How to Start an LLC in Wyoming: If you’re looking to start a Wyoming LLC for $0, you’ve come to the right page. Setting up an LLC is easy and cost-effective. To form an LLC, you must follow a few steps that include naming your LLC, hiring a registered agent, filing your formation documents, doing the operating agreement, and finally obtaining the EIN. You can easily set up your LLC for free in Wyoming. However, you must pay the mandatory state filing fee. These fees and charges can be tax deductible, making the LLC formation cost $0.
On this page, You’ll find all the steps that must be taken to ensure that your Wyoming LLC has been correctly formed. We recommend you read the whole article very carefully, word by word, don’t miss anything 🙂
On this page, you’ll learn about the following:
- How to Start an LLC in Wyoming
- After Starting Your Wyoming LLC
- Wyoming Foreign LLC
- Wyoming LLC Formation Review
How to Start an LLC in Wyoming
An LLC (aka Limited Liability Company) is a hybrid business entity combining a corporation’s characteristics with a partnership or sole proprietorship. It separates your personal assets from your business assets, thus giving you personal asset protection. For an LLC, members’ personal assets are not affected by business debts. However, in some cases, if the LLC is sued for business debts, courts might pierce the corporate veil and use the owner’s personal assets to meet their corporate liabilities.
If you wish to start an LLC, you must file your Certificate of Formation with the State and pay a filing fee of $100. While it’s the most important step, it’s not the only one. There are 4 other crucial steps to follow to get your LLC formed in Wyoming. Below mentioned all 5 steps that explain everything you need to do to start a Wyoming LLC in 2022. Let’s get started! You can always hire a professional LLC formation service in Wyoming to set up your LLC instead of doing it alone; a Pro service will ensure everything is done properly.
Step 1: Decide a Name for Your Wyoming LLC
The first step while forming a limited liability company in Wyoming is to give a proper name to your LLC. Before you name your business, you must know that the name should be easy to remember, available in the state, and follows all the LLC naming guidelines.
LLC Naming Guidelines in Wyoming
There are a few specific requirements all the LLCs in Wyoming have to follow while naming their Company. Some of the most important requirements are as follows:
- Your business name should be available, and no other existing business in Wyoming can have the same name. TailorBrands offer unlimited business name searches at $0.
- “Limited Liability Company”, “Limited Company”, “LC”, “L.C.”, “LLC”, and “L.L.C.” – any one of these has to be used as a suffix in your business name.
- You cannot use any name for your business that is confusing or misleading. Terms such as “Treasury”, “State Department”, “FBI”, “CIA”, etc. shouldn’t be included.
- Terms like “Bank“, “University“, “Attorney“, “Doctor“, etc can be added only after the additional requirements by Wyoming State Government are fulfilled.
- (Optional) It’s better to name your business something for which your desired domain is available.
|Important Links –||Submit Offline Form to –|
|Wyoming Business Entity Search – Online Name Search|
Name Reservation Form – PDF
Wyoming LLC Name Search – Instructions
|Wyoming Secretary of State|
2020 Carey Avenue, Suite 700
Cheyenne, Wyoming 82002-0020
Reserve Business Name for Future
If you do not wish to file your LLC right now but want to hold the name you have decided, then you can reserve your LLC name for 120 days. To keep the name, you must file a name reservation application and pay $50 to reserve your name with the Wyoming Secretary of State.
Doing Business As (DBA) or Trade Name
Once you have a legal name for your LLC, you can register it. However, it is not mandatory. You can, instead, use DBA, Fictitious Name, or Trade Name. In that case, you must register your name with the Wyoming Secretary of State by submitting an Application to Register Trade Name in Wyoming, along with the filing fee of $100.
Recommended: You can do name search, get company logo, business domain, website, emails, and a lot more in one place by hiring a professional service. We recommend using –
TailorBrands – ($0 for Unlimited Name Search)
Apart from LLC formation, TailorBrands offer DIY website templates and incredible logo designs at a very reasonable price. If you plan to get a website, then it is wise to have a “.com” domain for your business, but these days you can also use other TLDs like “.io”, “.company”, “.xyz,” etc. Here you can get everything you need for your business in one dashboard.
It is not legally mandatory to use the word LLC in your domain name or email. If you want, you can use it. However, it is recommended not to use LLC in the domain name. A domain name should be short and easy to remember.
Step 2: Assign a Registered Agent in Wyoming
The second step to forming an LLC in Wyoming is to appoint a Registered Agent. A registered agent is a person or business entity working on your LLC’s behalf. This person or business will receive important tax forms, legal documents, all notices of lawsuits, and other official government correspondence in Wyoming. Hence, hiring a competent Wyoming Registered Agent for your LLC is necessary.
Make sure your registered agent is a resident of Wyoming or has a physical street address. This address will be used as the principal address of your LLC to receive any legal documents. Most LLC formation companies also provide registered agent services. Below are two great LLC formation services; even if you buy their cheapest plan (normally $49/year), you also get registered agent service and other services at a very reasonable price.
These two are our top recommendations for registered agent service, as they are competent and authorized to conduct business in Wyoming. Some LLC formation services also offer standalone Wyoming registered agent services. You can purchase only Registered Agent services without purchasing any other LLC formation services. This standalone service might become handy if you are doing it yourself and don’t want to disclose your home address or you don’t want to pierce the corporate veil.
A person above 18 years of age and has a physical address in the state of Wyoming can be a Registered Agent. A Registered Agent for service of process can be an independent person or a business entity. One is responsible for handling all the legal documents on the LLCs behalf.
Yes, you can be your own registered agent if you are a resident of the state of Wyoming and you are above 18 years of age. To become a registered agent, you must have the authority to conduct any type of business in Wyoming.
There are a few reasons why you shouldn’t be your own registered agent. The address of the registered agent is used to communicate with the SOS or for any legal activities. If you are your own registered agent, you might have to upload your personal address to the public forum. Besides, the registered agent must be at the address during business hours. It won’t be easy for you as you also have to take care of other things in your LLC. Hence, it is wiser to appoint a separate entity as your registered agent.
If an LLC is sued in Wyoming, in some cases, courts might decide to lift the corporate veil, which means the owners of the LLC will be personally liable for their business debts. They might have to forgo their personal assets to repay their business debts. This is called piercing the corporate veil, where personal and business assets are not separated anymore. Your personal assets can be protected if you have enough capital and all your LLC documents are properly filed.
Registered Agent Consent Application
In Wyoming, a separate Consent Letter is to be produced to the Secretary of State. At the time of change of Registered Agent (or the name or address), the new Registered Agent has to sign the consent letter along with the Change Form. LLCs have to download and submit the Registered Agent Consent Letter. No filing fee should be paid for it. This Consent Letter should have the following details,
- Name of the Registered Agent
- Address of the Registered Agent
- Name of the LLC (Business Entity)
- Signature of the Registered Agent
For more information on the same, read our guide on Wyoming Registered Agent.
Step 3: File Articles of Organization in Wyoming
The third and most important step in forming an LLC is to file the Articles of Organization. This Wyoming Articles of Organization is a legal document that is required to register your business with the Wyoming Secretary of State. It costs $100 (by mail and $102 online) to file your formation certificate in Wyoming. (Read more on LLC cost in Wyoming).
The Articles of Organization include details like the name of the LLC, the registered agent’s name, address, employees’ details, and company structure (member-managed or manager-managed). Before hiring employees in Wyoming LLC, one should know about the rules and regulations thoroughly. Also. if you are expanding your existing business (an LLC) in other states to Wyoming, you must register as a Wyoming Foreign LLC.
How to File Online
Go to the Secretary of State Online Service. You will get the online service page. The portal does not need any login or sign-up to file your business. You can directly start filing your LLC by clicking on the “Online Filing” button below. Read more about the Wyoming Articles of Organization for online registration.
How to File by Mail
If you prefer filing real-life forms for your LLC registration, then you can download Domestic LLC Formation Form. Read the form thoroughly, fill it out, and mail it to the following address,
Wyoming Secretary of State
2020 Carey Avenue
Cheyenne, WY 82002
Processing Time: Normally, it takes around 7 business days (approx) to get your LLC formed in Wyoming. The processing time for online filing might be a little faster than offline filing. With an additional cost, you can get expedited filing as well. However, the document processing time can be changed due to various factors.
Recommended: Online LLC Formation service can provide all these documents way faster than usual time with lifetime customer support and 100% accuracy. We recommend using –
TailorBrands – ($49 + State Fees) Online LLC Setup
Every LLC owner has to pay the filing fees to register their business in Wyoming. This fee is mandatory but also tax deductible. If you’re doing it yourself (filing on your own), it will not cost you any additional service fee. However, it is not feasible to do that as the DIY process might be delayed, complicated, and messy, especially if you’re a novice entrepreneur. Hence, it is recommended to get professional guidance to get your LLC formed in Wyoming.
Step 4: Create Your LLC Operating Agreement in Wyoming
Moving on to the fourth step, filing your operating agreement. An operating agreement is an internal document that legally outlines the proprietorship and operating procedures of your LLC. This document is vital as it ensures that all business owners are on the same page regarding how they operate, thus reducing future conflicts.
When it comes to filing a Wyoming LLC Operating Agreement, the state does not require you to have a comprehensive operating agreement, but it is ideal to have one that contains all the details of your business operation that helps in taking future business decisions, especially if you decide to dissolve Wyoming LLC later. Hence, having an operating agreement may not be necessary, but it is surely ideal.
Recommended: You can get a professionally made operating agreement for very less cost with TailorBrands. You don’t need to worry about drafting it as they will take care of it on your behalf. We recommend using –
TailorBrands – ($49 + State Fees) Online LLC Setup
The operating agreement draft can be created for free if you don’t hire a professional. However, there is an advantage to appointing a proficient person/service. You will get a businesslike quality operating agreement at a very cheap fee, which will help you in the future. Hiring a professional service means you can sleep well at night 🙂
Step 5: Filing an LLC EIN in Wyoming
The Employer Identification Number or EIN is a nine-digit number given by the Internal Revenue Service (IRS) to make it easier to identify the type of business for tax purposes and taxes in general. The EIN is necessary for any active business or any form of business, for that matter.
EIN is needed when the LLC hires employees. Hiring employees in Wyoming LLC requires following specific rules and regulations. On the other side, EIN for Wyoming Foreign LLC should be obtained if your LLC is based in other states.
To obtain EIN (aka FEIN), one must fill up a form (Online or by mail) and submit it to the IRS. Enter details of your LLC, and finally, complete the form and send it to the address given. You can also get an EIN Assistant to help you with the process.
Mail to: Internal Revenue Service, Attn: EIN Operation, Cincinnati, OH 45999
Fax: (855) 641-6935 | Fee: Free
Recommended: This hassle will be reduced when you hire an LLC formation service. They take care of obtaining EIN and all other things for your LLC. We recommend using –
TailorBrands – ($49 + State Fees) Online LLC Setup
Note: You don’t need a Social Security number when getting an EIN. You can proceed to fill out I.R.S. Form SS-4 and leave section 7b blank. You must then call the IRS at (267) 941-1099 to complete your application. Agents or employees will help you with that.
Congratulation, you are now done with all the necessary steps to form your Limited Liability Company in Wyoming. If you do it yourself, it should take you a long time to understand and do all the steps properly.
However, if you use TailorBrands, it should be way faster. You will always have a live chat option and phone support with experts for any help you need. Their worry-free service will make things easier for you.
After Starting Your Wyoming LLC
After forming your LLC, there are still some things that you will need. The most important thing is to separate your business and personal assets. LLCs have limited liability protection that protects your personal assets from business liability. This is called a corporate veil. However, the corporate veil can be lifted or pierced by the court if the LLC is sued. In that case, the owners of the LLC become personally liable for their corporate debts. A few things like appointing a legit registered agent, having enough capital, and filing all the major documents with the state can save the LLCs from being pierced into the corporate veil.
Apart from that, there are a few things you need to take note of,
- Get a company business bank account
- File Wyoming business permits & licenses
- Get general liability insurance and professional liability insurance with coverage for employees.
- File a Wyoming LLC annual report or biennial report
This page has provided you with steps to LLC formation and filing processes. You now have to remember upcoming filing deadlines and filing fees or filing costs, including fees for late filings, to make sure your LLC is up-to-date.
Cost of Starting an LLC in the State of Wyoming
LLCs can be formed for $0. Apart from the mandatory state filing fees, you don’t have to bear additional service charges if you do it yourself. Following are the fees and taxes LLCs in Wyoming must pay to register and run a business in the state. Forming an LLC is no doubt cost-effective compared to other business structures. However, the fees and charges (tax-deductible) that you must pay to the state, such as name reservation fee, name filing fee, LLC filing fee, and Franchise Tax & Sales Tax (If applicable). Here are the main fees and taxes you must pay while forming your limited liability company in Wyoming,
|Fees/Tax||Amount to be Paid|
|Name Reservation Fee (online)||$50|
|Articles of Organization Fee||$100 (by mail and $102 online)|
|LLC Annual Fee||$50+ (Up to $500)|
In Wyoming, an LLC name reservation is not mandatory. You can register your LLC name at the time of registering your LLC. If you wish to hold the name for some time without registering your LLC, then you can do that online. Your LLC name will be reserved for 120 days without registering your LLC. It can be done by paying $50.
In Wyoming, an Annual Report has to be produced every year. It costs $50+. It can go up to $500. Also, the State of Wyoming requires LLCs to pay a Sales Tax of 4% every year. Read our guide on LLC costs in Wyoming for more information.
Wyoming Foreign LLC
If you are interested in forming a Foreign LLC in the state of Wyoming, then you need to file the Certificate of Foreign LLC to the Wyoming Secretary of State. Foreign LLCs allow you to operate your business in more than one state. Along with the Certificate of Foreign LLC, you need to submit some more documents, like the Certificate of Good Standing, etc., to the Wyoming SOS to form your foreign LLC in the state of Wyoming. To know more in detail, check out our guide on Wyoming Foreign LLC.
Reasons to Start an LLC in Wyoming
When we talk about starting a business in Wyoming, LLC is the best option. Especially for startups and small businesses, it is wise to have an LLC in Wyoming. The primary reason for that is it has fewer tax liabilities and a high level of incentives paid by the government agency in some prominent industries. An LLC is a simple business structure and has a flexible management structure. Hence, it is less complicated. Business owners can get long-lasting benefits from LLCs.
Also, various business funding options make it easier for small businesses. Hence, Wyoming is now the favorite business state for small and medium-sized enterprises. A special type of business, like a woman-owned business, can get special grants while forming an LLC in the state of Wyoming. Wyoming is one of the states that have potential customers and excellent customer-based business opportunities. Following are the benefits of having an LLC in the state of Wyoming,
The state provided huge tax credits and benefits to the entrepreneurs. Some of the prominent tax reduction programs are,
- Corporate Tax – LLCs don’t have to pay any corporate tax while operating their business in Wyoming.
- Intangible Tax – For any intangible asset, such as investments in bonds, shares, etc., there is one Intangible tax that LLCs have to pay. But in Wyoming, no such tax is levied.
- Personal Income Tax – While operating your LLC, you don’t need to pay any personal income taxes to the state government.
- Estate Tax – There is no estate tax in the state. You can live and pass the property on to the next generation.
- Excise Tax – If you are operating an LLC, then food, gas, and other necessary products won’t get taxed. No excise tax will be levied. Read more on Wyoming’s classification of LLC tax.
Freedom in Capitalization
In Wyoming, there is no upper bar for capitalization. That means any Small and medium-sized company can raise a fund of up to $500,000. There’s no upper limit of having capital for the business setup in this state.
Minimum Formation Formalities
Along with tax benefits and low filing fees, the formalities are hassle-free as well. You can finish everything before time if you get one professional service to handle all your work.
Low Risk for Lawsuit
In this state, starting an LLC means one has to register their company with the government. However, there is no rule that you have to register as a manager or a member of the LLC. Hence, there is a shallow risk of getting a lawsuit.
There are several taxes like self-employment taxes, Federal taxes, employee taxes, and many more that are needed to be paid. However, there are tax exemptions to lower the tax burden more in this state.
- Sales Tax Exemption on Manufacturing – For the specific manufacturing units, sales tax is exempted fully. LLCs or businesses do not have to pay anything to the government.
- Sales Tax on Electricity – Those willing to start an LLC in the state of Wyoming can enjoy electricity for free until they start their company. There’s no fee to be paid for consuming electricity.
Top 3 Businesses in Wyoming
When you decide to form an LLC in the state of Wyoming, you must have a good knowledge of the state’s economy. First of all, you should know the businesses that are running in the state and their contribution to the state.
Despite a bit of decline in oil and coal production in the state, the mining businesses are one of the top economic contributors. The major coal mine in the state is the Green River Basin and Powder River Basin, with 68.7 billion tons of coal production.
Also, there is a production of 1.77 trillion natural gas in a year in Wyoming that helps in driving major industries in the state. Wyoming is also known to produce Trona used in paper, glass, water softener, and baking soda businesses. The total contribution of the industry is around $4.4billion.
The historical places and monuments of the state have successfully attracted around 6 million visitors to the state. The key attraction to the state is Yellowstone National park and Grand Teton Park that are solely responsible for attracting 4 million people. The sector is giving around $2 billion in revenue to the state GDP.
The tiny state is also known as the cowboy state due to the 1.5 million cows present. Out of all the agricultural receipts, 86% portion is generated by livestock only. Other important elements of the agriculture sector are:-
- Hay production
- Wool products
- Dairy products
The total contribution made by the sector is around $1.08 billion.
Some of the small scale businesses that are well established in the state are:-
- Graphic designing services
- Travelling agency
- Online streaming businesses
Wyoming LLC Formation Review
Time needed: 5 minutes.
Just to recap, here are the easy steps again when forming an LLC in Wyoming. Click on the steps in this list to read the full detail.
- Name your Wyoming LLC
The first thing you must do is to choose a company name, which should be unique, easy to find, and available in the state.
- Choose a Registered Agent
In Wyoming, it is mandatory to select a registered agent for your LLC. Get a professional Registered Agent from LLC formation services to get things done hassle-free.
- File a Formation Certificate
Filing a formation certificate is necessary when forming a Limited Liability Company in Wyoming. Depending on the state, it could be called any of the following: Certificate of Formation, Articles of Organization, or Certificate of Organization.
- Create an Operating Agreement
An operating agreement is not a strict requirement in Wyoming but something encouraged when you start an LLC to avoid future conflicts.
- Get an EIN
The Employer Identification Number (EIN), also called Federal Tax Identification Number, serves to identify a business entity like a social security number but for a company.
Things to Consider While Starting an LLC in the State of Wyoming
In this article, I have already explained all the broad steps to start an LLC. However, there are some additional essential steps to consider. The first thing is a business plan. You must have a business plan that includes all your business-related regulatory requirements. Business formation plans are required for any company owner to be prepared to run the business in Wyoming.
After the business plan, you need to consider the tax liabilities. LLCs do not have many tax liabilities like corporations. However, there are federal income taxes and some other federal taxes. LLCs with employees might have to pay some corporate taxes. When you hire employees for your LLC, make sure to choose the tax classification properly.
The next step is to get business loans. There are business-loan friendly banks you can take loans from. You can apply for a loan by submitting a detailed bank application. Bank applications must be sent in person. LLCs provide personal asset protection. Hence, it will be easy to protect your business and your personal asset. A limited liability co. is safe to form. Even for an informal business structure, it is good to register as an LLC as it follows strong asset protection laws.
The cost of an LLC includes the cost of fees, bank charges, and other annual costs. Some costs are one-time costs, such as formation fees.
While setting up your LLC, make sure to get business accounting tools. There can be business accounting software to use for your company, especially if your business deals in online payment. Apart from these requirements, there are licensing requirements, accounting consultation, LLC naming requirements, and other detailed requirements to consider while starting your LLC.
How Fast Can I Form an LLC in Wyoming
The online filing for LLC in Wyoming is immediate once the payment is received. For filing through mail, it may take up to 5 to 7 business days.
Fortunately, forming a Wyoming LLC is a relatively painless process, and can be done in less than a week. However, it is important to keep in mind that the process may take longer if you miss a few steps, or if your paperwork is not correctly filed. If you are unsure how to get started, you can hire a professional company to assist you. You can also find free, online tools to help you get started.
One of the first things you will need to do is select a registered agent. You can do this online or by mailing a check or money order payable to the Wyoming Secretary of State. A registered agent is required to provide legal documents to the state and receive tax notices and subpoenas on your behalf. Your registered agent may charge you $45 to $300 a year, but the cost will vary by company.
Another step is to select a name for your Wyoming LLC. You can use the Wyoming Secretary of State’s business entity search to check whether the name you are interested in is available. You can also reserve a name by paying a fee, which will hold it for 120 days. In addition, you will need to include a matching domain name for your LLC. The name must also be distinguishable from other business names.
You will also need to file articles of organization with the Wyoming Secretary of State. If you do not file online, you can print and mail them, or you can use a service to do it for you. Once you’ve filed your articles, you’ll need to prepare an operating agreement. This document is required to describe the LLC’s business operations, including who owns it and how it will operate. It’s also required to outline the duties of the members of the LLC, as well as how the company will be managed and distributed its profits.
You will also need to register for a sales tax license if you’re selling products or services in Wyoming. You can apply for a sales tax license by mail, online, or by downloading the application from the state’s website.
You may also be required to get an Employer Identification Number, or EIN, from the IRS. You can apply for an EIN online or by mail for free. The EIN is important because it is used to track federal tax payments for your company.
While the process of forming a Wyoming LLC may be a bit daunting, you can get it done in less than a week if you choose the right services. You can hire a company to prepare your LLC formation documents or you can use a free service online. Depending on your needs, you may also need to register for a bank account. A bank account is important because it makes it easy to handle your company’s finances.
The best way to learn how to form an LLC in Wyoming is to consult with a professional. You may also be required to get a business license depending on what kind of business you’re planning to launch.
If you are a resident of Wyoming, then you can file your LLC by yourself. However, it is always worth having a professional than doing it yourself to handle legal complexities, paperwork, and other documentation.
Apart from the formation fee of $102 (domestic LLC) and $100 (foreign LLC), LLC costs in Wyoming include $50 for Annual Reports every year. LLCs are liable to pay sales tax of 4% every year.
It takes no time (immediately) to get a Wyoming LLC if you file it online. For the mail filing, it takes 5 to 7 business days to get an LLC. If you hire a professional LLC service, then it might take less than that. We recommend TailorBrands, which has an impeccable turnaround time.
Every year all the LLCs have to submit an Annual Report and pay $50 to the Wyoming Secretary of State and renew the LLC. It is mandatory to renew your LLC every year.
Generally, for LLCs, it is a default tax structure. Once you obtain the EIN, you will get the various tax structure options to select. Sometimes LLCs choose S Corp to reduce federal tax burdens. Read more on the Wyoming Classification of LLC Tax.
LLCs are easier to establish than other business structures. Small businesses, especially start-ups can easily start their LLCs in Wyoming at a bare minimum cost. LLCs have a ‘pass-through taxation’ advantage for which they are excluded from certain taxes. The formation of limited liability companies requires much lesser documents and legal processes. Share your queries with us, and leave a comment below.