How To Form An LLC In Wyoming
Wyoming is quickly becoming one of the most popular states to file as an LLC. LLCs in Wyoming are attractive because the state does not collect any income tax, meaning business owners have a better chance of keeping their profits. However, if a business owner is looking to form an LLC in Wyoming, they need to pay careful attention to the steps for doing so. Considering some of these criteria could help prospective business owners as they attempt to form an LLC in Wyoming.
Choosing The Correct Name
Before prospective business owners file any paperwork with the Wyoming Secretary of State’s Office, they must first select a company name. Potential business owners should browse through the business name database on the Wyoming Secretary of State’s website. The name that a new business owner chooses must be unique and distinguishable from the name of other businesses in the state.
Additionally, the state of Wyoming requires limited liability companies to include “LLC” in the company name indicating that the business is indeed registered as an LLC. Thus, a Wyoming business name must consist of one of the following:
- Limited Company
- Limited Liability Company
- Ltd. Liability Company
- Ltd. Liability Co.
- Limited Liability Co.
Prospective business owners have the option of reserving a name for up to 120 days. This could be beneficial for potential LLC owners who found a name they would like to keep but are not yet ready to file the required paperwork with the state of Wyoming. Prospective LLC owners can reserve a name by submitting an Application for Reservation of Name with the Wyoming Secretary of State. The only way to file this form is by mail. Be sure to include the $50 filing fee when submitting this form.
If new business owners are struggling to come up with a company name, they should not worry. Remember, the company name is what’s used for corporate filings and legal paperwork, but it’s not necessarily the name that’s used on signage, letterheads, and marketing materials. That’s because Wyoming businesses have the option of filing a Doing Business As form, which informs the Secretary of State the name under which the LLC will conduct business.
Select A Registered Agent
Those looking to form an LLC in Wyoming are also required to choose a registered agent. The registered agent is an individual or third-party company who receives legal correspondence and notices of lawsuits on behalf of the LLC. Thus, it’s critical that those looking to form an LLC in Wyoming choose a registered agent who they can trust.
The registered agent should be willing to accept all legal correspondence and forward it along to the LLC owners. The registered agent must be a resident of Wyoming or be authorized to transact business in the state. The agent must also provide a street address at which they are located during regular business hours.
For this reason, LLC owners may want to consider hiring a third-party registered agent, such as DoMyLLC. Third-party registered agent companies have years of experience serving in this role. They are trustworthy and reliable. Not only are they guaranteed to be at their physical location during regular business hours, but they also have a system in place that makes it easy to forward legal correspondence to the business owners. Investing in one of these companies could go a long way towards ensuring an LLC’s success in Wyoming.
Filing The Articles Of Organization
After a company chooses a registered agent, they must submit an Articles of Organization form to the Secretary of State’s office. When filing this form, prospective business owners must include the name and address of the business, as well as the name and address of the registered agent who will serve on the company’s behalf. Additionally, the registered agent must provide written consent indicating that they agree to the appointment. That’s why it’s essential that the company locate a reliable registered agent before filing the Articles of Organization.
In addition to submitting the proper paperwork, those looking to form an LLC in Wyoming must also submit a $100 filing fee. The Secretary of State’s office states that the standard processing time for the Articles of Organization is three to five business days after receipt. Unfortunately, prospective owners do not have the option to expedite the filing process.
Prepare The Operating Agreement
Although the state of Wyoming does not necessarily require this step, it’s highly recommended that LLCs consider preparing an operating agreement. An operating agreement defines everything about how the company will be run, such as who the owners and managers are and how they should conduct themselves. Having an operating agreement in place upon creating an LLC in Wyoming could prevent conflict amongst members in the future. Furthermore, an operating agreement can help a new LLC gain credibility from customers, clients, banks, and the IRS.
Open A Business Bank Account
After securing the paperwork indicating that the company can become operational, new LLC owners should consider opening a business bank account. This will make it easier to keep track of all expenses associated with the business. Additionally, opening a business banking account could then allow new owners to open a line of credit in the name of their company. This, in turn, could help protect their personal line of credit were anything to go wrong. It’s crucial that those who have just formed an LLC in Wyoming take precautions to protect their personal assets from the debts and liabilities of the company.
Prepare And File The Annual Report
After one year of formation, LLCs in Wyoming are required to submit an annual report. Annual reports in Wyoming are due each year on the first day of the anniversary month of formation. For example, if a company registers as an LLC in Wyoming on December 31, 2018, their first annual report is due on December 1, 2019. If the LLC does not file its annual report within 60 days of the due date, the state of Wyoming could dissolve the business.
DoMyLLC Can Help Your File As An LLC
The process of filing as an LLC can be overwhelming. From finding a registered agent to helping with the filing process, DoMyLLC is here for you. When working with us, you can rest assured that your application will be on time and completed accurately.