Do you need to learn how to form a Wyoming LLC?
If so, the LegalRegistration.com
team is here to guide you. Our experts can help you create a limited liability company ASAP. Please continue reading to learn how to create an LLC based in Wyoming. If you have any questions, do not hesitate to contact our organization.
Why Should You Create an LLC in Wyoming?
Creating a Wyoming LLC through LegalRegistration.com is fast and easy. Our legal experts have helped countless clients get registered in Wyoming. Today, these clients operate all sorts of companies. Keep in mind that our team will keep your information 100 percent private. At a low price, we can provide every piece of LLC registration. From the operating agreement to business address documents to mail forwarding. Plus, our team can help you secure a registered agent right away.
Trust us. Other LLC formation services only go through the motions. Instead, we go the extra mile. Our legal experts never take a long time or disclose the information of clients. Say goodbye to extra charges and hello to the new Wyoming LLC registration. LegalRegistration.com has helped thousands of people form LLCs. Please contact us today to get started forming your very own. We’re standing by to serve as your trusted LLC guide and answer your questions.
The Benefits of Having an LLC in Wyoming
There are many reasons why so many people create LLCs in Wyoming
. First, the state provides superb asset protection laws for limited liability companies. The registration fees are also low with no taxes. Even ownership of your LLC
can remain anonymous in Wyoming. Tons of industries depend on LLC formation in Wyoming. From real estate investors to online stores to holding companies. There’s no limit to the benefits of creating LLCs in Wyoming.
Anonymous & Private LLC Formation
Wyoming has very strict privacy laws governing the act of LLC formation. The State Secretary will know who organizes your new company. But no one else will. Say that you buy a Wyoming LLC service through our organization. This means your name will not even need to appear on any formation documents. Unlike Nevada, the state of Wyoming will not even ask for your name. Plus, your name will not appear inside any sort of public database. When you buy one of our LLC services, you can expect to receive privacy. It’s that simple.
The Basics of Starting Limited Liability Companies in Wyoming: 6 Steps
Let’s now go over how to create an LLC in Wyoming. Written below are the six steps you need to get your LLC off the ground. Keep in mind that our organization can take care of all six steps on your behalf. This way, you can save time and money and start a limited liability company fast. An LLC is an intelligent way to structure any business on a legal basis. Think of an LLC as a combination of two different legal concepts. First, you receive a lack of formality that a partnership or sole proprietorship has. Then, you receive the benefit of limited liability when starting a corporation
. Let’s get started with step #1 of forming a Wyoming LLC.
Step #1: Pick a Name for the LLC
Wyoming has certain laws related to the names people can use for their LLCs. In the state, an LLC name has to have one of the following terms in the title. “LLC,” “L.L.C.," "Limited Liability Company,” or "Limited Company.” Or, you can use the following abbreviations in your LLC name. "Ltd. Liability Company," "Ltd. Liability Co.," "Limited Liability Co., ” “LC," or “L.C." Do you plan to operate a low-profit SMLLC? If so, it has to feature one of the following terms. "Low-Profit Limited Liability Co.” or "Low-Profit Ltd. Liability Co.” Or, "Low-Profit Ltd. Liability Company.” Otherwise, you will need to use one of these abbreviations: “l3c” or “L3C.” How Long Does It Take To Get an LLC?
You must make sure that the name of your Wyoming LLC is unique. It has to get distinguished from names that other Wyoming business entities use. These businesses already exist on file through the Wyoming Secretary of State. Are you unsure if an LLC name has become available? If so, you can check online. All you must do is use the Wyoming Secretary of State business name database. Once you choose an LLC name, you can reserve it for 120 days. Reserve your name through the state Application for Reservation of Name. You can find the application on the Wyoming Secretary of State website. The state will charge a $50 filing fee to reserve an LLC name. The Best State for LLC.Step #2: Get a Registered Agent
Each Wyoming LLC needs to have a registered agent
. An agent is for the service of process in the state. You can have either an individual or a business entity designated as the agent. Your agent will agree to accept legal papers if your Wyoming business gets sued. The key is for the agent to have legal status as a resident of Wyoming. Or, the agent must have the authorization to conduct business in Wyoming. Each registered agent also needs to use a physical street address in the state.
Step #3: File Your Articles of Organization
You cannot create a Wyoming LLC unless you file official Articles of Organization. Everyone has to file the articles through the Secretary of State. Here is what the LLC articles need to include. First, they must have the address and name of the LLC registered agent. You will also need to write down the mailing address for your LLC. The LLC principal office address must also go inside the articles. Then, you will need to include the LLC organizer’s contact information and signature.
The articles also have to include a written consent form. Your LLC registered agent will sign the form. You can find this form within the Wyoming Articles of Organization form. There is an option to file the articles either online or by postal mail. The online filing fee for a Wyoming LLC is $102. Mailing your LLC articles leads to a $100 filing fee.
Step #4: Create an LLC Operating Agreement
Sure, Wyoming does not enforce the creation of LLC operating agreements. But all legal advisors recommend drafting an operating agreement for an LLC. The operating agreement functions as an internal document. The document illustrates how the LLC will function. It also lists the responsibilities and rights of all LLC managers and members. An operating agreement can also help you preserve complete limited liability status. Why? Because an agreement proves that your LLC functions as a separate business entity.
Say that you decide not to draft an LLC operating agreement in Wyoming. The state’s LLC law will then dictate how you operate your LLC. That is reason enough to take time to draft a legal operating agreement. Keep in mind that you're not in this alone. Our business can help you create an LLC operating agreement right now. Please give us a call to get started.
Step #5: Adhere to State Tax Regulations
Depending on the basis of your LLC, it could become subject to certain tax regulations. The most common LLC tax regulation involves the registration of an EIN. Say that there is more than one member involved with your LLC. That is when your LLC must have its own EIN. “EIN” refers to the Employer Identification Number issued by the IRS. Your LLC must have an EIN even if you do not have any employees.
Let’s say that you're in the middle of forming a one-member LLC. There are many common situations where you'll still need an EIN. For example, you'll need the EIN if you have any employees. Or, if you intend to have your LLC taxed like a corporation
. (Instead of your Wyoming LLC getting taxed like a sole proprietorship.) You can receive an EIN through the completion of an online EIN application. You can find this EIN application on the official IRS website. The IRS does not charge a filing fee to receive an EIN for an LLC.
Step #6: File the Annual Report
Every Wyoming LLC has to file an annual report through the Secretary of State. This rule applies to any business authorized as an LLC in Wyoming. Each LLC will pay the annual report license tax. The tax amount gets based on the assets of each LLC company located in Wyoming. An LLC owner can file the tax and report by mail or online. Both the tax and report payment becomes due on a specific date each year. The state of Wyoming will inform you of the exact date. Make sure that you pay the tax and file the report. Failing to do this in 60 days will result in the dissolution of your LLC. Please contact us if you need more information about Wyoming LLC's annual reports.
What Is an LLC Holding Company?
A holding company provides privacy and asset protection. Oftentimes, it can also reduce dollar amounts in taxes. Creating an LLC in Wyoming can create these benefits. But say that you also form a holding company. This means that you can enhance the benefits. So, how does this process take place? All you do is create two separate companies that act in concert with one another. Keep in mind that a holding company gets formed in the same manner as any company.
The purpose of a holding company is to control and hold specific assets. These assets include cash, real estate, other companies, and intellectual property. An LLC can function as a holding company. Plus, your LLC can also own other corporations and LLCs. You can own the holding company. Or, other investors, corporations, or LLCs can own your holding company. The advantage here is that Wyoming business laws are flexible. The laws allow LLC owners to get creative when structuring their business affairs.
Asset Protection Through a Limited Liability Company
Each Wyoming LLC receives two types of asset protection. Meanwhile, most other states in the US only receive a limited form of asset protection. Most states provide corporate veil asset protection. This means every business becomes responsible for debts and liabilities. Meanwhile, the business owners do not share the same responsibility. “Piercing the corporate veil” means that creditors can seize the assets of an owner. Wyoming LLC laws protect against this taking place.
Wyoming features extended statutes that extend the corporate veil. These laws apply to all LLCs with single-member status. Another state could disregard your LLC if you're a single owner. This could make you liability for big-time business debts. Wyoming laws help prevent this negative situation from taking place. The laws also provide a positive impact on holding companies and subsidiaries. That’s because every subsidiary features one member: a holding company.
Wyoming asset protection laws also protect LLC assets from the actions of personal creditors. The laws can prevent your business from getting shut down if you have credit problems. Here is an example of how this works. No personal creditor can seize or vote on someone’s membership interest. An LLC can continue operating and making money within a company. Wyoming laws reduce what a creditor can access. This will strengthen the hand of any business owner during negotiations. The legal concept refers to “charging order protection.” Please contact us if you need more information about asset protection. We’re ready to help all Wyoming limited liability companies succeed.
State of Wyoming Fees
Here is another key reason why so many people do business in Wyoming. It is because the state charges very few fees. Plus, there is not overburden of state government regulations. Say that you decide to set up your new company in Wyoming. You must pay a $100 filing fee that goes to the Wyoming Secretary of State. Then, the only major regulation involves hiring a registered agent within Wyoming. Your first years will not feature any business license or filing fees. Our own organization can take care of the filing fee on your behalf. Plus, we have a fast and top-rated Wyoming registered agent service.
Maintaining an LLC company in Wyoming is easy. All you have to do is file a $60 annual report through the Secretary of State. You must conduct the filing on the first day of the month when you created an LLC. No other state filings exist in relation to LLC formation. This means that you do not need to file state tax returns. In fact, Wyoming can even provide a free Certificate of Good Standing.
Let’s compare Wyoming and Nevada when it comes to forming an LLC. Nevada has much more expensive Secretary of State fees. The first-year LLC fee is $200. Then, the LLC owner must pay $150 every single year. Plus, the owner also has to discover a registered agent and incorporation service. Not to mention, Nevada now has a new business license fee. The state even issues a revenue tax on large businesses. The solution becomes clear. In most cases, it’s cheaper to do business in Wyoming than it is in Nevada. Now, say that you already have a Nevada or Florida LLC. If that’s the case, you can consider transferring your company to Wyoming. Please contact us now if you're considering moving your LLC to another state.
Opening Bank Accounts in Wyoming
Keep in mind that almost any bank inside the US can open a Wyoming bank account. The bank does not have to hold a physical location inside the state. Here is an example. Neither Bank of America or Chase have physical locations in Wyoming. Yet, both banks will create a business checking account for any Wyoming company. The key is to make sure that a bank can provide a business checking account.
Say that you contact a bank about opening a business checking account for your LLC. Most banks will ask to see your operating agreement and articles of organization. A bank might also ask you for an EIN: employer identification number. Any manager or member of an LLC can open a bank account. We recommend that you visit a local bank branch even if it’s not in Wyoming. Why? Because strict laws make it difficult to open an account over the phone with a Wyoming bank. Please give our organization a call if you have questions about starting an LLC bank account.
The Operating Agreement
Wyoming does not enforce that any LLC must have an operating agreement. So, should you bother creating an operating agreement in Wyoming? Our answer: definitely! Let’s use a new single-member LLC as an example. On the surface, a single-member operating agreement is an agreement with yourself. But, for instance, take the act of creating a transfer on death provision. This means when you die, company ownership must go to whomever you prefer. You do not want to risk failing to name a person. If that happens, your company could get dissolved when you die.
Having an operating agreement in place is also ideal for multi-member LLCs. An operating agreement defines ownership percentages. It also serves as a non-disclosure agreement. The agreement even states what managers can and cannot do. An agreement can also stop shareholders from selling the company to outsiders. As you can imagine, failing to sign the operating agreement leads to major headaches. Our organization advises you to complete an agreement right away. Do it whether you have a dozen members or only one. Our team’s standing by to take care of all your company formation documents. You can contact us now to get started.
Get an EIN: Employer Identification Number
Our organization is ready to help you receive an EIN: employer identification number. Think of an EIN like an SSN that applies to an LLC company. The number is unique to your own business. Do you plan on opening a company bank account? What about paying employees? Do you intend to generate revenue? If you answered “yes” to one of these questions, you must get an EIN. Call us right now for help getting an employer identification number. We can also assist you in securing a taxpayer identification number from the IRS. All you have to do is provide some basic information about your LLC. Our team will then take care of the rest.
We’re Standing By To Help You Form Your LLC in Wyoming
Are you ready to get an LLC in Wyoming? If so, please give our organization a phone call right now. Our legal professionals can take care of all the confusing paperwork. Before you know it, you'll have the opportunity to own your own business in Wyoming. You're also welcome to reach us by email or through a message on our website. We look forward to creating a limited liability company on your behalf ASAP.
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