Updated: Aug 10, 2022
The following are the steps for forming a limited liability company (LLC) in Wyoming.
An LLC, often called a limited liability company (LLC for short), is a legal structure for conducting business. It combines the limited liabilities of a corporation with the flexibility and lack of formalities associated with a partnership or sole proprietorship. Any person who wants to decrease his or her personal risk of corporate debt and litigation should consider creating an LLC.
1. Choose a Name for Your LLC
Before you form a Wyoming LLC It's crucial to choose a name for your LLC, since it will represent your company. You should think about your future expansion so that you don't tie yourself down to a name. If you want to expand your business and provide more services in the future, for example, if you decide to call it "Floors by Andy, LLC," this name may restrict the services you can provide. You should consider the following when choosing a name for your LLC.
Your name must include the phrase “limited liability company” or one of its abbreviations (LLC or L.L.C.).
Your name cannot include words that could confuse your LLC with a government agency (FBI, Treasury, State Department, etc.).
Restricted words (e.g. Bank, Attorney, University) may require additional paperwork and a licensed individual, such as a doctor or lawyer, to be part of your LLC.
Your name must be distinguishable from any Wyoming limited liability company (LLC), corporation, limited liability partnership (LLP), or limited partnership (LP).
The name of your company must be distinct from the names of other business entities that are already on file with the Wyoming Secretary of State.
Is the URL available? We recommend that you check to see if your business name is available as a web domain. Even if you don't plan to make a business website today, you may want to buy the URL in order to prevent others from acquiring it.
When you do business in the real world, you don't have to use your LLC's official legal name as it appears in your Articles of Organization. Instead, you may use a trade name as you business name (also known as a "DBA" or assumed name) or fictitious company name instead. In Wyoming, all you have to do is start using the trade name to identify your Wyoming LLC and file an Application for registration of a Trade Name. Although registration is not required, it does notify others that your official trade name is in use in Wyoming. To utilize a trade name for your LLC outside of Wyoming, you must follow the rules of the state where it is used.
2. Designate a Registered Agent
In Wyoming, all LLCs must have a Wyoming Registered Agent. This is a person or an entity authorized to accept legal notices on the LLC's behalf if sued. A Wyoming registered agent may be a resident or business entity that is authorized to do business in Wyoming. In Wyoming, the registered agent must maintain a physical street address in Wyoming and be available during business hours M-F for hand delivered notices. You may hire BusinessRegistration to provide Wyoming LLC Registered Agent services, you will be get access to an online portal and all of the notices received by the Registered Agent will be uploaded and available to you 24/7.
Can I be my own Registered Agent?
Ye, you can be your own Registered Agent if you can meet the above outlined requirements. Some business owners prefer not to for privacy reasons as the Registered Agent information become public record on the Wyoming Secretary of State website.
3. File Articles of Organization
The most basic form of business entity in Wyoming is an LLC, which is done by filing Articles of Organization with the Secretary of State. The articles must include the following:
the name and address of the LLC's registered agent
the mailing address of the LLC
The LLC's main office address, and
Organizer's name, signature, and contact information
The articles must be accompanied by a signed written consent to appointment from the registered agent (this form is included with the Wyoming Articles of Organization form). LLC articles of organization is the official document generated by the Wyoming secretary of state once your LLC is officially formed.
4. Prepare an Operating Agreement
In Wyoming, there is no need for an LLC operating agreement, but operating agreements are strongly recommended. This is an internal document that details the operations of your company. It describes the rights and responsibilities of the members and managers, as well as how the LLC will be governed whether it is a single member or a multi member. The LLC's operational agreement can also be used to establish that your LLC is a genuine separate business entity, which might assist protect your personal assets. State LLC legislation will govern the way your LLC runs in the absence of an operating agreement.
It is not necessary to submit an operating agreement with the Articles of Organization if one is created as this is an internal document not required by Wyoming.
5. Comply With Tax and Regulatory Requirements
You'll need to comply with additional tax and regulatory requirements in order to maintain your LLC in good standing. These may include:
Also know as the employer identification number. This is a unique identification number that you need for different things such as:
open a business bank account
As the name implies, a company identification number is used to employ staff for your firm.
File the Tax returns for your business and pay income
Build your business credit
If you're a Legit LLC with its own EIN number, some suppliers will take you more seriously.