How to Start an LLC in Wyoming (Step-by-Step Guide)

If you’re considering forming a Wyoming LLC, you’re making a smart choice for protecting your assets while enjoying flexibility in business operations.

Wyoming is the best state to form an LLC (outside your home state) due to its low taxes, cheaper formation cost, and privacy.

To establish your LLC successfully, you must choose a unique business name, designate a registered agent, and file Wyoming LLC Articles of Organization.

But there’s more.

Filing your LLC Articles of Organization in Wyoming costs $100, and it is approved immediately if you file online but takes 10-15 business days if you file by mail.

This guide compiles all the information you need to start an LLC in Wyoming today.

What Are the Steps to Start an LLC in Wyoming?

To start an LLC in Wyoming, you need to:

• Step 1. Choose and search for a unique name
• Step 2. Designate a Wyoming registered agent
• Step 3. File Articles of Organization with the state
• Step 4. Create an Operating Agreement
• Step 5. Get an EIN from the IRS
• Step 6. File BOI Report
• Step 7. File annual reports
• Step 8. Finally, obtain any local permits or licenses.

Let us dive more in-depth into these steps so I can show you how to get them:

Step 1: Select a Name for Your Wyoming LLC

Choosing a name for your Wyoming LLC is an essential first step. The name should feel right for your business and follow specific guidelines.

Your name must include “Limited Liability Company” or its abbreviations, like “LLC” or “L.L.C.” It should be different from other registered business names in Wyoming. Avoid words confusing your LLC with a government agency, such as “FBI” or “Treasury.”

Before you get too attached to a name, run a Wyoming LLC search to ensure its availability. You can do this on the Wyoming Secretary of State’s website.

Even if you don’t plan on a website, check if the domain name is available. This can help you secure your brand online. Don’t forget to see if your name also works on social media platforms.

Once you’ve picked a name, you can reserve it by filing a Name Reservation form through the Wyoming Secretary of State. You can reserve online or by mail for a fee of $60. It keeps your name safe for 120 days while you finalize your LLC.

If you want to operate under a different name, consider filing for a DBA (doing business as). You can do this by filing an Application for Registration of Trade Name. This option is not required but can help with branding.

Choosing a thoughtful name is vital. Take your time, research well, and ensure it fits your business vision.

Step 2: Designate a Registered Agent for Your Wyoming LLC

The next important step when starting a Wyoming LLC is to choose a registered agent. A registered agent acts as your business’s official point of contact. They receive legal documents, tax notices, and other necessary correspondence on behalf of your LLC.

Who Can Be a Registered Agent?

You have a few options for who can be your Registered Agent in Wyoming:

• You: You can act as your registered agent, but remember you must be available during business hours to receive documents.
• A Family Member: A trusted family member can be your registered agent.
• An LLC Formation Service: Professional services offer expertise in handling official correspondence and ensuring compliance with state regulations.
• A Lawyer: A legal service firm can also serve as your registered agent, providing additional legal support if needed.

Requirements for Wyoming Registered Agents

Wyoming law requires registered agents to have a physical street address, not just a P.O. Box. The address must be where the agent can consistently receive legal documents and official mail during regular business hours.

Additionally, the registered agent must be at least 18 years old and available to accept service of process. This means they must be present to handle any legal notices or court documents delivered to the LLC.

What registered agents do I recommend for Wyoming?

I highly recommend Northwest registered agent services for obvious reasons.

They offer a range of benefits that set them apart, including a free year of registered agent service, which helps you save (about $300) on initial costs.

You’ll receive a complimentary operating agreement essential for outlining your LLC’s internal structure. My favorite part? Northwest also allows you to use their office address for your LLC filing, keeping your address off public records and enhancing your privacy.

Their free email forwarding service ensures you stay on top of important correspondence, and their exceptional customer support is always available to assist you whenever needed.

Step 3: Prepare and File Wyoming LLC Articles of Organization

You must file the Articles of Organization to start your LLC in Wyoming. This document is crucial because it registers your business with the state. This form includes essential details such as your LLC’s name, address, registered agent, and members’ or managers’ names.

To file your Articles of Organization in Wyoming, follow these steps:

Step #1. Complete the Form: Obtain and complete the Articles of Organization form from the Wyoming Secretary of State website.

Include the following:

• Name of your LLC
• Registered agent’s name and address
• Mailing and office addresses
• Signature of the organizer
• Name, phone number, and email of contact for the LLC
• Registered agent consent form (name, signature, and address of registered agent)

Step #2: File Online or by Mail: You can file your Articles of Organization online through the Wyoming New Business Entity Wizard or by mailing the completed form to:

Wyoming Secretary of State
2020 Carey Ave, Suite 200
Cheyenne, WY 82002

Step #3: Pay the Filing Fee: The filing fee is $100. If you file online, you’ll pay an extra $2.

Once your articles are filed, the state will review and approve them. This process usually takes a few business days. After approval, your LLC is officially recognized, and you can start your business activities, obtain your EIN, open a bank account, etc.

Step 4: Prepare Your LLC Operating Agreement

An Operating Agreement is an essential document for your Wyoming LLC. It is an internal guide for running your LLC and outlines the members’ roles and responsibilities.

This agreement is necessary for several reasons. First, it helps define each member’s ownership interest, which is helpful if your LLC has multiple members. Second, it can prevent conflicts about how the business is managed.

In Wyoming, an Operating Agreement is not legally required, but it is highly recommended.

Without it, your LLC will follow default state rules, which may not reflect your needs. Having your own set of rules can make your business run smoother.

Your Operating Agreement should include key details, such as:

• The names of members: List all members and their ownership percentages.
• Management structure: Decide if your LLC will be managed by members or appointed managers.
• Voting rights: Explain how decisions will be made and what constitutes a quorum.
• Profit distribution: Outline how profits and losses will be shared among members.
• Meeting Procedures: Outline how often meetings will occur and how members will be notified.
• Amendment Process: Describe how changes can be made to the agreement in the future.

You can draft this document yourself or hire a professional. Just make sure all members agree on the terms and sign the agreement. This ensures clarity and helps avoid future misunderstandings.

Step 5: Obtain an EIN for Your LLC

An EIN, or Employer Identification Number, is a Social Security number for your business. It identifies your LLC for tax purposes. You need an EIN to open a business banking account, take out a business line of credit, and apply for specific permits.

How to Apply for an EIN:

• Online: Visit the IRS website. This is the fastest way to get your EIN.
• By Mail: Fill out Form SS-4 and send it to the IRS. This option takes longer.
• By Fax: You can also fax the completed Form SS-4.
• Phone: U.S. residents can call the IRS at 1-800-829-4933 to apply.

How Much Does It Cost To Get EIN?

Obtaining an EIN is free. However, some services charge $100 or more to help you with the entire process.

How Does it Take to Obtain my EIN?

• Online: Get it immediately.
• By Mail: Expect 4 to 6 weeks.
• By Fax: Usually within four business days.

Step 6: File a BOI Report

As an LLC owner in Wyoming, you must file a Beneficial Ownership Information (BOI) Report. This requirement starts in January 2024 and aims to promote transparency in business ownership.

You must submit this report to FinCEN within 90 days of forming your LLC. Filing is free and can be done online at the FinCEN website.

Here’s what you need to prepare:

• Company Information: Name, address, and formation date.
• Beneficial Owners: Full names, addresses, dates of birth, and identification numbers.

Gather this information along with your LLC formation documents. This will help streamline the filing process.

Completing the BOI report is essential for maintaining compliance with federal regulations. It ensures transparency about who owns and controls your LLC. Take the time to do this correctly to avoid any potential penalties.

Step 7: File the Annual Report and pay the License Tax for your Wyoming LLC

You must file an annual report for your Wyoming LLC each year and pay the corresponding license tax.

This report is due on the first day of the month you formed your LLC. For example, if you registered on December 15, your first report is due by December 1 of the following year.

The annual license tax is $60 or 0.0002% of the total value of all LLC assets if your LLC has more than $250,000 in assets in Wyoming.

You can file your annual report online or by mail. Online filing is typically recommended since it is more straightforward. However, you must file by mail if your total tax exceeds $500.

Filing your Annual Report is crucial. It keeps your LLC in good standing with the state and ensures compliance with Wyoming laws. Missing the deadline might result in penalties or loss of good standing status.

Remember to mark your calendar for the due date. Meeting this annual requirement will help keep your business running smoothly.

What are the Different Methods To Start a Wyoming LLC?

There are three main methods for starting a Wyoming LLC. Each method has its advantages and disadvantages. You can decide based on your comfort level with the process, budget, and the need for professional help.

DIY LLC Formation in Wyoming

With the DIY method, you handle the formation process yourself. You complete the necessary paperwork, file the Articles of Organization, and pay the required fees.

All by yourself, no third party!

Pros:

• Cost-Effective: You save money by not hiring anyone.
• Control: You have complete oversight of each step.
• Learning Opportunity: You gain knowledge about the process.

Cons:

• Time-Consuming: It may take longer if you are unfamiliar with the process.
• Complexity: You must ensure all forms are correctly filled out.
• Privacy issue: If you serve as your registered agent, you risk having your address out there.
• Lack of Guidance: You might miss the necessary steps.

Using a Professional/Online LLC Formation Services

Many online services can help you form your LLC. These platforms guide you through the entire process, handling most paperwork.

Pros:

• Convenient: They manage the filing, saving you time.
• User-Friendly: Most platforms have easy-to-understand instructions.
• Support Available: Many offer customer service for questions.
• Privacy benefits: Most services allow you to use their address for free, so your address doesn’t get compromised

Cons:

• Costs: You’ll pay a service fee.
• Variable Quality: Some services may not be as reliable as others.

Hiring an Attorney

Working with an attorney is another option for forming your LLC. This method ensures you have professional legal guidance throughout the process.

Pros:

• Expertise: An attorney knows the legal requirements and can avoid pitfalls.
• Customization: Your LLC can be tailored to your specific business needs.
• Support with Complex Situations: Ideal for businesses with unique circumstances.

Cons:

• Higher Costs: Legal fees can be expensive.
• Dependence on Others: You may rely heavily on the attorney’s schedule.
• Potential Delays: The process may take longer due to attorney workloads.

What is The Cheapest Alternative Way to Form an LLC in Wyoming?

If you’re looking to start an LLC in Wyoming on a budget, the most affordable option is to do it online. By filing the Articles of Organization directly with the Wyoming Secretary of State, you can keep costs between $100 and $150, depending on your needs.

This DIY approach helps you avoid the extra fees of hiring a service or lawyer, saving you money for other business expenses.

However, while DIY is cost-effective, it requires some effort. You’ll need to understand all the forms and regulations, and missing a detail could delay your application or create problems later.

Consider using a registered agent if you prefer not to handle everything yourself.

They can make the process smoother by ensuring you receive important documents and helping you stay compliant with state requirements. Although this adds a bit to the cost, it can provide valuable support and peace of mind.

Who Provides the Best LLC Services in Wyoming?

There are a myriad of Wyoming LLC services from which to choose. Choosing the wrong one can affect your Wyoming LLC formation timeline—I know this from my experience using a few and researching a dozen over the years.

Here are some top-rated options you should consider:

Best Wyoming LLC Service	Google Rating	LLC Formation Cost	Registered Agent Fee
Northwest Registered Agent	4.7/5	$39	Free for 1 year
Doola	4.6/5	$0 (plus state fees)	$297/year
Tailor Brands	4.4/5	$0 (plus state fees)	$199/year
ZenBusiness	N/A	$0 (plus state fees)	$199/year

Besides, the fact that other services bill you for their registered agent in the first year, and Northwest offers it for free, is a HUGE plus for me.

Northwest Registered Agent stands out in Wyoming LLC formation due to its commitment to transparency, customer service, and privacy. Using their address helps protect your personal information, making them a reliable choice.

How Much Does It Cost To Form an LLC in Wyoming?

Forming an LLC in Wyoming costs around $125, which covers the Wyoming LLC formation fees. However, there are other fees you need to be aware of.

Here’s a breakdown of the entire Wyoming LLC costs:

Requirement	Cost
New LLC Filing Fee (Articles of Organization)	$100
Name Reservation Fee (Optional)	$60
Trade Name Filing Fee (Optional)	$100
Annual Report Fee	$60
LLC Formation Service (Optional)	$39 (via Northwest)
Registered Agent Fee (Optional)	$0 (via Northwest)
EIN	Free
Total Estimated Cost	$160 – $360

When forming a new company in Wyoming, budgeting about $160-$360 for the first year is ideal. Then, if you want to go further, you can get other bells and whistles like a virtual mailbox, custom website, trademark services, premium EIN services, etc.

The most significant (and essential) expense for every Wyoming business owner is filing the Articles of Organization, which costs $100.

Pros and Cons of Forming an LLC in Wyoming

6 Important Things To Do After Creating Your Wyoming LLC

After creating your Wyoming LLC, there are several essential steps to follow. These steps will help ensure your business is set up correctly and ready to operate smoothly. Here are the key actions you need to take.

1. Research the Best Licenses and Permits for Your Business

Before starting operations, research the licenses and permits needed for your business. The requirements depend on your industry and location. Common licenses include:

• Business Licenses: General licenses to operate a business in Wyoming.
• Sales Tax Permits: Required if you sell goods. You must register with the Wyoming Department of Revenue.
• Professional Licenses: Needed for specific professions like healthcare or construction.

Check local regulations to ensure compliance. Some businesses may require additional permits, such as health or zoning permits. Failing to obtain necessary licenses can lead to fines or shutdowns.

2. Create Business Accounts for Your Wyoming LLC

Opening a separate bank account for your LLC is essential for keeping your business finances organized and distinct from your funds. This separation simplifies your accounting and helps safeguard your assets by clearly distinguishing between personal and business transactions.

When choosing a bank, look for one that offers business-friendly services, such as waived fees, free online banking, and other features that can benefit your business. To open the account, be prepared to provide your EIN and a copy of your Articles of Organization.

A dedicated business account streamlines your financial management and simplifies tax preparation.

Having all your business transactions in one place lets you easily track your income and expenses, ensuring everything is well-organized and accessible during tax season.

3. Understanding Wyoming Tax Requirements and Managing Your Taxes

Wyoming doesn’t impose state income taxes, but LLCs must still report their earnings to the IRS. This means filing a Form 1040 (personal income tax form) for single-member LLCs.

Multi-member LLCs will need to file Form 1065 on behalf of the company, with each member also filing a Schedule K-1 to report their share of the income.

LLCs that sell physical products or employ workers are subject to additional taxes in addition to the annual license tax accompanying the annual report.

If you sell products, you must obtain a sales/use tax license and pay a $60 fee through Wyoming’s online portal or a paper application. This license allows your LLC to collect sales tax on applicable items.

If your LLC employs workers in Wyoming, you must register with the Wyoming Department of Workforce Services and pay unemployment taxes. These taxes fund unemployment insurance for eligible individuals. The tax rate changes yearly and is reduced for new businesses.

4. File your Wyoming Annual Report

Your Wyoming LLC must file an Annual Report. This report is due on the first day of your LLC formation anniversary month.

You are expected to pay the accompanying license tax fee of $60 or 0.0002% of the value of all LLC assets in Wyoming if said assets exceed $250,000.

The Annual Report provides the state with updated information about your business, including:

• Business Address: Ensure your contact information is current.
• Registered Agent Information.

You can file your report online through the Wyoming Secretary of State’s website. Failure to file can result in penalties or the administrative dissolution of your LLC.

5. Get Business Insurance for an LLC

Just as you wouldn’t leave your home without coverage, your LLC also needs the right business insurance to guard against potential risks and liabilities. Insurance protects your company’s assets and ensures financial stability in case of unforeseen issues or legal claims.

Your insurance needs will vary based on your business operations.

For example, general liability insurance covers risks such as slip-and-fall accidents or property damage if your LLC operates from a physical storefront.

Conversely, if you run your business as a consultant and work remotely, you might only need professional liability insurance to cover potential service errors or omissions. Assessing your business needs helps you choose the appropriate coverage to protect your LLC.

6. Setup Your Business Online Presence (optional)

Establishing an online presence can enhance your business visibility. Create a professional website showcasing your products or services. A website is essential for credibility.

Consider these steps for digital presence:

• Social Media Profiles: Engage with customers through platforms like Facebook or Instagram.
• Google My Business Profile: This helps customers find you easily online.

While an online presence is optional, it can significantly impact your customer reach. Use online tools to monitor your reputation and engage with customers effectively.

Wyoming LLC vs. S Corp vs. Partnerships vs. Sole Proprietorship vs. Corporations

When starting a business in Wyoming, you have several options. Each type of business structure has its characteristics, advantages, and disadvantages.

Sole Proprietorship

A Wyoming sole proprietorship is the most straightforward way to start a business. Imagine you’re running a lemonade stand on your own. You make all the decisions and keep all the profits.

However, there’s no legal separation between you and your business. If your lemonade stand faces financial trouble or legal issues, your assets, like your car or home, could be at risk.

It’s easy to set up and manage, but it does leave you personally responsible for any business debts.

Partnership

A Wyoming partnership involves teaming up with one or more people to run a business together.

Think of it as joining forces with a friend to open a café. You share the profits and responsibilities, and you both make business decisions.

However, like a sole proprietorship, each partner is personally liable for any business debts or legal issues. If the business encounters financial trouble, your assets could be at risk, too. Partnerships are relatively easy to set up but require clear agreements between partners to avoid conflicts.

LLC (Limited Liability Company)

An LLC offers a blend of flexibility and protection.

Picture it as a protective umbrella over your lemonade stand. This structure separates your assets from your business, so if your LLC faces legal issues or debts, your personal belongings are generally safe.

LLCs are more formal than sole proprietorships or partnerships but offer management and tax treatment flexibility. They are ideal for small—to medium-sized businesses that want liability protection without the complexity of a corporation.

S-Corporation

An S Corporation is a more structured business form.

Think of it as a business where owners are shareholders, much like a small-scale company with multiple investors. It protects liability and allows profits to pass through to your tax return, avoiding double taxation.

This means you report the income and losses on your tax return, which can be beneficial for tax purposes. However, S Corps have stricter operational requirements and formalities compared to LLCs.

Corporation

A Wyoming corporation is the most complex structure, suitable for larger businesses aiming for significant growth.

Imagine a big company with many shareholders. A corporation offers robust liability protection and is a separate legal entity from its owners, meaning your assets are protected.

Corporations can raise capital more efficiently by issuing stock and can offer employee benefits.

However, they come with extensive regulatory requirements, formalities, and paperwork, making them more suitable for businesses with significant resources and expansion plans.

My Final Thoughts: Forming an LLC in Wyoming

Starting an LLC in Wyoming is an exciting step toward bringing your business idea to life. Although it might seem like many steps initially, breaking them down makes the process more manageable and ensures you cover all the essential bases.

To start your LLC in Wyoming, follow these steps:

• Choose a unique business name that complies with state rules.
• Select a registered agent in Wyoming to handle legal documents.
• File the Articles of Organization with the Wyoming state.
• Create an LLC Operating Agreement to outline management.
• Obtain an EIN for tax purposes.
• File a Beneficial Ownership Information Report
• File an annual report and pay the license tax.

The filing fee for the Articles of Organization is $100

After forming your LLC, prepare for annual reports and license tax fees, which cost $60 yearly.

Wyoming is known for its business-friendly environment. Forming an LLC here is straightforward and can provide liability protection and tax benefits.

Completing these steps will set a solid foundation for your business. With its low fees and flexible structure, Wyoming is an excellent option for new entrepreneurs.

Learn More About Starting an LLC in Wyoming

If you need additional help to start an LLC in Wyoming, check out these valuable resources:

Frequently Asked Questions

Can I change my registered agent in Wyoming?

Yes, you can change your registered agent in Wyoming. You must file a form with the state and pay a small fee. Ensure your new registered agent meets the state’s requirements.

How do I change my Wyoming LLC’s name?

To change the name of your LLC, you must apply to the Wyoming Secretary of State. This includes filing a name change form and paying the required fee.

How do I renew my Wyoming LLC?

To renew your LLC in Wyoming, complete your annual report and pay the annual license tax. This must be done each year after your second year of business to maintain your LLC status.

How do I dissolve an LLC in Wyoming?

To dissolve your LLC, file a certificate of dissolution with the Wyoming Secretary of State. Ensure that you have paid all fees and resolved any outstanding debts.

How do I add a member to a Wyoming LLC?

To add a member, you must amend your operating agreement and update the Articles of Organization. If necessary, notify the Wyoming Secretary of State.

How do I add a DBA to an LLC in Wyoming?

To add a Doing Business As (DBA) name, you must file for a trade name with the Wyoming Secretary of State. There is a small filing fee for this process.

Can a minor own an LLC in Wyoming?

Yes, a minor can own an LLC in Wyoming. However, they may need an adult to act on legal matters and contracts.

When is the Wyoming Annual Report due?

The Wyoming Annual Report is due on the first day of the anniversary month of your LLC’s formation. Make sure to file it on time to avoid penalties.

Does LLC expire in Wyoming?

An LLC in Wyoming does not expire as long as you file your annual reports and pay the necessary fees. If you fail to do so, your LLC could be dissolved.

Can a non-resident open an LLC in Wyoming?

Yes, non-residents can open an LLC in Wyoming. There are no residency requirements for forming an LLC in the state.

Can I buy a house or car with my LLC in Wyoming?

Yes, your LLC can purchase assets like houses or cars. However, it is vital to keep personal and business finances separate.

Can you have multiple businesses under one LLC in Wyoming?

Yes, you can run multiple businesses under one LLC in Wyoming. However, this may complicate liability and financial tracking, so consider using separate DBAs if needed.

Is Wyoming an excellent state in which to form an LLC? Is it worth it?

Wyoming is considered favorable for forming an LLC due to its low fees, strong privacy protections, and flexible management structure. Many find it worth the investment.

Can one person form an LLC in Wyoming?

Yes, one person can form a single-member LLC in Wyoming. This type of LLC provides the same liability protections as a multi-member LLC.