house.
What goes into an LLC Operating Agreement?
LLC Operating Agreements generally include the following information:
- List of the members/managers and their roles
- Designation of authority in the LLC
- Initial capital contributions of the members
- Voting designations and percentages of the members
- Member transfer/addition rules and restrictions
- Distribution of profits
- Meeting schedule
Tip: Get a customized LLC Operating Agreement for your small business with Swyft Filings. Add structure to your LLC now.
Step 6: Register for an EIN
Most businesses formed in Wyoming must register for an EIN. Your Wyoming LLC will not be able to conduct business without this ID.
What is an EIN?
The EIN is a nine-digit number assigned to your business by the Internal Revenue Service (IRS) — it identifies your business with the government much like a personal Social Security number.
What does EIN stand for?
EIN is an acronym for Employer Identification Number. It is also known as a Federal Tax ID.
Are all businesses required to have an EIN?
Federal law dictates that certain types of business entities register for an EIN:
- Any business with employees (even if owned by one person)
- Any business with more than one member
- A partnership (LLC or C-corp)
Please Note: A sole proprietorship is not required to have an EIN, but it is still recommended.
Why does my LLC business need an EIN?
The more common reasons you would need an EIN are:
- To hire employees
- To open a bank account in the U.S.
- To file your company’s taxes
- To pay independent contractors
In short, if you make money through your business and it has employees, you must have an EIN.
Is the EIN publicly listed?
The EIN for your LLC will be part of public record.
Can I use my Social Security Number as the EIN?
You can use your social security number as your business’s EIN; however, this information is part of public record.
Swyft Filings offers EIN services for small businesses in Wyoming. Find more information here.
Phase Two: Maintaining Your Wyoming LLC
The next phase of setting up your Wyoming LLC centers around making your new business compliant and ready to operate. The next few steps are:
- Step 1: Register for Taxes in Wyoming
- Step 2: Apply for Permits and Licenses
- Step 3: File the Annual Report
- Step 4: Request a Certificate of Good Standing
Step 1: Register for Wyoming State Taxes
Wyoming does not charge LLCs with a corporate or franchise tax. LLC members are still required to pay federal income taxes on their earnings.
State Income Taxes
Wyoming does not have a state income tax.
Corporate Tax Information
Wyoming does not have a corporate income tax or franchise tax.
Additional Tax Information
Other taxes your LLC may need to pay:
- Sales and Use Tax at 4%
- Employee Withholding Tax
- Unemployment Tax
Step 2: Obtain Business Licenses and Permits
The licenses and permits required for an LLC in Wyoming can vary, depending on a number of variables:
- Location (city and county)
- Type of Business
Tip: If you would like to see more in-depth information on licenses and permits, please feel free to visit the content in our learning library that covers business licenses and permits.
Step 3: File an Annual Report
All businesses formed in Wyoming are required to file an annual report with the Secretary of State.
What is an annual report?
An annual report is a legal form that keeps your business’s information current and is filed with the Secretary of State on a periodic basis.
What kind of information is in the annual report?
The information requested in the annual report is similar to what is in the Annual Report:
- The name and address of the business
- The name and address of the registered agent
- The names of the members
- The business’s EIN
Is the annual report part of public record?
The annual report filed on behalf of your LLC is a matter of public record.
Fees and Due Date
Fee: $50 **
Due Date: First day of LLC formation anniversary
Frequency: Every year
Implications of Late Filings: LLC dissolution after 60 days
** If business assets exceed $250,000: $.0002 x [total business assets] = Annual Report Fee
Swyft Filings helps you stay compliant by providing stress-free solutions. File your annual report with us today.
Step 4: Request a Certificate of Good Standing
Securing a Certificate of Good Standing for your Wyoming LLC is the last step before your business is ready to go.
What is a Certificate of Good Standing?
The Certificate of Good Standing officially confirms that your business is properly formed and in compliance with state requirements.
Who issues the Certificate of Good Standing?
The Certificate of Good Standing is generally issued by the Secretary of State.
When can I request a Certificate of Good Standing for my business?
You will be able to request a Certificate of Good Standing after your LLC is officially formed through the Secretary of State.
Why do I need a Certificate of Good Standing?
The Certificate of Good Standing gives your new LLC credibility with banks, financial institutions, and other businesses. Many companies will not agree to business deals without this certification.
Does the Certificate of Good Standing have an expiration date?
The Certificate of Good Standing does not expire/does not need to be renewed.
Swyft Filings can create a Certificate of Good Standing for your Wyoming LLC. Click here for more information.