How to open your LLC in Wyoming?
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[seopress_breadcrumbs]Opening an LLC in Wyoming is an excellent option for anyone who wants to form a company in the United States. Wyoming is a state that offers many advantages for business owners, such as a low formation cost ($100), simple and flexible management, and respected business privacy and anonymity.
If you are considering opening your LLC in Wyoming but are not sure whether it is the best option for you, or if you have questions about the steps to follow to open your LLC, don't worry. In this guide we will show you how to register your LLC in Wyoming in an easy and accessible way, and we will give you all the information you need to make the best decision. Let's get started!
Table of contentsWhy open an LLC in Wyoming?
There are several reasons why opening an LLC in Wyoming can be a great option for you:
Tax advantages
If you are thinking about forming an LLC in Wyoming, you should know that the biggest advantage is tax flexibility.
In Wyoming, LLCs are treated as “pass-through entities” by the U.S. Internal Revenue Service (IRS), which means they do not pay federal income tax at the company level. It is the owners who must report the LLC's income on their personal tax returns.
However, if your LLC has activities in the state, the LLC may have to pay state and local taxes in Wyoming, such as employer taxes, sales taxes or property taxes.
Anonymity
A Wyoming LLC is anonymous because Wyoming's privacy laws do not require members' names to appear in public records and allow a registered agent to represent the company. To add another layer of anonymity, you can even set up a mail forwarding address for the company so that no mail goes directly to you.
No one, not even the state government or the tax agency, knows the true owners of an LLC. The argument is that there is no benefit in making personal information public when the LLC operates as an entity separate from its members.
Flexibility
Corporate formalities and other restrictions of this kind are kept to a minimum when you form a company and do business in Wyoming. Less red tape means more time to focus on what really matters. Wyoming has:
- No citizenship requirement
- No need to visit Wyoming
- Everything can be handled online
- Closely held companies are allowed
- No Operating Agreement required
- No minimum capital contribution
Corporate veil
One of the main advantages of an LLC is limited liability. The company's creditors cannot go after the owners personally in the event of an accident or lawsuit, for example. By forming an LLC in Wyoming, you do not put your personal assets at risk, as they are kept separate from the company's.
Wyoming LLCs offer the traditional corporate veil that protects personal assets from business creditors. They also offer charging order protection, even for single-member LLCs, which protects business assets from personal creditors.
Low cost
The cost of forming your LLC in Wyoming is really low compared to the rest of the U.S. states. The initial costs to open your LLC in Wyoming will be $100, and the annual report is only $62.
Who can open an LLC in Wyoming?
LLCs in the state of Wyoming can be formed by anyone in the world, regardless of nationality or residence. The person must be over 18 years old and have a valid passport.
How to open an LLC in Wyoming?
Now that you know Wyoming is the state where you have decided to open your LLC in the United States and that you meet the requirements to open it, let's look at the steps you need to follow to have a 100% operational LLC in Wyoming.
1. Decide on your LLC's name
Choosing your LLC's name will be the first step before you can move forward with its registration.
Under Wyoming law, an LLC's name must contain the words "Limited Liability Company", or the abbreviations "LLC" or "L.L.C.", "Limited Company", or the abbreviations "LC" or "L.C.", "Ltd. Liability Company", "Ltd. Liability Company". "Liability Company", "Ltd. Liability Co. Liability Co." or "Limited Liability Co.".
Your LLC's name must be distinguishable from other business entities already registered with the Wyoming Secretary of State. You can check name availability with this LLC name checker.
You can reserve a name for 120 days by filing an Application for Reservation of Name with the Wyoming Secretary of State. The reservation must be submitted by mail. The filing fee is $50.
Don't forget to consider domain name availability for your website!2. Choose your registered agent
Whether you decide to open your LLC in Delaware, prefer to register it in Florida, or choose to form it in New Mexico or in Wyoming, every LLC must have a registered agent. The registered agent is an individual or legal entity that agrees to accept legal documents on behalf of the LLC if it is sued.
When you form your LLC, your registered agent must provide a statement to the Wyoming Secretary of State confirming that it accepts the appointment.
The registered agent must have a physical address in Wyoming and be:
- An individual resident of Wyoming over 18 years old
- A domestic or foreign entity authorized to transact business in Wyoming that has a business office identical to that registered office.
It is essential that you appoint a trustworthy registered agent, since if the state of Wyoming cannot locate it, it could dissolve your LLC after just 30 days.
That is why we recommend turning to these recommended companies, which handle registering your LLC and provide registered agent services, renewed annually
3. File the "Articles of Organization" form
To legally form your LLC in Wyoming, you must file the Articles of Organization.
Before submitting the form to the Wyoming Secretary of State, make sure you have the following information:
- The LLC's name, available in Wyoming.
- The name and address of the LLC's registered agent.
- The LLC's mailing address.
- The address of the LLC's principal office
- Signature and contact information of the LLC's organizer
5. Draft your operating agreement
An Operating Agreement is an essential document for the functioning and operations of an LLC in Wyoming. This agreement sets out the financial, legal and management details of all the LLC's members, including the distribution of dividends, withdrawal clauses, non-compete clauses and capital contributions.
Although having an Operating Agreement is not mandatory in Wyoming, it is highly recommended to avoid conflicts and maximize control over your company's operations. If you do not have an Operating Agreement, your business is governed by the default rules under Wyoming law, which may not be suitable for your company. An Operating Agreement lets you tailor the rules to your company's specific needs.
Here you can find a free template that will give you a good basis for drafting your Operating Agreement.
Download the Operating Agreement template
6. Get an EIN
The last important step is to apply for an Employer Identification Number (EIN). Just like the Social Security Number (SSN) for individuals, the EIN identifies your company to the Internal Revenue Service (IRS). EINs are free and available on the IRS website.
You will need an EIN to do things like:
- Hire and pay employees
- Open a bank account
- Obtain business licenses and permits
- Work with certain companies that require it
Delegate your Wyoming LLC formation and skip all these complex processes
What should I do after registering my LLC in Wyoming?
Registering your LLC in Wyoming is only the first part. Once you have completed all the previous steps, there are a few points we recommend you take into account.
Open a bank account dedicated to your Wyoming LLC
To benefit from the corporate veil protection that Wyoming LLCs offer, it is essential to keep personal assets separate from the company's assets.
To achieve this, it is essential that you open a bank account exclusively and 100% dedicated to your Wyoming LLC's activities. This will let you benefit not only from the corporate veil protection, but also from other additional benefits, such as simplified and centralized bookkeeping. This way, you will save time when it comes to filing taxes or tax reports.
In addition, by having a separate business bank account, you will be able to have better financial control of your company. This will help you better understand your business's income and expenses, allowing you to make more informed financial decisions and plan your company's future growth.
Therefore, it is highly recommended that you open a dedicated bank account for your Wyoming LLC and use it for all business transactions related to your company. It is also advisable to consult a financial advisor or business attorney to make sure you comply with all relevant regulations and legal requirements in Wyoming.
The recommended banks for your business account as a non-U.S. resident are Mercury, Relay, Revolut, AirWallex, Wise, Bank of America, Chase.
Plan your Wyoming LLC's taxes
- Wyoming law requires all LLCs to file an annual report every year. For most LLCs, the Annual Report fee is $60. All LLCs in Wyoming must file this Annual Report, even if you have no business activity or earn $0.
- The Wyoming Annual Report for LLCs is due every year. It is due on the first day of the LLC's formation month (the month your LLC was approved). The good news is that your first annual report is not due until the year after the year the LLC was formed.
- Every LLC has a different tax situation, but we can provide an overview of the tax requirements for your LLC:
I) Federal income taxes: LLCs are pass-through entities: the LLC's profits and losses will flow through to the members' personal tax returns.
II) State income taxes: Wyoming does not impose a state income tax.
III) Sales tax: If your LLC will collect and remit sales taxes, it will need to register with the Wyoming Department of Revenue.
IV) Local taxes: Depending on the city/county where your LLC is based, you may have to pay certain local taxes.
Meet your annual obligations
Your LLC will have to meet certain obligations every year, such as renewing the Registered Agent.
As we said before, if your LLC does not have a registered agent, it can be dissolved within 30 days by the State of Wyoming.
Next comes the annual tax return with the IRS. Even if you do not have to pay income tax, you must file it.
Don't forget the annual report we discussed earlier. If your Annual Report is not filed within 60 days after the due date, the Wyoming Secretary of State has the power to dissolve your LLC.
Apply for licenses
Wyoming does not have a statewide business license (unlike some other states). But your LLC may need other Wyoming business licenses. Business licenses and permits in Wyoming are determined by your business's location and the type of industry you are in.
You can do your own research, or you can contact the Wyoming Economic Development Agent at 307-234-6685. You can also contact your county, city or town to see if any local license or permit requirements apply.
What is an LLC?
An LLC is a way of structuring a business in which the company's legal entity is separate from its owners. This way, the LLC's members are protected from potential legal liability and benefit from pass-through taxation, since taxes are paid by the owners as individuals, not by the company. In addition, if none of the LLC's members are U.S. citizens, no taxes have to be paid in the country.
How much does it cost to open an LLC in Wyoming?
Currently, the fee charged by the Wyoming Secretary of State is 100 dollars. You should also take into account the cost of the annual report, which is $60, plus the cost of hiring a registered agent, which ranges between $100 and $300.
How long does it take to open an LLC in Wyoming?
Once you have gathered all the information and filed your “Articles of Organization”, it can take up to 15 business days for the Wyoming Secretary of State to legally create your LLC.
Why is Wyoming one of the best states for an LLC?
Opening an LLC in Wyoming has many advantages over other states. It has no state income tax, filing and reporting costs are low, member privacy is guaranteed and it has charging order protection laws.
How many members can a Wyoming LLC have?
Wyoming LLCs require 1 (single-member) or more members. There are no residency or age requirements. Remember that in Wyoming LLCs, members are not required to be listed in the Articles of Organization.
Are Wyoming LLCs anonymous?
Yes, Wyoming is one of the four states that allow the formation of an anonymous LLC. An anonymous LLC helps protect its members' privacy because their names are not disclosed in its “Articles of Organization”.
Do Wyoming LLCs have to file an annual report?
Wyoming requires you to keep your LLC's information up to date by filing an annual report. The Wyoming LLC Annual Report costs $60 per year. This fee is paid every year for the life of your LLC. The annual report is due on the first day of the LLC's anniversary month. For example, if you formed your LLC on July 13, the annual report will be due on July 1 of each following year. Remember that you will only have to pay the first fee once your LLC's first year since formation has passed.
Written by
Ignacio Navarro
Ignacio Navarro is a Certified Public Accountant, founder of Start Companies and a specialist in U.S. companies for entrepreneurs, freelancers and digital businesses in Latin America. With training in international taxation and studies at UCEMA, he advises non-resident clients on forming and maintaining LLCs, opening bank accounts, invoicing, accounting and taxes. His experience combines tax strategy, compliance and practical vision for operating in the U.S. in a simple, organized and professional way.
