As a small business owner, you may be considering Wyoming as your best option to launch your company. With its low costs and minimal regulations on small businesses, it’s a great place for startups and bootstrapped companies. But is it a good idea for you?
You’ll have to weigh the pros and cons of Wyoming LLC formation, but here are just a few reasons why many entrepreneurs choose Wyoming.
Starting an LLC in Wyoming is easy
Despite Wyoming LLC’s reputation as a small business-friendly state, the formalities required for starting an LLC are actually quite similar to other states.
The process is fairly straightforward and takes about a month to complete.
STEP 1: Name your Wyoming LLC
Before you start the process of forming a Wyoming LLC, you’ll have to pick a name. You’ll want your LLC name to be short and descriptive. While Wyoming does give some options in its Limited Liability Company Act, there are limitations.
Businesses should easily be able to use their established company name and likewise, their trade names or trademarks for an LLC.
- Must be 20 characters or less.
- May not be the same as a business name.
- Cannot use the name of another business. (Exceptions: Limited Liability Company Act §2-4(a), 2-4(b)).
The name of your Wyoming LLC is your distinct identity, both to you and to the general public. You’ll want to ensure that the name is available and easy to remember so that you don’t lose customers.
STEP 2: Choose a Registered Agent Service in Wyoming
It’s important to have a registered agent in the state your business is based in. A registered agent takes and receives legal correspondence on behalf of your LLC.
Your Wyoming LLC will be required to have a registered agent available at all times, including weekends and holidays.
Registered Agent Requirements:
- Must be an individual or company with a physical address in the state of Wyoming.
- No requirements for experience or training.
- No requirements for registration fees.
- Must be on file with the Secretary of State.
The registered agent is someone you will need to communicate with, so you don’t want to make this decision lightly. Like many other state requirements, there are limited options for choosing a registered agent in Wyoming.
Your best option is to work with your local attorney or another handy resource to find a reputable company or individual to act as your registered agent.
STEP 3: File the Wyoming LLC Articles of Organization
Once you have a name and a registered agent, you’re just about ready to start your LLC in Wyoming. You’ll need to file articles of organization with the Business Filings Division of the Secretary of State.
The filing fee for an LLC is $100. The articles must contain basic information about your business, including:
- Registered Agent Address.
- Registered Agent Signature.
- The business name.
- The purpose of the business.
Once your article is filed and approved, it should take about a week for you to receive your certificate of formation in the mail.
You may use this as your official Articles of Organization for paperwork, financials, and all other requirements in Wyoming.
How can I submit the Wyoming LLC Articles of Organization?
You can submit the Wyoming Articles of Organization through the Business Filings Division’s online submission form.
The form is fully accessible and will walk you through all of the steps while providing you with a confirmation of completion upon submission.
STEP 4: Create Your Wyoming LLC Operating Agreement
Your Wyoming LLC’s operating agreement is one of the most important documents you’ll have when running your business. It will dictate how much control each member has in making business decisions and how profits are distributed.
In addition to providing a more democratic and collaborative setup, an operating agreement can also help protect your business from internal issues that would potentially cause problems in court.
You can create a basic operating agreement yourself, but it’s highly recommended that you work with an attorney or other legal professional to ensure it suits your needs.
The Wyoming Secretary of State does provide a basic model that can be used for your LLC’s operating agreement, but it’s not the best option for your business.
STEP 5: Get a Wyoming LLC EIN
In the US, every business must have a federal taxpayer identification number (EIN). The Wyoming Secretary of State provides an EIN for LLCs in your state only. An EIN is a nine-digit number that must be given to each business when it is established.
The Wyoming Secretary of State’s EIN website is easy to use and will make this part of the process as painless as possible. Remember, your federal tax identification number will be different.
Advantages and disadvantages of Wyoming LLC
The best way to determine whether Wyoming LLC is right for you or not is to look at the pros and cons of Wyoming LLC formation.
1. Ideal for New Businesses
Wyoming is known for their pro-business environment and low costs of living. It’s a great state to start a business in, especially if you’re bootstrapping with the savings you have.
2. Easy to Form an LLC
There are no specific requirements on forming an LLC in the state of Wyoming, so the process is simple and easy to complete.
3. Easy to Register a Wyoming LLC
There is no filing fee to register your new LLC in the state of Wyoming, so there’s no reason not to start the process. The process takes about a week at most.
4. Easy to Set Up Wyoming LLC Meeting Places
WIoCo Registered Agent LLC provides complete access to all company documents online or through their mobile app. There are no issues with shared documents and all information stays with each member’s individual file.
5. Easy to Sole-Prop Rental Property
You can own a Wyoming LLC, set up the LLC, and have your own rental property all in one year. If you have any questions about property management, you can take advantage of the WyoCo LLC online chat feature to ask questions and get answers.
Wyoming LLC advantages are many, but there are some downsides to consider as well.
1. High Liquidation Tax
The liquidation tax in Wyoming is quite high, which is one of the biggest disadvantages when starting a Wyoming LLC. If you’re worried about this, you can find out more about it on the WyoCo website.
2. High State Income Taxes
There are two states with higher income taxes than Wyoming: New Jersey and Vermont. If you’re looking to save money on state taxes, these states may be a better option than Wyoming.
3. Very Limited Business Structure Options
If you want to operate as a corporation or open your business as a limited partnership, you will need to do so in another state. Wyoming is only able to register LLCs.
4. Wyoming LLCs Can Only Be Registered in One State
If you’re thinking about expanding your business across the country or internationally, Wyoming LLCs can’t be registered in more than one state. You’ll need to choose another option if you’re interested in running a multi-state company.
5. Limited Liability Protection
If you’re thinking about opening a Wyoming LLC for liability protection, there are several states with stronger protections. If you want to operate as a corporation or a limited partnership, your best option may be Montana.
How much does it cost to start a Wyoming LLC?
The state of Wyoming has no specific costs associated with starting an LLC. You can create your LLC for as little as $100. If you want to file a Wyoming LLC, you can do it for free.
The cost of a Wyoming LLC is based on how many members you choose to have, however, the most common costs are annual unlimited liability insurance and personal tax returns.
Wyoming LLC Annual Fees
Annual fees for an LLC are set by whether or not you choose to pay for the annual unlimited liability insurance and corporate tax return. Annual fees may be as low as $50 per member on up to $250 per year.
Wyoming LLC Tax Filing Fees
Taxes for an LLC are charged based on the number of members in your company. Wyoming LLCs are required to make payments semi-annually and the tax return filing fee is $30 per member. If you file jointly with a spouse, you can file as one company and it will only cost $60 per year.
Separate Your Personal and Business Assets
Once you’ve formed your Wyoming LLC, it’s important to keep business and personal assets separate. A successful business will eventually have large earnings and assets, and you don’t want your personal assets to be liable for any debts or litigation that occurs.
- The easiest way to keep your business and personal life separate is simply by using a business checking account instead of a personal one. This will prevent any cross-contamination of funds between the two accounts, which helps ensure that you don’t accidentally spend money in the wrong place.
- Many business owners choose to maintain a credit card for personal use and a separate one for their business, as well. This helps them manage their personal expenses and still have a way to make purchases when the need arises.
- It’s also helpful to keep two sets of books for your business, with separate accounting methods so that you can easily separate your receipts and expenses at the end of the year. You should also carefully check all your paperwork to ensure that personal assets haven’t been included in business expenses or vice versa.
1. Opening a business checking account:
If you choose to open a separate business checking account, the process is simple and can usually be done online.
- The first step is to locate an available checking account that meets your needs. You should look for an account that offers 0 minimum balances, free ATM withdrawals, access to over 30,000 ATMs in the United States and worldwide and reasonable fees.
- Next, you’ll need to provide some basic information about yourself including your name and address. You should also be prepared to provide more information later, including your business’ tax identification number and a copy of your business license.
- Then you’ll need to choose an online ID and password, as well as a backup email address in case you lose the original ones. You may also want to consider setting up online bill pay through this account, which will allow you to access your account over the Internet at any time from any place.
Once you are finished setting up your account, it will be ready for use. You can either print a paper copy of your bank’s written agreement and bring it with you to the bank, or you may simply keep your signed and completed agreement in a safe place where you can find it quickly and easily.
2. Getting a business credit card:
Once you have opened a business checking account, it is easy to begin using it for your business. Many companies provide free or low-cost starter cards, but some will require you to pay a monthly fee.
A starter card won’t allow you to make purchases on your own account until the company verifies your identity and opens a new credit limit for the cardholder.
It is a good idea to get a separate business credit card for your personal use if you are able to find one that offers low rates and low fees. This will help keep your business credit lines separate from your personal ones, and it can prevent the risk of spending money in the wrong place.
Review your statements carefully each month to ensure that you aren’t being overcharged for purchases made that appear on both accounts.
3. Hiring a business accountant:
One of the first things you should do after starting your business is hire a competent accountant to ensure that all financial transactions are accounted for correctly and that your records are properly maintained.
You can find a qualified business accountant by asking friends, family or clients for recommendations, or by searching online.
Some accountants may charge a fee for their services, but it’s usually much less than what you would pay if you had to hire one yourself. Remember to negotiate fees with your accountant before the work begins.
Get Business Insurance for Your Wyoming LLC
If you are running a successful business, insurance is an important part of your company’s financial plan. You can purchase a variety of insurance policies for your growing business, including employee benefits and workers’ compensation.
In Wyoming, you will need to obtain the following types of insurance if you employ anyone:
Workers’ compensation insurance is required by law for all employers in the US who have three or more employees. It provides benefits to employees who are injured in the course of their employment.
General liability insurance covers you if you are ever sued for damages that result from an accident or another incident related to your company.
General liability insurance is recommended for most small businesses. Make sure your coverage includes non-owned and hired automobile.
An employer’s liability policy protects an employer who is negligent in the performance of his or her responsibilities, and is required by law in Wyoming.
Business auto insurance:
If you use a company vehicle for business purposes, you need to purchase a separate business auto insurance policy. It will make sure that your vehicle is covered in case of an accident or other situation where the company could be held liable.
Errors and omissions:
Errors and omissions policies cover your business for claims resulting from mistakes made in work that is done for a client.
Business insurance rates can vary widely depending on the type of coverage, the size of your business and the number of employees you have. It is a good idea to speak with multiple insurance providers before selecting one.
Create Your Business Website
To increase the visibility and accessibility of your business, you may want to consider creating a company website. A comprehensive site strategy will provide your company with the online presence it needs to stay competitive in today’s fast-paced economy.
A well-designed web page can draw potential clients and customers to your business by promoting yourself and your services in a way that makes you as presentable as possible.
You can showcase your products, services and offers, share news about new developments or reach out to consumers via social media channels.
There are a number of ways to create a website, but the easiest way is to buy a domain name and pay for web hosting. Prices for both of these services depend on what type of site you want to create.
1. Choosing your domain name:
Before you can set up your business website, you’ll need to choose a domain name.
A domain name is the website address that will be listed on search engine results. It should be simple and easy to remember so that your customers can find you when they need your services.
You can register a dot com address or you can purchase a dot net, dot org, or other domain. It is important to choose a name that is easy to spell. You may also want to include keywords that are related to your business in the name of the site to help it rank higher in search engine results.
2. Web hosting:
Once you have a domain name, you need to know where it is going to be hosted. You can purchase a domain name and web hosting from the same company, or you can research different providers and choose which one will best suit your needs.
Most websites today are hosted on servers in data centers, but you can also host your site on your own personal computer.
3. Choosing the right website template:
Finally, you’ll need to choose a website design and web template that will best suit your business. There are many different options available to help you decide on which theme would work best for your company. Your site should be custom-designed to fit the needs of your business.
You can also use an existing template by downloading it from the internet or paying for a design consultation.
Send Out a Press Release
You can generate interest in your business with a press release. The advantage of using a press release instead of advertising is that there is no cost for you and the reader to have access to the information. The disadvantage is that it can be difficult for you to get the word out if your business isn’t already known.
A press release is an effective way to promote both an upcoming project and your company’s new services in general.
If you have recently completed a project, send out a press release that highlights your work. It will inform your potential clients about the new services available through your company as well.
1. Drafting the release:
It is best to write the press release yourself to make sure you’re able to express your message in an effective and professional manner. Make sure you have all of your details about the project ready so that you can include it in the body of the text.
2. Sending the release to appropriate media outlets:
Once the release is written, you will need to send it out to the appropriate media outlets. You can find contact information for press releases on your local business website, your Chamber of Commerce website and other advertising and public relations websites.
If these sites do not have a press release format, you can take information from news sources that publish industry news. Identify who you are sending the release out to, include a brief description of your business and attach all relevant files for publication consideration.
3. Publishing the release on your website:
You can publish the press release on your website after it has been printed or posted to the appropriate websites.
Make sure that you include a link to the press release in news stories and company announcements. Also, update your website regularly so that new customers can easily access updates about your company’s projects and services.
Do I need business licenses and permits in Wyoming?
In addition to the standards for all businesses, there are specific requirements that apply specifically to Wyoming businesses that feel they need or want a permit or license.
No state companies are exempt from needing to obtain a business license.
- Businesses in Wyoming can be privately owned or publicly traded, but public corporations need to have some type of incorporation certificate and must also have a State of Wyoming Certificate of Privilege. There are only a few exemptions to this rule, including agricultural products and business entities such as the University of Wyoming Agricultural Experiment Station.
- There is no charge for a business license in Wyoming. You will simply need to pay the necessary application fees and submit the required documents. It is your responsibility to keep up-to-date with all of your licensing and permit needs.
- Certification is necessary for all mortgage lenders and their employees. Certification can be obtained from the Wyoming Division of Banking with a $100 fee.
- Anyone who wants to operate on highways must have a vehicle license from the state’s Department of Transportation, even if they are using their vehicles for personal use only. Vehicle licenses are good for one year and are required by anyone wanting to operate motor vehicles within the state along with any trailers being pulled behind those vehicles.
- Anyone wishing to operate a taxi must have a Taxicab Authority License, which is good for one year. A $100 fee is required to obtain the license and application materials are available from the Wyoming Division of Financial Institutions.
All businesses must follow the terms of their license in order to remain compliant with Wyoming laws.
Additionally, all businesses must make sure that they are keeping all required records and reporting appropriate information to the state along with any other regulatory bodies that they may be required to work with.
Wyoming LLC Tax Filing Requirements
In addition to the standard business taxes used by individuals, all businesses in Wyoming are required to file GSTR-15. GSTR-15 is the Business Entity Return, and it must be filed every quarter of the tax year.
There are additional rates for certain types of business entities, including a half percent for qualifying Service Companies, which are businesses that sell or provide related services to natural resources and mining.
- There is no state income tax on profits from sole proprietorships or partnerships.
- There is also no state property tax on machinery and equipment, but there are different rates for all forms of real estate. In most cases, real estate taxes are tied to the assessed value of the property.
- State regulations require all businesses to make sure that they are familiar with the laws that relate to their industry and business practices. Failure to do so can result in fines as well as penalties for any criminal activity such as tax fraud or subverting a state-approved system.
Disputes between farmers and livestock buyers in Wyoming can be handled through the state’s Livestock Commission, which is appointed by the governor.
Wyoming Sales Tax
The state sales tax rate in Wyoming is 4%. There are additional rates that apply to specific products and services, including:
- General Sales Tax for all other goods and services currently stands at 8%. Food is subject to a different tax rate of 2.5%. Local taxes may add even more onto the state sales tax rates.
- Consumers in Wyoming must pay a 3% to 3.5% sales tax on taxable items purchased from other states and brought back into the state.
- An additional 1% is charged on items purchased with a federal food stamp program.
- Wyoming imposes a 4% flat tax on liquor sales, as well as a 4% to 8% sales tax on tobacco purchases. Wyoming has no food or service taxes.
- The state of Wyoming has no inventory, personal property or capital stock taxes.
- In the state of Wyoming, there is no general corporate income tax, but there are several corporate taxes that apply. All corporations must pay a 2% business license and franchise tax with an additional 0.125% fee charged based on the company’s net worth. Corporations must also pay a 0.15% ad valorem tax on assets not used in the operation or production of their product or service.
- The state keeps detailed information on all Wyoming company formation and dissolution, including the number of new corporations formed and their net worth. Net worth is calculated every year by adding the average value of the company’s assets over the previous 12 months (12 months from a calendar year).
A Business Entity file report must be completed by all corporations that have over $250,000 in capital stock or equipment. This report must be included with your tax return and it contains information about your corporation.
Wyoming Employer Taxes
Businesses in Wyoming are required to pay a 0.015% payroll tax, which is paid quarterly by the business.
- Anyone who wishes to establish a company in Wyoming must complete a form that needs to be filed with the state. All companies must also register with the Wyoming Secretary of State before they can begin operations.
- Companies wishing to pay employees for overtime hours need only deal directly with those employees, and not with the state of Wyoming.
- A quarterly report must be filed for all companies that pay their employees monthly. This information is used exclusively for tax purposes and may be obtained from the Wyoming Secretary of State’s office.
- The state of Wyoming imposes a state tax on employers that employ more than 10 full-time employees and who owe no federal income taxes. This tax is known as the Wyoming Corporate Income Tax, and it’s based on a percentage rate applied to the company’s gross receipts.
- Businesses operating in more than one county are required to file their annual returns with all of the counties that they have business in, not just the county where their registered office is located. The Secretary of State has various forms available for businesses to use in order meet their tax filing responsibilities.
- The Department of Workforce Services collects business payroll reports for all companies that employ more than 10 people. These reports are used to calculate benefits and cash assistance for those who qualify.
- Wyoming use to have a state-owned bank, but this was phased out in 2005.
- The state of Wyoming will advance the costs of any project that is approved by the Legislature. In some cases, this may be the difference between bankruptcy and success for a business.
- The Wyoming Department of Transportation is responsible for maintaining the highways throughout the entire state. A highway department also maintains bridges and signal systems within Wyoming. They also enforce laws pertaining to their maintenance and operation.
- The Wyoming Department of Tourism is responsible for promoting the state’s tourism industry and promoting the state as a vacation destination. They also provide information about where to go in the state as well as what to do in Wyoming.
- The Wyoming Department of Transportation and Highways administers the Wyoming Highway Patrol. They enforce traffic laws, patrol highways, investigate accidents and issue citations if necessary. In addition to enforcing traffic laws, they may assist other law enforcement agencies whether it be a motor vehicle accident or some other crime that occurs along their patrols routes.
- The Wyoming Highway Patrol is responsible for enforcing all traffic laws and regulations with the exception of working with hazardous materials carrying vehicles. They are also responsible for enforcing laws involving the open transportation of firearms.
Federal LLC Tax Requirements
There is no federal income tax on LLCs, and for residents of most states, there is no state income tax either. However, in Wyoming, LLCs are subject to the corporate code as well as a corporate franchise tax.
Corporate taxpayers operating a Wyoming LLC are required to calculate their net worth, as well as pay state taxes on the value of those assets.
Net worth is calculated every year by adding the average value of the company’s assets over the previous 12 months (12 months from a calendar year).
- The Wyoming corporate tax rate is 4% when there is no gross receipts exemption applicable. A special 2% rate may be applied if gross receipts exceed $5M.
- The state will not apply for an additional gross receipts exemption if the total amount of income tax paid to the federal government exceeds $2.5M in the previous year or $1M prior to January 1, 2013.
- A corporation filing its annual statements with the Wyoming Secretary of State will include information about new corporations formed, as well as information about the net worth of all corporations. All companies are required to maintain this report and provide it to the Secretary’s office on an annual basis.
The state of Wyoming does not charge a franchise tax on LLCs, and the cost of basic filings is very low.
File Your Wyoming LLC Annual Report
The Wyoming Secretary of State offers a simple online service for completing your annual report.
You can use the online form to upload your documents and then mail them to the Secretary of State’s office.
Wyoming has several laws that regulate how employers must deal with their workers. These laws include:
- The state of Wyoming operates its own unemployment compensation program, which is funded through tax payments made by employers.
- If you are unemployed in Wyoming, you should first search for available jobs at WorkInWyoming.com.
- The Department of Workforce Services also provides employment services to businesses in the form of recruitment services for companies looking to hire employees as well as job training and other assistance for any job seekers who are looking for a career change.
Wyoming work comp insurance is only available for businesses with 4 or more employees. The state of Wyoming handles all aspects of work comp insurance, and the state sets the rates.
The state does not use a rating system for pricing work comp insurance, and the premiums are very affordable. The average cost of insuring your business with work comp is approximately $200 per year.
Wyoming Foreign LLCs
If you would like to form a foreign LLC in Wyoming, you will want to be aware of the following:
The State of Wyoming does not allow Wyoming residents to file federal income tax returns as a foreign corporation. Therefore, if you decide to form a foreign LLC in Wyoming, you will also have to follow all the laws that apply to incorporated entities.
If you conduct any business operations that will generate a profit in which you will pay tax at the corporate or LLC level in other jurisdictions, then your accounts must be set up correctly. In other words, you should file a corporate or LLC tax return in each jurisdiction where you have operations.
That way, you will only pay tax in one place.
Real Estate Laws
The real estate laws in Wyoming vary depending on the location. However, there are some rules that apply to all counties:
- The state of Wyoming operates a land court for all matters pertaining to real estate and property ownership. This court operates very much like a regular civil court system.
- The county assessor values all property located within the counties of Wyoming at fair market value.
- If you would like to build a house in Wyoming, the Division of Building Regulations and Standards oversees building regulations.
- The Wyoming Business Council oversees business laws surrounding the operation of businesses throughout the state.
The Bureau of Land Management oversees many issues pertinent to real estate ownership, as well as managing conservation efforts on behalf of the federal government.
How to Obtain a Certificate of Good Standing in Wyoming
If you would like to obtain a Certificate of Good Standing in Wyoming, you will need to file with the Secretary of State. Obtaining a certificate of good standing is quite simple; it simply verifies that your business exists and is actively operating within the state. This certificate does not apply to any other state or jurisdiction outside of Wyoming.
A certificate of good standing must be filed every year after the initial filing, including an updated list of officers. If the company is a corporation, you will have to send copies of all corporate filings, both annual and extended.
To obtain a certificate of good standing in Wyoming, there is a $5 fee that is collected along with the filing. Once you have this certificate, you will not need to pay another fee until your business dissolution date arrives.
Considering Using an LLC Formation Service?
Wyoming-specific LLC formation companies exist to help with all the legal, financial, and administrative needs of Wyoming companies.
Typically, these services cost a lot more than working with a Wyoming attorney at the office.
To avoid paying unnecessary fees, it is important to do the following:
- Research any LLC formation company in Wyoming that you are considering using. Ideally, this will be done before you hire any company to form your Wyoming LLC.
- Ask the company if it will provide you with a free initial consultation regarding your particular needs.
- Ask if the company will charge a fee for any type of services that are not required by law, such as recording your own LLC formation documents.
- Research any information that is provided to you throughout the process of forming your LLC in Wyoming.
- Do not pay any unnecessary fees.
How to Choose LLC Formation Service?
There are a number of considerations that you should take into account to make sure that you choose an ideal LLC formation service.
- Consult with your attorney about the services that your attorney provides for both registered and unregistered LLCs in Wyoming.
- Determine if the entity will provide any additional services during the process.
- Determine if the entity will be available to meet your office hours and schedule, or if it will need to be onsite on a specific date for any meetings or agreements.
- Determine if the entity will provide a written contract or agreement on how much the company will charge you for services.
- Determine if there are any additional fees that your LLC formation service should be able to explain.
- Find out if the entity takes credit card payments, and can you pay by credit card onsite?
- Find out how long it usually takes your LLC formation company to deliver a final signed LLC agreement document to you, once all documents have been approved by you and your attorney.
Best LLC Services
There are many different types of LLC formation services in Wyoming.
The two main categories that you will want to take into account are registered and unregistered services.
Registered LLC Formation Services
Many business owners who use a registered Wyoming service will be required to go through an additional filing process with the state. Registered LLCs must also file annual reports with the Secretary of State every year, but there is a certain fee that is paid for this service.
The Secretary of State also has to be informed when you are dissolving the LLC.
Registered Wyoming LLCs must also pay a filing fee every year as well.
Unregistered LLC Formation Services
The most common unregistered services in Wyoming are those offered by attorneys or other professionals. These services can be very helpful for those business owners who do not wish to file with the Secretary of State or pay for annual filing fees.
Some unregistered Wyoming LLC formation services will still involve the filing of basic documents with the Wyoming Secretary of State.
However, they will not have to file with the Secretary of State every year, nor will they have to pay a fee for this service.
However, relying on an unregistered service may mean that you are not in full compliance with all necessary state filings.
- ZenBusiness LLC is a Wyoming-based LLC formation service that was founded by two attorneys. They provide some pretty substantial legal services for Wyoming businesses, and their reputation has been well-established across the state. In fact, they have been personally recommended many times by judges and administrative experts of the Wyoming Office of the Secretary of State.
- Wyoming Business Corporation Formation Services provides a variety of services related to business creation in Wyoming, but it is a registered formation service. The company helps with all of the administrative needs, but it will also provide legal services if there is ever a need to do so.
- Business Incorporation Wyoming provides LLC formation services along with other business services as well. This company provides registered formation services, and it will provide some additional legal support for its members if necessary.
- Wyoming Headquarters LLC was founded by a group of current and former military officers who understand the importance of strong leadership during war time and peace time alike. These individuals are also very familiar with Wyoming business laws, and they only provide registered services for their clients.
- Eagle-LLC is another registered state LLC formation service that is headquartered in Wyoming. The company provides all of the same legal support to its clients from a top-notch legal team that has extensive experience with matters related to business formation in Wyoming.
Is it required to have an attorney draft the Operating Agreement?
Yes, the law requires that all LLCs in Wyoming have an Operating Agreement.
In other states, such as California and Texas, it is not required to have a written agreement. However, if you are creating an LLC in Wyoming, the law requires that you create a written operating agreement that is signed by all members of the company.
Can a Wyoming company have an annual meeting?
No, an annual meeting for a Wyoming LLC is not necessary, unless it is a registered LLC in the state. Registered LLCs are required by law to hold an annual meeting on a quarterly basis.
If you choose to hold meetings of your unregistered Wyoming LLC outside of quarterly meetings, it is absolutely your decision whether or not you will meet.
Can an LLC be a member of another LLC?
Yes, but it is not probable that you will want to use this operation. It is more likely that you will just want to form two separate companies.
For example, if you have two LLCs, and one is an investment company and the other one handles the manufacturing process, you would want them to be separate LLCs.
What is the difference between a Wyoming LLC, a Texas Limited Liability Company, and a California Corporation?
Many people who are forming LLCs in Wyoming realize that there are many differences between Wyoming LLCs and other LLCs in other states.
However, there are some similarities as well. For instance, all of these types of companies share certain basic characteristics: they provide limited liability to their members for all debts that they have incurred as a group.
In Wyoming, members of an LLC have the right to participate in the control of the company. Thus, they are not going to be absentee investors.
However, there are many characteristics of Wyoming LLCs that vary from those in Texas and California: For example, Wyoming LLCs have an annual report filing requirement with the state governors’ offices every year that they are operating.
Wyoming investors and business owners should remember that there are a lot of factors to consider when you are looking to set up your company.
Wyoming LLC laws are very complex, so it is important to hire a professional to assist you in your business affairs.
Wyoming law specifically requires that LLC formation services be registered with the Secretary of State, so be sure to do your research before you hire anyone.