As we get started on our journey to start a Wyoming Limited Liability Company, you should consider using a professional service like Northwest Registered Agent.
I also love looking at what Wyoming is known for and incorporate some business ideas related to that. The top business ideas for Wyoming are:
- Start a Yellowstone Touring Business
- Start an Old Faithful T-Shirt Company
- Start a Rodeo Touring Business
There are plenty of options when it comes to building the right Limited Liability Company in Wyoming.
Name Your Wyoming LLC
As a business entity you’re going to need to follow the Wyoming LLC naming guidelines that are going to require you to follow specific rules. The traditional rules for naming a Wyoming Limited Liability Company are:
- Your LLC’s name must contain the phrase “Limited Liability Company” or one of its abbreviations (“LLC” or “L.L.C.”).
- Your LLC’s name cannot include words that could confuse it with a government agency (FBI, Treasury, State Department, etc.).
- Words such as “Bank”, “Cooperative”, and “Corporation” cannot be used in the name of an LLC unless you get approval from the state.
- Your LLC’s name must not be too similar to the name of another business entity already registered with the state of Wyoming.
Naming your company is one of the first, and most important, steps in starting a limited liability company. After you’ve figured out what you want the name to be you will need to go to the Wyoming Secretary of State’s office to consider whether that business name is taken or if you’ll need to find a new name in your LLC formation process.
After you’ve done this you’ll need to go to the USPTO to check whether or not your business name has a trademark associated to it. The best way of checking that is by searching directly here.
Once this has been completed, you’ll want to make sure you’re able to pick up your digital version as a Wyoming resident.
Get a Website Domain for Your Business
Having a website is one of the most important things you can do for your business. It’s how customers will find you, learn about your product or service, and purchase items from you. It’s also a great way to build credibility and thought leadership in your industry.
When it comes to picking a domain name for your website, you’ll want to make sure it’s easy to remember and spell, relevant to your business, and not already taken. You can check the availability of a domain name by doing a search on GoDaddy and if you are able to do this and also get a website builder too.
If the domain you want is available, you can purchase it directly through GoDaddy. After you’ve done this it is time to move to the next step where you pick your registered agent.
Choose your registered agent
When thinking about whether you’re going to be your own registered agent, use a registered agent / registered agent service it’s important to think about all the details and rules that go into this around the Wyoming law.
The typical rules for a Wyoming registered agent service is that they have a physical address in the state of Wyoming, are available during normal business hours to receive service of process and important documents on behalf of your LLC, and forwards any received items to you in a timely manner.
While it’s not required by law, we also recommend that you use a professional registered agent service like Northwest Registered Agent. If you do this they will typically offer the first year for free if you use their LLC formation service.
Prepare and File Articles of Organization
After you’ve figured out your business name, secured a domain name, and chosen your registered agent, it’s time to start preparing your Articles of Organization.
The Articles of Organization is the document that officially forms your Wyoming LLC. It’s filed with the Wyoming Secretary of State and there is a filing fee of $100. The Articles of Organization must include the following information:
- The name of your LLC
- The names and addresses of your organizers
- The name and address of your registered agent
- The purpose of your LLC
- The duration of your LLC (if not perpetual)
- Whether or not your LLC will have members
- The signatures of your organizers
You can find the Articles of Organization on the Wyoming Secretary of State website.
Once you’ve completed the form, you’ll need to file it with the Secretary of State and pay the $100 filing fee. You can do this online, by mail, or in person.
After you’ve done this we can move onto my favorite part of the process which is operating agreements.
Create an operating agreement
A Wyoming LLC operating agreement is one of the most important legal documents you can put together for Wyoming LLCs. You don’t need to officially file this with the any Wyoming department but it is important for protecting your personal assets.
If you’ are going to have a multi member LLC, single member LLC or just an individual or business entity – you will need an operating agreement.
It’s important to include the following pieces of information as you think about your operating agreement:
The name and address of your LLC
The names and addresses of your members
The percentage ownership of each member
Whether or not your LLC will have managers
How decisions will be made
What happens if a member wants to leave the LLC
What happens if the LLC is dissolved
I recommend you use Legal Templates for your operating agreement template and they will be able to offer much more than anything else out there. Their LLC operating agreement template is really one of the best so check it out. It will act as one of your LLC assets as your business grows.
After you’ve done this you’ll be able to move onto getting an Employer Identification Number.
Get an EIN
The next step in the process is to apply for an Employer Identification Number (EIN) for your LLC. This is a nine digit number issued by the IRS that is used to identify your business for tax purposes. You can apply for an EIN online, by fax, or by mail.
The federal employer identification number is one of the most important pieces that you’ll get for your business. Once you have this, you can start thinking about state income taxes, annual report license tax, tax structure, corporate income tax, sales tax and just really considering all the LLC members you’re going to have that will need to use this.
Think of your EIN as your business social security number where you’ll have the ability to hire employees and start following Wyoming state law for tracking everything too. The Internal Revenue Service will want you to track your expenses, business assets and how your LLC operates.
After you’ve done this, you’ll be able to open up a business bank account and start running business transactions.
Open A Business Checking Account
I recommend you go to Lili and setup a business bank account and make sure your business structure is setup correctly for nay type of business and asset protection. If you’re Wyoming LLC formation has been complete and you’re feeling like the Wyoming Secretary of State’s office will consider your business legit – you do need to setup a bank account.
Get Small Business Insurance
Now that you’ve done all the boring paperwork, it’s time to protect your business with insurance. I recommend CommercialInsurance.net for small business insurance because they’re one of the leading providers and they can offer you really great protection.
You need to think about general liability insurance and getting quotes from different companies.
Get a Business License
You’ll need a business license and you can get this from the county clerk’s office. The requirements will depend on the type of business you have but you can expect to need a general business license, a sales tax permit, and any other special licenses or permits that may be required for your specific type of business.
File an Annual Report
Every year, you’ll need to file an annual report with the Wyoming Secretary of State’s office. This report is used to update the state on any changes to your LLC, such as a change in members or managers, and to keep your contact information current. The report is due by the end of each calendar year and there is a $50 filing fee.
Those are the basics of how to start a Wyoming LLC! Once you’ve completed all of these steps, your LLC will be up and running and you can start doing business in the state of Wyoming.
Pay Annual Taxes
Your LLC will need to pay annual taxes to the state of Wyoming. The amount you’ll owe will depend on the size and income of your LLC, but you can expect to owe at least $50 per year.
You can find more information on the Wyoming Department of Revenue website.
You’ve gone through all the right steps to setup your LLC and with the right registered agent, operating agreement and making sure all the LLC owners are on the same page, you’ll be comfortable to operate your business and have the Wyoming LLC articles of incorporation documented and ready to go!
How much does it cost to start a Wyoming LLC?
The filing fee for the Articles of Incorporation is $100. The minimum annual report fee is $50.
Do I need a business license to operate a Wyoming LLC?
You will need a business license, which you can get from the county clerk’s office. The requirements will depend on the type of business you have but you can expect to need a general business license, a sales tax permit, and any other special licenses or permits that may be required for your specific type of business.