HOW TO START AN LLC IN WYOMING
Creating a Limited Liability Company in Wyoming isn't difficult, but it does have certain requirements specific to the state.
Naming the LLC
- Naming the LLC in Wyoming isn't particularly hard, but it does come with a specific set of rules. When one decides on a name, one should choose a name that is not already in use in Wyoming. The name cannot mimic the name of a state or federal agency. It is a good idea to choose a name that has an open domain name so that the domain name can be registered to the company. Here are the guidelines:
Naming Guidelines in Wyoming
- Any name chosen must contain the words "Limited Liability Company," "LLC," or "L.L.C., thus designating the type of company the name represents.
- The name must not be already taken by another company.
- Some words are restricted. If the prospective owner or member of the LLC chooses a restricted word or words, it will require additional paperwork.
- Some words are prohibited, such as those that are being used already by state or federal agencies.
Is the Name for the LLC Available in Wyoming?
- Before submitting a name, the prospective LLC owner or member must search to determine if the name is available in Wyoming. To do this. the prospective owner or member should navigate online and enter the name. If no name appears in the search, it may be available.
Is the domain name available?
- One thing a prospective business owner should do is reserve the domain name of the business name. There are many registrars available which can aid in the search for the right name. Most businesses prefer to use a .com suffix because most patrons look for .com. However, there are many different suffixes to choose from and one should choose the name and suffix that fits the LLC.
Select a Registered/ Statutory Agent
- A registered agent must have a registered street address and office so the State of Wyoming can send official information to the LLC. Only a resident of the State of Wyoming or a corporation authorized to operate in the State of Wyoming can be a registered agent.
Filing Articles of Organization
- The next step is to file the Articles of Organization with the State of Wyoming. This requires the prospective owner or member to fill out a form and pay a fee. There is a non-refundable fee of $100 USD.
Create Operating Agreement
- The State of Wyoming does not require the prospective owner or member to create an operating agreement to register an LLC.
RUNNING YOUR BUSINESS
Getting Your EIN
- An EIN is an employee identification number, issued by the Internal Revenue service. Sometimes it is also called a Federal Tax Identification Number. It’s a unique number issued to each business. You’ll need an EIN to open a business bank account; file Federal and State Taxes; and hire employees.
- Before you get your EIN make sure your new business has been properly formed before applying and be wary of paid sites. EINs are free direct from the IRS.
- The easiest way is to apply online for an EIN. Note, the IRS website has office hours, and is only available Monday through Friday, 7am to 10pm. Yes, we also agree this is one of the most ridiculous things we’ve ever seen. You can call 1-800-829-4933, between 7am to 7pm of your time zone, Monday to Friday. Snail mail: You can download the form and mail it in.
Keeping Business and Personal Accounts Separate
- Get a business bank account for your business. This will help you protect your personal assets from potential creditors and lawsuits, and will also make life a lot easier come tax time.
- Get a business credit or debit card. This will help you keep your expenses separate and easier to track.
- No matter what business you run, accounting software and processes is a must for any small business. If you have an accountant, ask them which software they work with and recommend. A good accounting system is necessary to track income and expenses, so you can easily see if you’re making money and make filing income taxes so much easier.
- Always try and find something that will: sync with all of your bank and credit card accounts automatically – not just downloads, but auto sync; auto-match vendors, customers and other accounts; and let you accept credit cards and ACH drafts with ease. This can be applied for online, as can unemployment.
Setting Up for Taxes in Wyoming
- Once the LLC has been approved, the owner or member must obtain an EIN or Employer Identification Number from the Internal Revenue Service. This is required to open a bank account, file taxes, and hire employees in the State of Wyoming. One can obtain the necessary forms here.
If there will be employees working for the LLC, the company must:
- Check if the employee is eligible to work in the United States
- Report the employees as "new hires" to the State of Wyoming
- Provide workers compensation insurance
- Print and post compliance posters
- You must file for a sales tax license if you are planning on being a retailer in Wyoming. Businesses selling taxable goods or services need to register here.
Links to relevant taxes and what to do for Wyoming
- Businesses must register for applicable federal, state and local permits like health permits. Business owners must register their business for unemployment insurance tax if there are employees. Tax information can be found at:
- Unemployment Insurance Tax
- All businesses should have insurance in the State of Wyoming. The business must register for workers compensation insurance if there are any employees, and obtain general liability insurance.
KEEPING YOUR LLC COMPLIANT
- It's imperative that business owners or members keep the LLC in good standing with the State of Wyoming. To obtain a Certificate of Good Standing, the business can request it online.
- Every year, the members or owners must file an annual report with the Wyoming Secretary of State to maintain in good standing in the State of Wyoming.
- The cost to file an annual report in Wyoming is $50 or 0.02 percent of the value of all LLC's assets, whichever is greater.
- Business owners may file an annual report online.
- Business owners need to file the annual report by the first of the LLC's formation month. The first report must be filed the year after the LLC's formation.
FILING A FOREIGN LLC IN WYOMING
- If the business owners of a Foreign LLC wish to do business in Wyoming, they can file a foreign LLC. The cost is $100 USD and they can obtain forms here.
ABOUT HOW TO START AN LLC
I'm an entrepreneur myself. When talking to others who want to start their own business, they often get wrapped up in the nitty gritty of paperwork and forming the company. They forget that what really matters is customers, sales, and profit. That's why I created How to Start an LLC.org: a simple resource and guide so you can spend less time on forming your company, and more time on building it.
My lawyers want me to remind you that I'm not a lawyer and that I'm completely unqualified to offer legal advice. This site is meant to serve as a reference for you on your journey. If you have questions or concerns, please contact a qualified lawyer (or accountant) to help you. Also, as a general rule, never take random legal advice on the internet.