Simple Steps to Starting an LLC in Wyoming
Starting a limited liability company (LLC) in Oklahoma is a popular choice among start-ups and SME's since this business entity combines the flexibility of a sole proprietorship with the limited liability of corporations.
These are the steps required to start an LLC in Wyoming:
- Decide on a business name for your LLC;
- Assign Your Registered Agent;
- File the Articles of Organization with the Secretary of State in Wyoming and pay the filing fee of $100 (additional $2 fee if you file online);
- Apply for an EIN with the IRS;
- Remember to file the Annual Reports and annual fee of $50 or more.
You also gain several other advantages, such as flexibility and reduced formalities.
Pick a Business Name for Your LLC
Your LLC is legally required to have a name and once it's formed, you'll have the same tough protections that are available to all LLCs in Wyoming, even if yours is a single-member LLC.
Your name must indicate that your business is a limited liability company. It must include an appropriate variation of Limited Liability Co., such as:
- Liability Co.
- Limited liability company
Wyoming LLC DBA Name
Your company's name on file can be different from your trade name, which is also known as your Doing Business As (DBA) name. You can visit the Wyoming Secretary of State's website to file a Statement of Trade Name of a Reporting Entity for this purpose.
Wyoming LLC Name Search
You can ensure that your name is unique by checking the Wyoming Secretary of State website and doing a business entity search, which can show you the names of companies that are in use.
Wyoming Business Name Reservation
After you've conducted your Business Name Search, you can reserve any name that's available via the Wyoming Secretary of State website.
In Wyoming, it is not necessary to reserve a name before you file your Articles of Organization but if you choose to reserve a name, you'll pay $50 for that service.
Assign a Registered Agent
Under the Wyoming Limited Liability Act, owners of the company are not required to list their personal details.
For this reason, a registered agent must be appointed for service of process in Wyoming. This is a business entity or individual who agrees to accept legal papers on your behalf.
A full-time resident of Wyoming or a business that has its chief place of business in Wyoming can be asked to perform this function. Their physical address will be known as the registered office of your business.
Your registered agent in Wyoming may also provide your mailing and physical addresses, which are separate from the address of your registered office.
Filing the Articles of Organization
Filing the Articles of Organization with the Secretary of State is a requirement for Wyoming LLC formation.
The Articles of Organization that you will need for Wyoming LLC formation must contain the following details about the LLC:
- LLC name;
- Its exact address;
- The registered agent's name and address of its registered agent;
- Mailing and principal addresses of the LLC;
- A statement that your LLC has at least one member;
- The name and address of the individual who is filing the articles;
- A Consent to Appointment that has been signed by your registered agent.
What is the Cost of Forming an LLC in Wyoming?
The cost of filing the Articles of Organization with the Wyoming Secretary of State is $100 and you can pay by check or money order if you are mailing your documentation.
Your Operating Agreement
Wyoming LLC formation is complete after you've filed your Articles of Organization, but you'll usually benefit by preparing an operating agreement after your company is formed.
While this internal document is not a requirement, it helps you because it contains information on the structure of your business. It is not a matter of public record.
Your LLC's operating agreement provides details on ownership, so if there is ever a dispute about who owns the company, this is where you'll find information that will resolve it.
The operating agreement also says who the original owners or members are and what percentage of the company each of them controls.
Your operating agreement does not have to be submitted with your Articles of Organization. However, it contains vital information on how members can transfer or sell their shares and must be signed by all members, to indicate that they are aware of its stipulations and agree to them.
Obtain an EIN Number
An Employer Identification Number (EIN) is required by the IRS. It's used to track your business in the same way that an SSN is used with individuals. Your Federal tax payments, such as Medicare and Social Security, will be matched to your EIN.
You can get your EIN for free from the IRS. On their website, complete an SS-4 form and you will be given your own 9-digit Employee Identification Number.
File Annual Reports
Wyoming LLC formation comes with several responsibilities, including regular reporting. You will be asked to file a report once a year with the Wyoming Secretary of State. This periodic report is due a year after your company is formed, on the first day of the month in which the business was established.
For example, if your LLC in Wyoming was founded on June 10, your annual report would be due on June 1, of the following year. Your report should be filed on or before that date. The Wyoming Secretary of State makes it easy to file via their website.
LLCs will usually be charged a filing fee of $50. If your company has over $250,000 in assets in Wyoming, your annual report fee will be calculated based on the value of those assets.
If you do not file, your company will be involuntarily dissolved in 60 days or less.