How to Start Your LLC in Wyoming
Legal Bueno helps with everything you need to start your business. We take care of all the paperwork so you don't have to worry about it. Want to learn more about the process we handle? Keep reading!
Quick Summary:
- Filing Fee: $100
- Turnaround time: immediately
How do I start an LLC in Wyoming?
Thinking about starting an LLC? The process is pretty similar across the states. You'll start by picking a unique name for your business (you'll need to check to make sure it hasn't been taken!) and then filing some paperwork—usually called Articles of Organization or a Certificate of Formation—with your state's agency.
If you want to check the name availability for Wyoming, visit https://wyobiz.wyo.gov/Business/FilingSearch.aspx.
After that's taken care of, you'll want to draft a governing doc for your business called an operating agreement & find any licenses you might need. Just keep in mind that each state has its own little quirks, so it's always a good idea to double-check specific requirements for your area.
What are the costs & processing times of starting a business in Wyoming?
Here's the rundown for Wyoming:
- The filing fee is: $100
- There are ongoing fees of $60 minimum (every year)
- It usually takes immediately if you're filing online or 10-15 business days (plus mail time) if by mail.
Why Wyoming is a great state for your LLC
Starting a company in Wyoming offers several significant advantages that make it an attractive option for entrepreneurs:
- No State Income Tax: Wyoming does not impose a state income tax, allowing business owners to retain more of their earnings compared to states with higher tax burdens.
- Low Formation Costs: The cost to form a limited liability company (LLC) in Wyoming is only $100, making it a cost-effective choice for startups and small- to medium-sized businesses.
- Asset Protection: Forming an LLC protects personal assets from business liabilities and debts, providing peace of mind for business owners.
- Simplified Tax Filing: Wyoming LLCs benefit from easy tax filing processes and may enjoy favorable tax treatment, simplifying financial management for business owners.
- Business-Friendly Environment: Wyoming consistently ranks high in the Tax Foundation's State Business Tax Climate Index, maintaining a top position since 2011. This indicates a favorable business environment fostering growth and sustainability.
- Streamlined Operations: The state offers quick and simple filing, management, compliance, and regulatory processes, making it easier for business owners to focus on growth rather than bureaucratic hurdles.
Overall, Wyoming stands out as a prime location for starting a business due to its strategic advantages and supportive legal framework for entrepreneurs.
Legal Requirements
Remember! Legal Bueno will handle all of these requirements for you, but if you're interested, here are the legal requirements for Wyoming:
Articles of Organization
The articles of organization must include:1. The name of the LLC;
- The street address of the LLC's initial registered office and the name of its initial registered agent at that office; and
- A written consent to appointment signed by the registered agent.
Articles of organization may also contain statements as to other matters that are not required.
Wyo. Stat. § 17-29-201
Filing fee: $100
Wyo. Stat. § 17-29-210
Filing Process
After you've prepared the initial formation documents, you need to file it! Here is what Wyoming laws require for filing:
A record authorized or required to be delivered to the secretary of state for filing must be captioned to describe the record's purpose, be in a medium permitted by the secretary of state and be delivered to the secretary of state. Unless the secretary of state determines that a record does not comply with the filing requirements, and the appropriate fees are paid, the secretary of state will file the record and:1. For a statement of denial, send a copy of the filed statement and a receipt for the fees to the person on whose behalf the statement was delivered for filing and to the LLC; and
- For all other records, send a copy of the filed record and a receipt for the fees to the person on whose behalf the record was filed.
Wyo. Stat. § 17-29-205
Additional Legal Considerations
Here are some additional relevant laws that might be useful when operating your business in Wyoming:
Operating agreement–scope, function and limitations
Wyo. Stat. § 17-29-110
Operating agreement–effect on LLC and persons becoming members–preformation agreement
Wyo. Stat. § 17-29-111
Operating agreement–effect on third parties and relationship to records effective on behalf of LLC
Wyo. Stat. § 17-29-112
Annual report for secretary of state
Wyo. Stat. § 17-29-209
Certificate of existence or authorization
Wyo. Stat. § 17-29-208