For many startups in the United States, choosing the limited liability company (LLC) structure is the safest option. It combines features of corporations and partnerships. It offers protection of the owners’ personal assets. Additionally, it is also a pass-through tax entity.
Forming an LLC in Wyoming
The place where you form your LLC is a vital decision. You have to consider the benefits that the state provides. Weigh the advantages as well as the cons of each state. You can research these through the internet.
One popular place for LLCs is Wyoming. The state is business-friendly. It also provides additional benefits.
- Wyoming recognizes an LLC as a separate legal entity. Thus, it provides a high level of protection for members and managers against lawsuits.
- LLC owners can maintain their privacy since they only have minimal reporting and disclosure obligations. Wyoming also does not maintain LLC ownership on public records. Additionally, the LLC does not have to submit a list of its members and managers.
- Forming a Wyoming LLC does not require you to be a US citizen. You can register in the state as long as you conduct business there. However, you will need a registered agent that has a physical address or qualification to do business in Wyoming.
- It is easy to move an existing LLC to this state.
- Wyoming LLCs have perpetual life. The business can continue into future generations.
- Wyoming allows LLCs to transfer ownership through an exchange of membership.
- Wyoming LLCs can build credit, borrow money, or sell equity so they can raise capital.
- LLCs do not limit the number of owners.
- LLC fees in Wyoming are affordable.
Understanding LLC Fees
If you have decided to form an LLC in Wyoming, you will have to go through a formal process. File the necessary paperwork to register the company legally. Check the website of the Secretary of State for the proper forms and other requirements. Once you complete the documents, you can submit online or by mail.
Forming and maintaining an LLC comes with expenses. As a business owner, you have to be aware of all LLCs fees in Wyoming before registering your business. This way, you will be able to prepare and manage your finances well.
- As stated earlier, Wyoming offers low and affordable fees. They are hundreds of dollars less than some states. The first fee you need to pay is for the filing of the Articles of Organization with the Secretary of State. If you send it by mail, you will have to pay $100. If you file online, it will cost you $102.
- If you already have an LLC and want to move it to Wyoming, you have to file separate paperwork. Obtain a Certificate of Good Standing from the company’s home state. The fee will depend on the state. You will also need a certified copy of the Articles of Organization, LLC Resolution, and a complete Articles of Dissolution in the home state. You can choose not to file the last document until Wyoming approves your application. Check with your home state if you need to pay filing fees for these documents. Then, submit Articles of Continuance to the Secretary of State of Wyoming. The state requires you to pay a $100 filing fee.
- As mentioned above, your LLC will have to appoint a registered agent. It can be an individual or a service company. The agent will serve as your point of contact with the state. Thus, they will need to have a physical address in Wyoming. If you choose a service company, make sure they have the qualification to do business in the state. The payment for the registered agent varies. If you want a reliable service provider that can help you with your legal documents, you can hire DoMyLLC. You can also request a price quotation to know how much you will have to prepare for the personalized solution that your company needs.
- Wyoming LLCs have to pay a license tax. The state will base it on the assets of the company may have and employ in Wyoming. For LLCs that have assets worth $250,000 or less, the license tax is $50. This amount is also the minimum.
- Once your company starts doing business in Wyoming, it will have to file annual reports. However, unlike other states, Wyoming does not require LLCs to file annual taxes.
So, if you are planning to form an LLC, you will need time to research and learn the process and LLC fees in various states. Compare the pros and cons. It is also important to do the math first. Find out which states charge affordable fees.
When making a list of possible states, consider including Wyoming. With its business-friendly environment and tax advantages, your LLC may end up getting more benefits.
Hiring A Service Provider
Many people think hiring a secondary company comes with unnecessary expenses. However, what they fail to realize is that they may earn more benefits. Your LLC can expect convenience. At the same time, you will not have to deal with the stress that comes with filing paperwork. The service provider can do that job.
It can also serve as your LLCs registered agent. Thus, you can make sure that your company receives all legal documents. The agent can also organize your documents and make them readily available if you ever need them.
Hiring another company to serve as a professional registered agent is not a requirement in Wyoming. However, it can save you time and energy. With it in the picture, you can focus more on running your company and finding ways to grow your business.
If you decide on making this worthwhile investment, you can check out DoMyLLC. Our company provides live support from a team of experts. You can also expect a personalized solution. Let the professionals handle your company’s paperwork. Leave the task to us, and we will make sure your company complies with all state laws. Contact us now to learn more.
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