How to Form a Corporation in Wyoming
Posted on: July 22, 2015
Everything you need to know about incorporating in Wyoming!
The State of Wyoming is a very popular option for those looking to form corporations for a variety of purposes. A Wyoming corporation is a legal business entity that is governed by state laws. A Wyoming corporations is owned by its shareholders and run by its board of directors.
Forming a Wyoming corporation is a pretty straight forward process.
Steps to Starting a Corporation in Wyoming
- You just file your Articles of Incorporation form and a Consent to Appointment by Registered Agent form with the Wyoming Secretary of State’s office and pay the $100 filing fee.
- Mail or hand deliver your documents.
- The state will take 3-5 days to file your articles of incorporation. Once that is done, the Secretary of State will send you a filing confirmation.
One important detail to remember is that Wyoming requires original signatures on the articles and on the registered agent consent form. When you submit your paperwork you should include all the originals and one copy of each.
Your WY Articles of Incorporation should include:
- A corporate name with an appropriate corporate name ending,
- Number of shares authorized,
- The WY registered office and registered agent,
- The name and address of each incorporator
- Optional articles may state the corporation’s initial directors, purpose, etc.
Once you have created a Wyoming corporation you may have a few other state registrations to complete. Since Wyoming does not have corporate income tax, there is no Department of Revenue registration requirement. However, you do need to register to collect state sales tax. You should also check for any local licenses or permits your corporation may need.
Once a year, Wyoming corporations have to file an annual report with the Wyoming Secretary of State. The WY annual report is due on the first day of your corporation’s anniversary month each year. So if your corporations date of formation is March 15, 2015, the first report is due March 1, 2016 and then every March 1 after that. Filing Wyoming annual reports keeps your corporation active and in good standing with the state. You can file the report and pay the filing fee online.
Your Wyoming corporation annual report fee will either be the $50 minimum payment or $.0002 per dollar of business assets located in Wyoming. Corporations with $250,000 or less in Wyoming assets just pay the $50 minimum.
If you want to open a business bank account for a Wyoming corporation, you will need to have a federal Employer Identification Number or EIN. You get this number from the IRS after you have formed the corporation, but before you try to open the bank account. The EIN can be obtained at irs.gov.