How to Start an LLC in Wyoming (WY LLC 2024)

How to Start an LLC in Wyoming: If you’re looking to start a Wyoming LLC, you’ve come to the right page. Setting up an LLC is easy and cost-effective. To form an LLC, you must follow a few steps that include naming your LLC, hiring a registered agent, filing your formation documents, doing the operating agreement, and finally obtaining the EIN. You can easily set up your LLC at a very low cost in Wyoming. Though, you must pay the mandatory state filing fee. These fees and charges can be tax deductible, making the LLC formation cost almost negligible.

On this page, You’ll find all the steps that must be taken to ensure that your Wyoming LLC has been correctly formed. We recommend you read the whole article very carefully, word by word, don’t miss anything 🙂

How to Start an LLC in Wyoming

An LLC (aka Limited Liability Company) is a hybrid business entity combining a corporation’s characteristics with a partnership or sole proprietorship. It separates your personal assets from your business assets, thus giving you personal asset protection. For an LLC, members’ personal assets are not affected by business debts. However, in some cases, if the LLC is sued for business debts, courts might pierce the corporate veil and use the owner’s personal assets to meet their corporate liabilities.

If you wish to start an LLC, you must file your Certificate of Formation with the State and pay a filing fee of $100. While it’s the most important step, it’s not the only one. There are 4 other crucial steps to follow to get your LLC formed in Wyoming. Below are all 5 steps that explain everything you need to do to start a Wyoming LLC in 2024. Let’s get started! You can always hire a professional LLC formation service in Wyoming to set up your LLC instead of doing it alone; a Pro service will ensure everything is done properly.

Step 1: Decide a Name for Your Wyoming LLC

The first step while forming a limited liability company in Wyoming is to give a proper name to your LLC. Before you name your business, you must know that the name should be easy to remember, available in the state, and follows all the LLC naming guidelines.

LLC Naming Guidelines in Wyoming

There are a few specific requirements all the LLCs in Wyoming have to follow while naming their Company. Some of the most important requirements are as follows:

• “Limited Liability Company”, “Limited Company”, “LC”, “L.C.”, “LLC”, and “L.L.C.” – any one of these has to be used as a suffix in your business name.
• You cannot use any name for your business that is confusing or misleading. Terms such as “Treasury”, “State Department”, “FBI”, “CIA”, etc. shouldn’t be included.
• Terms like “Bank“, “University“, “Attorney“, “Doctor“, etc can be added only after the additional requirements by Wyoming State Government are fulfilled.
• (Optional) It’s better to name your business something for which your desired domain is available.

Important Links –	Submit Offline Form to –
Wyoming Business Entity Search – Online Name Search Name Reservation Form – PDF Wyoming LLC Name Search – Instructions	Wyoming Secretary of State 2020 Carey Avenue, Suite 700 Cheyenne, Wyoming 82002-0020

Reserve Business Name for Future

If you do not wish to file your LLC right now but want to hold the name you have decided, then you can reserve your LLC name for 120 days. To keep the name, you must file a name reservation application and pay $50 to reserve your name with the Wyoming Secretary of State.

Doing Business As (DBA) or Trade Name

Once you have a legal name for your LLC, you can register it. However, it is not mandatory. You can, instead, use DBA, Fictitious Name, or Trade Name. In that case, you must register your name with the Wyoming Secretary of State by submitting an Application to Register Trade Name in Wyoming, along with the filing fee of $100.

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Step 2: Assign a Registered Agent in Wyoming

The second step to forming an LLC in Wyoming is to appoint a Registered Agent. A registered agent is a person or business entity working on your LLC’s behalf. This person or business will receive important tax forms, legal documents, all notices of lawsuits, and other official government correspondence in Wyoming. Hence, hiring a competent Wyoming Registered Agent for your LLC is necessary.

Make sure your registered agent is a resident of Wyoming or has a physical street address. This address will be used as the principal address of your LLC to receive any legal documents. Most LLC formation companies also provide registered agent services. Below are two great LLC formation services; even if you buy their cheapest plan (normally $0), you also get registered agent service and other services at a very reasonable price.

These two are our top recommendations for registered agent service, as they are competent and authorized to conduct business in Wyoming. Some LLC formation services also offer standalone Wyoming registered agent services. You can purchase only Registered Agent services without purchasing any other LLC formation services. This standalone service might become handy if you are doing it yourself and don’t want to disclose your home address or you don’t want to pierce the corporate veil.

Registered Agent Consent Application

In Wyoming, a separate Consent Letter is to be produced to the Secretary of State. At the time of change of Registered Agent (or the name or address), the new Registered Agent has to sign the consent letter along with the Change Form. LLCs have to download and submit the Registered Agent Consent Letter. No filing fee should be paid for it. This Consent Letter should have the following details,

• Name of the Registered Agent
• Address of the Registered Agent
• Name of the LLC (Business Entity)
• Signature of the Registered Agent
• Date

For more information on the same, read our guide on Wyoming Registered Agent.

Step 3: File Articles of Organization in Wyoming

The third and most important step in forming an LLC is to file the Articles of Organization. This Wyoming Articles of Organization is a legal document that is required to register your business with the Wyoming Secretary of State. It costs $100 (by mail and $102 online) to file your formation certificate in Wyoming. (Read more on LLC cost in Wyoming).

The Articles of Organization include details like the name of the LLC, the registered agent’s name, address, employees’ details, and company structure (member-managed or manager-managed). Before hiring employees in Wyoming LLC, one should know about the rules and regulations thoroughly. Also. if you are expanding your existing business (an LLC) in other states to Wyoming, you must register as a Wyoming Foreign LLC.

Processing Time: Normally, it takes around 7 business days (approx) to get your LLC formed in Wyoming. The processing time for online filing might be a little faster than offline filing. With an additional cost, you can get expedited filing as well. However, the document processing time can be changed due to various factors.

Every LLC owner has to pay the filing fees to register their business in Wyoming. This fee is mandatory but also tax deductible. If you’re doing it yourself (filing on your own), it will not cost you any additional service fee. However, it is not feasible to do that as the DIY process might be delayed, complicated, and messy, especially if you’re a novice entrepreneur. Hence, it is recommended to get professional guidance to get your LLC formed in Wyoming.

Step 4: Create Your LLC Operating Agreement in Wyoming

Moving on to the fourth step, filing your operating agreement. An operating agreement is an internal document that legally outlines the proprietorship and operating procedures of your LLC. If you’re forming an LLC along with your spouse, you must need an operating agreement for that. This document is vital as it ensures that all business owners are on the same page regarding how they operate, thus reducing future conflicts.

When it comes to filing a Wyoming LLC Operating Agreement, the state does not require you to have a comprehensive operating agreement, but it is ideal to have one that contains all the details of your business operation that helps in taking future business decisions, especially if you decide to dissolve Wyoming LLC later. Hence, having an operating agreement may not be necessary, but it is surely ideal.

The operating agreement draft can be created for free if you don’t hire a professional. However, there is an advantage to appointing a proficient person/service. You will get a businesslike quality operating agreement at a very cheap fee, which will help you in the future. Hiring a professional service means you can sleep well at night 🙂

Step 5: Filing an LLC EIN in Wyoming

The Employer Identification Number (aka EIN) is a nine-digit number given by the Internal Revenue Service (IRS) to make it easier to identify the type of business for tax purposes and taxes in general. The EIN is necessary for any active business or any form of business, for that matter.

An EIN number in Wymong is needed when the LLC hires employees. Hiring employees in Wyoming LLC requires following specific rules and regulations. On the other side, EIN for Wyoming Foreign LLC should be obtained if your LLC is based in other states.

To obtain EIN (aka FEIN), one must fill up a form (Online or by mail) and submit it to the IRS. Enter details of your LLC, and finally, complete the form and send it to the address given. You can also get an EIN Assistant to help you with the process.

Mail to: Internal Revenue Service, Attn: EIN Operation, Cincinnati, OH 45999

Fax: (855) 641-6935 | Fee: Free

Note: You don’t need a Social Security number when getting an EIN. You can proceed to fill out I.R.S. Form SS-4 and leave section 7b blank. You must then call the IRS at (267) 941-1099 to complete your application. Agents or employees will help you with that.

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Congratulations, you are now done with all the necessary steps to form your Limited Liability Company in Wyoming. If you do it yourself, it should take you a long time to understand and do all the steps properly.

However, if you use ZenBusiness, it should be way faster. You will always have a live chat option and phone support with experts for any help you need. Their worry-free service will make things easier for you.

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After Starting Your Wyoming LLC

After forming your LLC, there are still some things that you will need. The most important thing is to separate your business and personal assets. LLCs have limited liability protection that protects your personal assets from business liability. This is called a corporate veil. However, the corporate veil can be lifted or pierced by the court if the LLC is sued. In that case, the owners of the LLC become personally liable for their corporate debts. A few things like appointing a legit registered agent, having enough capital, and filing all the major documents with the state can save the LLCs from being pierced into the corporate veil.

Apart from that, there are a few things you need to take note of,

• Get a company business bank account
• File Wyoming business permits & licenses
• Get general liability insurance and professional liability insurance with coverage for employees.
• File a Wyoming LLC annual report or biennial report

This page has provided you with steps to LLC formation and filing processes. You now have to remember upcoming filing deadlines and filing fees or filing costs, including fees for late filings, to make sure your LLC is up-to-date.

The LLC formation processing time in Wyoming is 10-15 business days if filing offline (by mail). The process starts immediately if filed online. Check how long it takes to form an LLC to know about the tentative timelines.

Cost of Starting an LLC in the State of Wyoming

LLCs can be formed by spending very less price. Apart from the mandatory state filing fees, you don’t have to bear additional service charges if you do it yourself. Following are the fees and taxes LLCs in Wyoming must pay to register and run a business in the state. Forming an LLC is no doubt cost-effective compared to other business structures. However, the fees and charges (tax-deductible) that you must pay to the state, such as name reservation fee, name filing fee, LLC filing fee, and Franchise Tax & Sales Tax (If applicable). Here are the main fees and taxes you must pay while forming your limited liability company in Wyoming,

Fees/Tax	Amount to be Paid
Name Reservation Fee (online)	$50
Articles of Organization Fee	$100 (by mail and $102 online)
LLC Annual Fee	$50+ (Up to $500)
Sales Tax	4%

In Wyoming, an LLC name reservation is not mandatory. You can register your LLC name at the time of registering your LLC. If you wish to hold the name for some time without registering your LLC, then you can do that online. Your LLC name will be reserved for 120 days without registering your LLC. It can be done by paying $50.

In Wyoming, an Annual Report has to be produced every year. It costs $50+. It can go up to $500. Also, the State of Wyoming requires LLCs to pay a Sales Tax of 4% every year. Read our guide on LLC costs in Wyoming for more information.

Wyoming Foreign LLC

If you are interested in forming a Foreign LLC in the state of Wyoming, then you need to file the Certificate of Foreign LLC to the Wyoming Secretary of State. Foreign LLCs allow you to operate your business in more than one state. Along with the Certificate of Foreign LLC, you need to submit some more documents, like the Certificate of Good Standing, etc., to the Wyoming SOS to form your foreign LLC in the state of Wyoming. To know more in detail, check out our guide on Wyoming Foreign LLC.

Reasons to Start an LLC in Wyoming

When we talk about starting a business in Wyoming, LLC is the best option. Especially for startups and small businesses, it is wise to have an LLC in Wyoming. The primary reason for that is it has fewer tax liabilities and a high level of incentives paid by the government agency in some prominent industries. An LLC is a simple business structure and has a flexible management structure. Hence, it is less complicated. Business owners can get long-lasting benefits from LLCs.

Also, various business funding options make it easier for small businesses. Hence, Wyoming is now the favorite business state for small and medium-sized enterprises. A special type of business, like a woman-owned business, can get special grants while forming an LLC in the state of Wyoming. Wyoming is one of the states that have potential customers and excellent customer-based business opportunities. Following are the benefits of having an LLC in the state of Wyoming,

Tax Benefits

Usually, LLCs have pass-through taxation which is the biggest tax benefit. Besides, the state provided huge tax credits and benefits to the entrepreneurs. Some of the prominent tax reduction programs are,

• Corporate Tax – LLCs don’t have to pay any corporate tax while operating their business in Wyoming.
• Intangible Tax – For any intangible asset, such as investments in bonds, shares, etc., there is one Intangible tax that LLCs have to pay. But in Wyoming, no such tax is levied.
• Personal Income Tax – While operating your LLC, you don’t need to pay any personal income taxes to the state government.
• Estate Tax – There is no estate tax in the state. You can live and pass the property on to the next generation.
• Excise Tax – If you are operating an LLC, then food, gas, and other necessary products won’t get taxed. No excise tax will be levied. Read more on Wyoming’s classification of LLC tax.

Freedom in Capitalization

In Wyoming, there is no upper bar for capitalization. That means any Small and medium-sized company can raise a fund of up to $500,000. There’s no upper limit of having capital for the business setup in this state.

Minimum Formation Formalities

Along with tax benefits and low filing fees, the formalities are hassle-free as well. You can finish everything before time if you get one professional service to handle all your work.

Low Risk for Lawsuit

In this state, starting an LLC means one has to register their company with the government. However, there is no rule that you have to register as a manager or a member of the LLC. Hence, there is a shallow risk of getting a lawsuit.

Taxes Exemptions

There are several taxes like self-employment taxes, Federal taxes, employee taxes, and many more that are needed to be paid. However, there are tax exemptions to lower the tax burden more in this state.

• Sales Tax Exemption on Manufacturing – For the specific manufacturing units, sales tax is exempted fully. LLCs or businesses do not have to pay anything to the government.
• Sales Tax on Electricity – Those willing to start an LLC in the state of Wyoming can enjoy electricity for free until they start their company. There’s no fee to be paid for consuming electricity.

Top 3 Businesses in Wyoming

When you decide to form an LLC in the state of Wyoming, you must have a good knowledge of the state’s economy. First of all, you should know the businesses that are running in the state and their contribution to the state.

Mining Businesses

Despite a bit of decline in oil and coal production in the state, the mining businesses are one of the top economic contributors. The major coal mine in the state is the Green River Basin and Powder River Basin, with 68.7 billion tons of coal production.

Also, there is a production of 1.77 trillion natural gas in a year in Wyoming that helps in driving major industries in the state. Wyoming is also known to produce Trona used in paper, glass, water softener, and baking soda businesses. The total contribution of the industry is around $4.4billion.

Tourism Business

The historical places and monuments of the state have successfully attracted around 6 million visitors to the state. The key attraction to the state is Yellowstone National park and Grand Teton Park that are solely responsible for attracting 4 million people. The sector is giving around $2 billion in revenue to the state GDP.

Agriculture Businesses

The tiny state is also known as the cowboy state due to the 1.5 million cows present. Out of all the agricultural receipts, 86% portion is generated by livestock only. Other important elements of the agriculture sector are:-

• Hay production
• Wool products
• Dairy products
• Honey

The total contribution made by the sector is around $1.08 billion.

Some of the small scale businesses that are well established in the state are:-

• Graphic designing services
• Travelling agency
• Online streaming businesses

Wyoming LLC Formation Review

F.A.Qs

In Conclusion

When it comes to forming an LLC in Wyoming, it is much simpler than other business structures. In Wyoming, starting a small business or a start-up is easy because of its diverse resources. For small budget holders, forming a limited liability company is desirable. The steps explained in this article are generic steps for starting a business in Wyoming. It is recommended to consult an attorney or service provider.

In Wyoming, while establishing an LLC, make sure you check with the local bodies like the city council and district office to get updated with local regulations. We recommend ZenBusiness, one of the best LLC services that offers LLC formation at $0 (+ state filing fees). Hiring a professional service would make things easier. From having a registered agent to complying with the local and state government, everything will be smoother than doing things all by yourself.