Thinking of starting a business in Wyoming? Or maybe you already have one there, but want to change your business structure to an LLC. Either way, you need the scoop on how to form an LLC in Wyoming, as well as what it’ll cost you.
Why the Wyoming LLC
The LLC — or Limited Liability Company — is a smart choice for your business structure. It protects your personal finances, home, vehicles, and other assets from being seized to cover your business’ expenses. It can also make it easier to position your business to borrow money and sell equity in order to raise capital.
The LLC offers pass-through tax treatment, which means that you report your profit and losses on your personal income tax forms. Many entrepreneurs prefer the LLC because it is a little less formal in its requirements in terms of annual paperwork to be filed, Board meetings, and minutes to be recorded, as compared to the Corporation. Another perk is that there’s no limit to the number of owners you can have, whereas the Corporation is limited to 100 shareholders.
Maintenance You’re Responsible For
While the LLC will exist until you formally dissolve it, you will need to renew your LLC by filing an Annual Report every year with the Wyoming Secretary of State. Annual statements are due by the first day of the anniversary month. So if you formed your LLC on March 17, your report would be due March 1 each year.
If you miss the deadline for your Annual Report, you may be subject to late penalty fees or being noncompliant.
Now For Those Fees
As of 2015, the LLC filing fees in Wyoming are $100. You are also required to pay an Annual Report License tax of $50 or two-tenths of one mill on the dollar ($.0002), whichever is greater based on your company’s assets in the state of Wyoming.
Still have questions about forming an LLC in Wyoming? Download our free guide: Ultimate Guide to Starting, Protecting, and Operating a Business in Wyoming. It’s got all the answers you need to successfully launch your business in Wyoming.
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