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.
DOMAIN
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.
DBA
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:
EIN:
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.
It will take 1-2 business days for a BusinessRegistration agent to obtain an EIN for a US citizen.
It will take 2-5 weeks for a BusinessRegistration agent to obtain an EIN for a non-US citizen.
What if I already have an EIN for my sole proprietorship?
The IRS requires that sole proprietorships get a new EIN when converting to an LLC.
Business Licenses:
Depending on the sort of company you operate and where it is located, your LLC may need to acquire other local and state business permits. To learn more, call your county office.
Department of Revenue:
If you're selling items and need to collect sales tax in the state of Wyoming, you'll need to register with the Department of Revenue (DOR).Forms for sales tax and other registrations may be downloaded from the DOR's website. For additional information on how to become a limited liability company in Wyoming.
Certificate of Good Standing in Wyoming
A Certificate of Good Standing verifies that your Wyoming LLC has legally been established and is being properly run. You may need one if:
You seeking funding from banks or other lenders
You forming your business as a foreign LLC in another state
Obtaining or renewing specific business licenses or permits
If you need a Certificate of Good Standing simply fill out our online form and a BusinessRegistration agent will work with Wyoming state officials to obtain your Certificate of Good Standing.
Annual Report Filling
All Wyoming LLCs and foreign LLCs with authority to operate in the state are required to submit an annual report to the Secretary of State. The report and any tax owed may be filed online or by mail. The report and tax payment due on the LLC's formation anniversary month, for example, if an LLC was formed on May 15th--the annual report is due each year on May 1. If the annual report is not submitted or yearly taxes are not paid within 60 days of the due date, the LLC may be subject to dissolution/revocation. The Wyoming secretary of state wants to ensure that they have the most up-to-date information about your company. Also, if you have any change in your information you must report with the secretary of state so that they can update this information.
Get Business Insurance for Your Wyoming LLC
Business insurance is an important tool for protecting your assets and growing your Wyoming LLC. The most frequent kinds of business insurance are:
General Liability Insurance: A comprehensive insurance policy that covers your business from claims. The majority of small firms obtain general liability insurance. General liability coverage is required by state law in Wyoming for all companies.
Professional Liability Insurance: Professional service providers (consultants, accountants, etc.) may purchase business liability insurance to cover claims of negligence and other company blunders.
Workers' Compensation Insurance: A form of insurance that protects employees against job-related illnesses, injuries, and deaths. Businesses with one or more workers, excluding business owners, are required by law in Wyoming to have workers compensation insurance.
How do I file a Wyoming LLC?
BusinessRegistration provides LLC formation service and makes it easier than ever to file online via an online form. You will need to complete the online form and provide basic information about your Wyoming LLC, such as:
What will be the name of your Wyoming LLC
Registered Agent information ( If you wish to appoint BusinessRegistration as your
Registered Agent you will need to indicate that on your form)
Short description of your business operation
Do I need an LLC?
A corporation is a legal entity that protects your personal assets and insures your business against failure. It's critical to form one, as your personal assets would be safeguarded if your firm went bankrupt. Creditors be able to go only after the LLC assets rather then going after your personal assets such as: your car, your house, you bank account, savings etc.
Can I lose the the liability protection?
Yes, a judge can pierce your corporate veil if you commingle founds between your personal bank account and your business bank account this is why it is essential to keep a detailed records of your accounting and make sure not to buy personal items from your business bank account. The LLC must serve itself and not you and every transaction must be made for the benefits of the business.
How to Dissolve an LLC in Wyoming
It is critical to officially dissolve your LLC if you decide to terminate your relationship with it. Failure to do so promptly might result in tax liabilities and penalties, as well as legal issues. There are two distinct steps involved in dissolving a Wyoming LLC
Close your Wyoming business tax accounts
File the Wyoming LLC Articles of Dissolution
Forming an LLC can sometimes be overwhelming and this is why we at BusinessRegistration are here to help you get this out of your way and focus on growing your business. You can call us for with any questions at: 888.982.0718
