How to Start an LLC Company in Wyoming
Starting a corporation is a great idea. Your small business will get many tax benefits, more respect as a corporation, and more protection from lawsuits as a corporation. An LLC is simpler to set up and manage than an “incorporated” corporation. If you live in Wyoming, here’s how to set it up. This is the Wyoming Secretary of State’s website. Click on “INBiz”. Click “corporations”. Click “Form a New Business Online”.
Register with the site. For the field “Select Entity Type”, select “Domestic Limited Liability Company (LLC)”. Put in a valid email address where you may be reached. You will be contacted on this email address from the Secretary of State’s office.
Put in the company name you wish to use. Select “full word search”, and then click the Search button. It will tell you right away if your name is available. Once you have found an available name, click the Continue button. Select the preferred suffix (that is, LLC, L.L.C., or Limited Liability Company). Click Continue.
Here it will bring up a summary page. Look this over. If it looks good, click Continue. If not, go back and edit it.
At this point, it gives you four lines. You need to click the +Open sign to the right of each line and fill in the needed information. When done with all four lines, Click Checkout and Submit Registration.
Follow the directions to finish registration and to pay the state of Wyoming’s fee. It is $90.00. You can pay with debit or credit card. You will most likely receive confirmation of your corporation the same day, generally within an hour. You will receive your articles of incorporation by email from the secretary of state’s website. Keep these articles. Print them out and hold them in a safe place congratualiatons you just organized a cheapest wyoming llc.
If you are selling a product, you will need to register with the state of Wyoming Dept of Revenue, and also the IRS to get a Federal Tax ID number. There is no fee to get a federal tax id number, but the Wyoming Dept of Revenue charges $25.00 to register with them. Ironically, you have to pay $25.00 for the privilege of collecting taxes for them.
Here are some tips: The Secretary of State of Wyoming’s phone number is 317-232-6531. The Wyoming Dept of Revenue’s phone number is 317-233-4018. If you are planning to do business in other states outside Wyoming, you will probably need to register with every state you do business with as a Foreign Limited Liablility Corporation. There are separate fees charged by each state, so make room for these charges in your budget. Check each state’s laws about what they require. If you’re only doing business by mail or over the internet, some states have exceptions to the rule of registering as a Foreign LLC.
Starting a Business in Wyoming
For the entrepreneur looking to start a business in Wyoming, there are a number of permits and licenses you must acquire before you can get your business up and running. Wyoming doesn’t have an official “business license”, however, the state does have strict requirements about the licenses you must have in order to provide certain services and products. Keep in mind that when it comes to paying federal and state taxes, it is your job to know what to pay and when. Failure to pay business taxes on time can result in steep penalties.
One of the first things you will need to do is incorporate your business. Choose from a number of business models including sole proprietorship, general partnership, corporation, limited liability company (LLC), limited liability partnership (LLP), limited partnership and association. LLPs may be reserved for certain types of professionals. An LLC is a unique entity that offers a number of tax advantages. You can review the details online at www.Wyomingonline.com. If you elect to file an LLC, you can download and fill out Form 205 HERE. The fee for forming and LLC is $300. You will need to include this with your application. Mail both to P.O. Box 13697, Austin, TX, 78711-3697.
Get Your Federal Tax ID Number
You will also need a Federal Tax ID Number. You can apply online in minutes at IRS.gov. Apply HERE.
Get Your Wyoming Sales Tax Permit
You will also need to get a Wyoming sales tax permit. Download a Form AP-201 HERE. Fill it out and take it to your local comptroller’s office, or mail it to the main office. Keep in mind that it can take up to 4 weeks to get your permit. For questions on how to fill out your application, call 512-463-4600.
Sign Up for SUTA
If you have at least one employee, you will likely be required to pay federal and state unemployment taxes, known as FUTA and SUTA. As soon as your business is established, you must register with the Wyoming Workforce Commission (TWC). Click HERE to determine if you are required to pay SUTA. While there, review the Wyoming employment laws. For additional information, call 512-463-2747. For information on FUTA, refer to the IRS Instructions for Form 940 HERE.
Review Necessary Wyoming Permits and Licenses
Depending on the types of products and services you sell, you may be required to obtain additional permits and licenses. Click HERE for a list of licenses and permits.
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