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There are about 400,000 new businesses that start every year. Each new business has two critical questions to answer.
The first is if they should form an LLC. The second is where to form the LLC. There are major tax and legal implications for both questions.
Many businesses decide to form an LLC in Wyoming because it’s business-friendly and there’s no income tax there.
Forming an LLC in Wyoming is also very simple. Read on to learn how you can start your own Wyoming LLC.
Does Forming an LLC in Wyoming Make Sense for Your Business?
There are many advantages of forming an LLC in Wyoming. That doesn’t mean that it’s the right decision for every business.
For example, one of the advantages of a Wyoming LLC is that there isn’t a business income tax. This benefit can be enjoyed by pass-through businesses, such as C-Corps and S-Corps.
If you have a single-member LLC and live in another state, you’d still have to pay income taxes in the state where you reside.
Another clear advantage for all businesses, including sole-proprietors is that Wyoming has laws that benefit businesses. There are legal protections than an LLC offers and the state laws in Wyoming make it difficult to get sued and put your personal belongings at risk.
How to Form an LLC in Wyoming
Once you decide that forming an LLC in Wyoming is right for you, then it’s time to form the LLC. The first thing that your LLC needs is a business name.
It can’t conflict with any other business name in Wyoming, so you’ll have to do a search to make sure the name you have in mind isn’t already taken.
Get a Registered Agent
A registered agent is required to start a Wyoming LLC to accept any legal documents on your behalf in the event that you’re sued.
You can use a company to serve as your registered agent. These services often will do everything for you, from name searching to creating and filing your paperwork with the state.
File the Paperwork
Most states require that you file an operating agreement and articles of organization. In Wyoming, it’s only required to file the articles of organization.
The articles of organization is a simple document that states the name of the business, the assigned registered agent, the purpose of the company, the principal place of business, and how the company is managed.
The operating agreement isn’t necessary, but you should include it. It will help maintain the corporate veil because this document shows the ownership and financial structures of the business.
To form your company, you submit these documents with an application form and a fee to the Wyoming Secretary of State’s office.
Form an LLC in Wyoming
There are dozens of decisions to make when you’re starting a business. Two of the most important are your legal status and where to form your company.
Forming an LLC in Wyoming is a smart choice for many businesses because of its business-friendly laws and tax advantages. It’s also easy to register the business in Wyoming.
Head over to the home page of this site for more helpful business tips.