A Wyoming LLC (Limited Liability Company) is a business organization that protects your assets in case your business is sued. Your assets are things you own in your name, like your home, cars, bank accounts, and retirement funds.
You can make a Wyoming LLC to run a business, or you can make one to buy and hold things like real estate, cars, boats, or planes.
A. Wyoming LLC Name
Before you file a Wyoming LLC with the Secretary of State, you need to check the state’s database to ensure the name you want to use still needs to be taken. Your Wyoming LLC must have a name different from all the other businesses listed in the state.
Wyoming has strict rules about how names should stand out. If you file your LLC online and your name is challenging to remember, the state will reject it, and you’ll lose your $100 filing fee. Because of this, we were hoping you could read our whole Wyoming LLC Name Lesson.
Use the Wyoming Business Entity Search tool to see if the name you want for your Wyoming LLC is already taken.
Names that begin with “A” and have a space after them: If the name you want for your Wyoming LLC starts with an “A” and then has an area after it, you can’t file it online. It needs to be sent in by mail.
Wyoming Designator for a Limited Liability Company
Section 17-29-108 of Wyoming law says that your LLC’s name must end with a proper designator. Wyoming lets people use the following identifiers:
* LLC or LC
* Liability Company
* Limited Liability Co.
* Limited Liability Company
Tip: “LLC” is the most popular designation if you’re not sure which one to use.
Your Wyoming LLC name can’t include words like Corporation, Corp., Inc., Incorporated, Limited Partnership, L.P., L.P., or Trust that make it sound like a different legal organization.
B. Wyoming Registered Agent
The Wyoming Secretary of State wants you to put the name and address of a Wyoming Registered Agent on the Articles of Organization for your LLC. A Registered Agent is a person or company that agrees to get legal mail and court papers (called “Service of Process”) if your Wyoming Limited Liability Company is sued.
The Registered Agent for your LLC must have a street address in Wyoming. You can’t use a P.O. Box. This makes sure that if someone needs it, the courts and justice system can “serve” them.
Who in Wyoming can be the Registered Agent for your LLC?
- In Wyoming, you can be your own Registered Agent.
- You can ask a friend or relative to be the Registered Agent for your LLC For them to agree, you’ll need to fill out a form and send it to the Secretary of State.
- You can use a Wyoming Registered Agent Service. If you don’t have an address in Wyoming or a friend who does, this is your only choice.
Note: If you, a friend, or a family member are going to be your Wyoming Registered Agent, that person needs to have a street address in the state, live in Wyoming, be available during work hours, and be at least 18 years old.
C. The organization’s rules
The Wyoming Articles of Organization is the form you’ll fill out to start your LLC You also need to send a “Consent to Appointment by Registered Agent” form.
Wyoming’s fee to form an LLC is $102.
Learn more about LLC fees by reading LLC costs in Wyoming.
Approval times: If you file by mail, it will take 10-15 business days (plus the time it takes to get to you) for your LLC to be accepted.
If you file for your LLC online, it will be accepted right away.
File an LLC online (this is the best way):
Start or Register a New Business in Wyoming
Write “Wyoming Secretary of State” on your check or money order.
Send the finished and signed Articles of Organization, Consent to Appointment by Registered Agent, and $102 filing fee to Wyoming Secretary of State, Herschler Building East, Suite 101, 122 W 25th Street, Cheyenne, WY 82002-0020.
What the approval for your LLC will look like Whether you file online or by mail, the state will email you the following papers that serve as your LLC’s official approval: Wyoming LLC Articles of Organization (stamped and approved) Certificate of Organization Filing receipt.
Certificate of Good Standing: You can also download a Certificate of Good Standing after your Wyoming LLC is accepted.
D. LLC Operating Agreement
If the Wyoming LLC Articles of Organization are the document that makes your Limited Liability Company, then the Operating Agreement is the document that runs it.
In a Wyoming LLC Operating Agreement, you list the LLC owners, who are called LLC Members, and how much of the business each of them owns. Our free Operating Agreement template can be downloaded in PDF, Google Docs, or Microsoft Word file and changed to fit your LLC. The LLC’s Operating Agreement will also explain how the LLC is taxed, how the business is run, and how gains are split.
Internal Document: You don’t have to send your Operating Agreement to the Wyoming Secretary of State, the IRS, or any other organization. Your Operating Agreement is an “internal document,” which means that you only keep a copy of it with your business records and among the members.
Single-Member Wyoming LLC
Even if your LLC only has one partner, you should still have an Operating Agreement. This helps protect your personal property if you get sued. It helps show that the LLC is being run right.
Multi-Member Wyoming LLC
In a Wyoming LLC with more than one person, there are no rules about how ownership is split. You’ll just talk about it among yourselves and put your own amounts in the Operating Agreement, which the Members will then sign.
E. Federal Tax ID Number (EIN)
After your Wyoming LLC is accepted by the Secretary of State, you can get an EIN Number from the IRS This number is how the IRS knows who your LLC is, mostly for tax reasons (just like a person’s social security number).
How to open a bank account to start a business bank account, you’ll need the Federal Tax ID Number for your LLC. If needed, you’ll also use your LLC’s Federal Tax ID Number to apply for licenses and permits and handle salary taxes for employees.
Often called: There are many names for a Federal Tax ID Number, but they all mean the same thing. For instance, EIN, which stands for Employer Identification Number, FEIN, which stands for Federal Tax Number; and Federal Employer ID Number. Wait until your LLC is accepted: Wait until your LLC has been approved by the Wyoming Secretary of State before you apply for your Federal Tax ID Number (EIN). People often make the mistake of getting an EIN before their Wyoming LLC is accepted.
Free ($0): Federal Tax ID Numbers are given out for free by the IRS If you read online that you have to pay to get one, be careful what you believe.
How to use it: The IRS gives you three ways to get a Federal Tax ID Number (EIN).
- Apply online (the best way) and get approved right away
- Mail Form SS-4. It will be accepted in 4 weeks.
- Fax Form SS-4. It will be accepted in 4 business days.
Important: You need an SSN or ITIN to use the online EIN application.
Non-US Resident: If you don’t have an SSN or ITIN, don’t worry. The IRS can still give you an EIN There is no way to apply online. You will need to fax Form SS-4 to the IRS instead. On this page, there are also instructions: EIN without an SSN. 6. Wyoming LLC Annual Report
G. Wyoming LLC Annual Report
No matter how much money or what they do, all LLCs in Wyoming must file a Wyoming LLC Annual Report every year. The Annual Report fee is usually $60 for most LLCs.
Again, all Wyoming LLCs must file this Annual Report, even if they don’t do any business or make nothing.
Due date: Every year, Wyoming LLCs has to turn in their Annual Report. It’s due by the first day of the LLC’s formation month, which is the month your LLC was accepted. Also, you don’t have to turn in your first Annual Report until the year after the year you set up your LLC
For instance: If your LLC was accepted on April 18, 2023, your first Annual Report is due by April 1, 2024. After that, it is due every year before April 1.
Annual Report fee info
Your Annual Report fee is $60 if your LLC has no assets or less than $250,000 worth of assets in Wyoming. If your LLC has assets in Wyoming worth more than $250,000:
To figure out how much your Annual Report fee is, you multiply $0.0002 by the number of your LLC’s assets in Wyoming. For instance, if your LLC owns assets in Wyoming worth $550,000, your fee will be $110 (550,000 x 0.0002).
License Tax is another name for it. F.Y.I., the Annual Report fee is also called the “License Tax” sometimes. They are both the same.
How to submit: You can file online (which is best) or by mail. Whether you file online or by mail, you still have to fill out the Wyoming Secretary of State: Annual Report form on the state’s website. Then, you can either send it to the state online or print it out and mail it.
Mailing address: Wyoming Secretary of State, Herschler Building East, Suite 101, 122 W. 25th Street, Cheyenne, WY 82002-0020. This is not needed for people who file online.
Fee for entries that are late: If you don’t file your Annual Report within 60 days of when it’s due, the Wyoming Secretary of State has the power and may shut down your LLC
H. Licenses and/or permits to run a business
Wyoming, unlike a few other states, does not have a state-level company license. But your Wyoming LLC may need other business licenses. Instead, Wyoming business licenses and permits are based on where your business is and what kind of company it is.
You can do your own study, or you can call 307-234-6685 to talk to the Wyoming Economic Development Agent. You might also want to talk to your county, city, or town to find out if they have any license or permit rules.
- State Taxes in Wyoming
Wyoming LLC Taxes are different for every LLC, but we can give you a general idea of what you need to do for your LLC taxes.
Federal income taxes
Wyoming LLCs has a pass-through tax position by default. This means that the LLC’s profits and losses will show up on your personal tax return with the IRS. The profit or loss is generally reported on Schedule C, which is part of your personal 1040 return.
There is no state income tax in Wyoming.
Sales tax
You’ll need to sign up with the Wyoming Department of Revenue if your LLC will collect and pay sales tax.
Local taxes
Depending on where your LLC is located (city or county), you may need to file a local report. Wyoming has extra taxes. Wyoming has taxes on gasoline, cigarettes, booze, real property, personal property, inheritance, and estates.
LLCU Recommendation: Figuring out your federal, state, and local taxes can be tricky, and if you do it wrong, it could hurt your LLC Because of this, we think you should talk to a few accountants after your Wyoming LLC is set up. Check out our tips for finding an accountant, or use Thumbtack to look for one.
I. Bank Account for LLC After getting an EIN
From the IRS, you can now open a different bank account for your LLC’s business.
You should open a different bank account for your LLC for two main reasons:
It makes accounting and keeping books much easier. It protects you from personal responsibility by keeping your personal assets separate from your business assets.
To open a bank account for your LLC, you’ll need the following:
Federal Tax ID Number (EIN)
Two types of I.D. (driver’s license, passport, etc.)
Before you can open an account at a bank, you may need to show them other paperwork, like the Operating Agreement for your LLC However, the items above are usually enough. But, just to be sure, you should call the bank ahead of time to make sure.
J. Business Phone Number
You can buy a cheap “virtual business number” for your Wyoming LLC instead of using your home phone number or your cell phone. This virtual business phone can be set up to forward to your cell phone, use voice prompts, or be set up in any way you want.
Wyoming State Agencies
Wyoming Secretary of State 307-777-7311, 8 am to 5 pm (Mountain Time, Monday through Friday) Wyoming Department of Revenue 307-777-5200, 8 am to 5 pm.
