Becoming a registered business owner in Wyoming comes with a number of benefits, including tax and financial benefits. One of the biggest, however, is the added reputation it provides. Wyoming residents are usually more willing to work with a company registered with the state than one operating as an individual without a tax identification number or official registration. If you’re a Wyoming business owner looking into becoming an LLC, you should know how the online filling process works. LLC stands for Limited Liability Company, and it’s the best way to protect your personal assets from your business finances. You don’t have to incorporate, but you do get the benefits of a corporation in terms of legality and financial benefits. The process isn’t difficult, but there are a few challenges to filing to become an LLC in Wyoming online. Every online form you need to file to become a registered LLC is found on the Wyoming Secretary of State website.
Filing an LLC Online
The biggest challenge filing to become a registered LLC in Wyoming is the Secretary of State provides all the paperwork online, but it must all be filed via the postal service. No applications are accepted online for most of the steps required, and that slows down the filing process tremendously. You can find all the paperwork you need to file online, but be prepared to mail it in via traditional mail.
Choosing is the First and One of the Most Challenging Step
One of the biggest challenges in Wyoming is choosing a business name. It’s only a challenge because you cannot register a business using a name that’s already registered in the state. Once you determine a name you want to use, check it on the site to see if it’s available and reserve the name immediately. For only $50, you can reserve the name for as long as 120 days. That’s long enough to file all the appropriate paperwork to become an official LLC. The only problem is this paperwork has to be filed by mail.
Articles of Organization
No one can form an LLC in Wyoming without filing Articles of Organizing. The fee is $100 to file. There’s not much required for this, but you have to include the following information or your Articles of Organization is declined and sent back for revision:
- Name of your LLC
- Address of your LLC
- Name of your Registered Agent
- Address of your Registered Agent
- Written consent form from your Registered Agent
Your registered agent is the most important part of your LLC formation. This person or business is the one responsible for all legal issues that may occur within the business. This person is responsible for accepting all legal issues on behalf of your LLC, and it cannot be a person associated with the formation or running of your company. You don’t have to choose an attorney or law firm to represent you as a registered agent, but it’s highly recommended you do.
Licensing and Tax Requirements
This is where things become a bit grey. If you have an LLC with more than one employee, you need to file for an Employer Identification Number with the IRS. You also need to obtain the appropriate business licenses necessary to run a legal business in Wyoming. It’s impossible to tell you which licenses you need not knowing what type of business you own. The rules are different for each different type of business entity. If you’re business includes selling goods taxed by the state, you need to register your business with the State Department of Revenue.
Annual reports are required filing for all Wyoming LLCs. These are filed every year on the first day of the month you officially formed. If your LLC was officially registered with Wyoming on December 30 of any year, your annual report must be filed no later than December 1 every year. The annual report includes a license tax. The fee varies, but it’s either $.0002 for every dollar or $50 depending on which is greater. This report can be filed online with the state.
The biggest challenge associated with forming an LLC in Wyoming is simply doing it all by mail. Most states allow you to file paperwork to become an LLC all or mostly online, and this poses a challenge for many.