How to Form a Wyoming LLC
Posted on: July 22, 2015
Everything you need to know to Form an LLC in Wyoming
You’ve done the research and you’ve made your decision: Your new business will be an LLC in America’s best business state: Wyoming. Now what? While the process can seem intimidating, following steps to form a Wyoming LLC can help you tackle the process with confidence.
1. Choose a Business Name
The main thing to keep in mind is that your business name must not be too similar to other business in Wyoming (Wyoming Statute 17-29-108). While you may reserve a name ahead of time, it costs $50 to file it. A free option is to do a business entity search from the secretary of state website to confirm that your desired name is unique. Then submit your formation documents using that name.
2. Create an Operating Agreement
The LLC operating agreement can help head future disputes off at the pass for you and the other members. Keep in mind that the operating agreement is for the benefit of your company and you don’t submit it to the state.
In your operating agreement, you can lay out the activities of the LLC, rights of members and managers, and ground rules for handling membership interests. For more specifics on what operating agreement can and cannot govern, see W.S. 17-29-110 through 112.
3. Choose a Registered Agent
Wyoming statute requires your LLC to have a registered agent. Your LLC formation document also requires you to list your agent name and address. You may appoint any business or individual with a physical address in Wyoming (i.e., not merely a P.O. Box), including yourself. However, the agent you appoint must be available during business hours to receive service of process if someone files a lawsuit against your company.
Listing your own address may not be your best move, especially if you’re wanting to form an anonymous LLC or are frequently away from your business office.
4. File Your Articles of Organization
With your business name and registered agent chosen, you are ready to file your Articles of Organization with the Wyoming Secretary of State. Your articles must contain:
- Your business name.
- The name and physical address of your registered agent.
- Your LLC’s principal office mailing and physical address.
- Name and signature of your LLC’s organizer.
- Optional: contact person’s name, phone number and email.
You also must submit a Consent to Appointment by Registered Agent along with your Articles of Organization. Both documents must have original signatures in ink—no faxes or copies. For this reason, your only option for filing is by mail or walk-in.
5. Wait for Processing
The secretary of state estimates 3 to 5 business days for processing your filing. Because they consider this to be a reasonably fast turnaround, they don’t offer any expediting options. Of course, overnighting your documents will cut down on processing time. If you included your email on your articles, you’ll get confirmation as soon as your LLC is formed.
6. Obtain an EIN
If your LLC will have employees or open a bank account, you’ll need a federal tax ID number, or Employer Identification Number (EIN). You obtain an EIN from the IRS, and as long as you’re a U.S. citizen, you can apply online.
7. Maintain your LLC
You can stay in good standing with the secretary of state by filing your annual report and paying the Annual Report License tax. The report is due on the 1st day of your LLC anniversary month. So if you formed your LLC on August 12, 2015, your report will be due August 1st, 2016.
You can miss your due date by 60 days. Waiting any longer puts your LLC in danger of being dissolved by the state.
Well, there you have it. Seven steps to starting a Wyoming LLC. If you have any questions, let us know in the comments section below.