How long will it take to set up a company in Wyoming?
Are you ready to set up a company in Wyoming? Need to know every detail to form the company from the time required to the annual requirements. Wyoming has passed the initial version of statutes stating the allowance for the formation of Limited Liability Company in 1997. With the latest changes in the Wyoming laws, the protection for LLCs have strengthened, and it seems to be a smart and attractive option to set up a business.
7 Steps to Form LLC in Wyoming
1. Choosing the Company’s Name
It is the foremost requirement before starting any company. You need to make sure that the name you are choosing is well-suited to your business and your potential clients can easily search you. The necessary steps that you must follow are:
- Follow the naming guidelines: The company’s name you are choosing should satisfy the naming guidelines. It should contain the abbreviations LLC or L.L.C or the words Limited Liability Company. If you are using the restricted words such as attorney, university or bank, you need to do extra paperwork, and a licensed person such as a lawyer or doctor needs to be the part of your LLC. Avoid the prohibited words as they can confuse your LLC name with the name of state agency or federal state.
- Name Availability: It is vital to check the availability of your company’s name to make sure that it is not already taken. You can check it here.
- URL Availability: Reserving your domain name is as necessary as checking the availability of your company’s name. You need to buy it so that others can’t acquire it.
2. Appoint a Registered Agent
Are you thinking about why you need a registered agent when you can fill up all the details by yourself? A Wyoming registered agent is either an entity registered in the state or a person living in the state. He is the one with a physical address responsible for receiving all the official documents such as state filings, important tax forms, legal notices, etc.
You can contact us and use our services. These services have to be paid annually, or you can also prepay this service for 3 years and save $98 (you will pay $89 for the first year, but just $40 for the second and third year).
3. File Articles of Organization
To set up a Wyoming company, you need to file the Articles of Organization with the Secretary of State. You need to mention the LLC’s and registered agent’s address in the articles. Before filing the Articles of Organization, decide whether your LLC will be member managed or manager managed. The submission of articles can be done online or by mail. We can also do this for you! The state filing fees is $100.
4. Get an EIN
What is an EIN?
It is the Employer Identification Number or Federal Tax Identification Number. It is used to recognize a business entity. It is basically a social security number for your business.
Why do I require an EIN?
An EIN is needed when filing federal and state taxes. Also, banks may ask for an EIN before opening a business checking account for you.
Where can I get an EIN from?
An EIN is received free of charge from the IRS by the company owner after establishing the company. You can do it in two ways:
- Fax the appropriate form
- Apply online
5. Draft an Operating Agreement
It is not a legal requirement or mandatory to draft an operating agreement in Wyoming, but it’s a good practice to have one.
What is an operating agreement?
An operating agreement is a legal document describing the ownership and operating procedures of your LLC. It adds a safety layer for everyone involved in the company. It includes membership interest, capital accounts, allocated tax responsibility and distribution of profits, etc. It is all about being professional and making a structure into your objectives.
6. Obtain Business Licenses & Permits
Not sure whether you need business licenses and permits? If you are dealing with selling goods or performing services within the borders of Wyoming, you need to comply with federal, state and local government regulations. The complexity of the process depends entirely on a few things, such as the nature of your business.
For example, if you are thinking to open your restaurant chain in Wyoming, you may likely need building permits, health permits or signage permit. The best thing is to consult with a professional attorney to get the complete and detailed information regarding the business licenses and permits.
7. Opening a Business Bank Account
Are you aware of the bonuses, incentives, and perks of business banking when compared to personal banking? It is crucial that your brand’s finances are managed separately from all your other accounts. It should be a particular stream funneling into your accounting software. Your registered agent can help you with this.
Time to Set Up Your Company
The total time to set up your company depends on how quickly the local state office works. In Wyoming, it takes around 10-15 days from the time when you file the documents. If you opt for an online process, it is quite fast, usually it takes 24 hours to process the forms.
You can check our forms, to check how long it takes to form the company in Wyoming. All the necessary information is shown in the order form.
The cost structure for setting up a Wyoming Company
- Wyoming State fees $100 + $89 for our service fee
- If you ship your articles via email is does not cost you anything whereas international courier costs $80
- Wyoming Apostille is $20; our fee is $15, So the total cost becomes $35.
- The first LLC Organizational Meeting would cost you $20.
- If you choose our Wyoming address for your corporation filing and mail, you need to sign up for mail forwarding. Otherwise, you can see the rest of our plans at https://goo.gl/fXcoKU
Hence, the total cost of setting your company in Wyoming comes out to be approx $338.
LLC Annual Filing Requirements in Wyoming
If you want to set up a Wyoming LLC Company, you will have to prepare and file several documents with the state.
Annual Report and License Tax
The annual report is due on the first day of the completion of one year of your LLC company. Along with the Annual Report, you need to a license tax. It is calculated at a rate of two-tenths of one mill on the dollar based on the value of your assets located in Wyoming.
Sales and Use Taxes
If your LLC is selling goods in Wyoming, you are implied to pay sales tax. First of all, you will need to register with the Department of Revenue. It can be done via ETS Form 001.1, which is available at the DOR website. After registering, you will get a sales tax license. You need to submit the sales tax returns to the DOR on a periodic basis (monthly or quarterly)
State Business Tax
Wyoming does not have a corporation or personal income tax. LLC members do not owe any state tax on income they earn from a Wyoming LLC. The only tax in Wyoming is the annual license tax of $50 or the desired percentage of your LLC’s assets located in Wyoming.
Employer Identification Number (EIN)
It is expected for LLCs having employees to have an EIN. Also, most of the banks demand an EIN to open a business bank account.
If you are in search of professionals who can help you in setting up the Wyoming Company, contact us! We offer Wyoming LLC formation services to our clients at an affordable price in order to get their Wyoming LLC filed correctly.
Order LLC now Order INC now