29 Nov How to Set Up Your Wyoming LLC
The state of Wyoming offers several benefits that make it an excellent choice for establishing an LLC. With lower taxes, greater asset protection, and lower registration fees, Wyoming has become a go-to for new business owners and companies looking to expand their market. Below is a quick guide to the registration process, to help you get your LLC up and running.
Consider the Company Type
Before you begin the registration process, check to ensure that a Wyoming LLC is the best business type for your needs. In an LLC, the liability of each member is limited to their investment in the company, and investors cannot be held personally liable for the debts of the corporation, thereby protecting the personal assets of LLC members, except in the case of professional misconduct. Each member of the LLC pays taxes individually on their share of profits, which reduces the potential for double taxation on the business. Individual shares of the corporation are non-transferable without the express consent of all members of the LLC. Once you have decided that an LLC is the best business for your needs, you can move on to the next step.
Select a Name for Your LLC
Although choosing a name for your company may seem to be the simple step, it is essential to be aware of Wyoming’s naming requirements before you begin your registration.
- Your company may not have the same name as another existing company. Be sure to perform a Business Entity Search on the Wyoming Secretary of State website for registered business names before you begin your registration.
- The name of your LLC must be easily distinguishable from other similar names. The Wyoming Secretary of State suggests adding a numeral, additional character, or another word if you find that your chosen name is identical or similar to another registered business.
- For Wyoming Limited Liability Companies, the name of your company must contain “limited liability company” or some abbreviation thereof, such as LLC.
- Company names with “A” followed by a space at the beginning, names with special characters, and names that contain words in a language other than English cannot be registered online and may be subject to an extended approval process.
- Once you have chosen a name, if you are not ready to submit your registration paperwork immediately, you can reserve the name for 120 days with this form.
Select a Registered Agent in Wyoming
In Wyoming, an LLC is required to obtain a Wyoming Registered Agent. A registered agent is an individual over 18 or a business entity with a physical address in Wyoming who serves as the point of contact for the receipt of legal documents on behalf of your LLC. The registered agent can be a member of your company, or a separate corporation acting as a Wyoming Registered Agent within Wyoming’s registered agent guidelines.
File Online or Complete and Mail
Once you have selected a name and a registered agent, you can file your LLC with the State of Wyoming online or by mail. The required registration paperwork will vary depending on whether you are filing as a domestic LLC for a company within Wyoming or a foreign LLC for a company expanding into Wyoming from another state. If you are registering online, you will be required to pay your $100 registration fee at that time. If you are mailing your registration paperwork to the Wyoming Secretary of State, you can download the forms here.
Online registration is typically completed as soon as payment is received. Registration by mail takes 5-7 business days but may be longer if your company name requires an extended approval process.
Obtain Your Federal Employer Identification Number (EIN)
After your company has been formed and registered with the State of Wyoming, be sure to obtain your EIN from the IRS by filing this form. Your business EIN is an identification number that allows the IRS to track your activity. You must have an EIN to file Federal and State taxes, open a business account with a financial institution, or hire employees. Consult with your accountant before registering to ensure that you are filing with the correct tax designation.
Contact a Professional
Creating and registering your Wyoming LLC can be a complicating process. Hire a professional registration service like MT Vehicles to avoid delayed registration or unexpected expenses. Our experienced and knowledgeable staff will help guide you through the registration process for a quick and easy setup. For more information on our registration services, contact us today!