If you manage a business in Wyoming and register it as an LLC, do you know how much to start an LLC in Wyoming?
The amount you pay is minimal next to other states. That is why Wyoming is a popular place to establish a business.
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The following information provides everything needed to begin.
How Much to Start an LLC in Wyoming: Covering the Basic Costs
The following information summarizes the basic expenditures associated with forming an LLC in Wyoming.
From this information, you will discover why Wyoming is a popular start-up state. Contact me for further assistance.
Email sam@mollaeilaw.com at your earliest convenience.
Wyoming Online Filing Fee for an LLC
You will pay $102 to file an LLC’s Articles of Organization through the Secretary of State’s Office online
Annual License Tax
Wyoming requires each LLC to file an annual report and pay a yearly license tax. This tax amounts to 0.0002% or $50 of an LLC’s assets, whichever is greater.
You will pay $50, which is filed by mail, at the end of the LLC process.
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The Fee for the Registered Agent
While you can serve as a registered agent for your company, using a third-party registered agent or an attorney will keep you informed of filing deadlines.
It also helps you avoid late fees. The cost of retaining a registered agent ranges from $40 to $100 yearly.
Foreign Wyoming LLC Application Cost
A foreign Wyoming LLC is an LLC registered in another state that wishes to expand to Wyoming as well.
Applicants pay $100 to file an Application for Certificate of Authority.
Costs Covering Business Permits and Licenses
What you pay in permits and licenses depends on your company’s geographic location and industry.
You may need to obtain federal, state, or local permissions to run your business.
The sales tax license in Wyoming is the main state-level license. It is also called a seller’s permit.
I can help you sort through licensing requirements. Email sam@mollaeilaw.com.
You must obtain a sales tax license if you:
- Engage in business in Wyoming
- Plan to lease or sell property or services subject to taxes
To apply for a sales tax license, visit the Wyoming Internet Filing System for Business or WYIFS. You do not have to pay a yearly renewal fee after you get the license.
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Other LLC Filing Costs
To reserve the name for an LLC business, applicants pay $50. The state applies this fee to the cost associated with filing the Application for Reservation of Name.
You may want to reserve a name to prevent another business from taking the name you have selected. You can reserve a name for up to a year before you form your LLC.
Doing Business As or DBA Name Cost
The DBA name represents the trade name for your LLC. LLC owners use this name to brand their products.
It is different from the legal LLC name. For example, your legal LLC name may be the John Grove Company.
However, you may “do business as” Grove’s Landscaping Service.
DBA applicants pay a $100 filing fee to submit an Application for Reservation of Trade Name to the Secretary of State (SOS).
How Much to Start an LLC in Wyoming: Creating the LLC
Defining Your Industry
If you begin an LLC, you need to define your industry. Categories of businesses in Wyoming may include the following:
- Agriculture
- Alcohol
- Aviation
- Firearms
- Fish and wildlife
- Commercial fishing
- Maritime transport
- Mining
- Nuclear energy
- Radio and TV broadcast services
- Transportation and logistics
The above-listed industries require the payment of federal fees for permits and licensing.
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5 Steps for Creating the LLC
Before you form and pay the associated fees for your LLC, you need to follow the five steps for formation. These steps include the following:
- Name your LLC
- Select a registered agent
- File the Articles of Organization
- Create an Operating Agreement
- Get an Employer Identification Number (EIN) to open a business bank account or hire and pay employees
Tips for Starting Your LLC
When naming your LLC, certain naming conventions are followed by professionals, such as doctors and lawyers.
Therefore, before you name your LLC, you need to determine the naming rules for your profession, if applicable.
Always have a backup name in mind in case you research the Secretary of State database and find out your LLC name has been taken.
Selecting a registered agent is helpful for legal compliance. If you use the services of an attorney, you can stay current on filing requirements.
You don’t need to create an operating agreement legally. Therefore, you are not assessed a fee for this document.
However, you will find it in your best interest to do so. An operating agreement is used to establish the rules for running a business.
If you want to avoid disputes or problems with lawsuits, you should draft an operating agreement.
I can help you with creating the document. Email sam@mollaeilaw.com for further details.
Along with creating the Operating Agreement, you should obtain an EIN or employer identification. An EIN is like a social security number for a business. You can use it to identify your LLC for tax purposes.
An EIN is needed to open a business bank account and to pay employees.
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What Happens Next?
The above information is presented to help you get a start in forming an LLC. When asking, “How much to start an LLC in Wyoming?” begin by discussing your plans with an attorney.
I can give you all the details. Email sam@mollaeilaw.com today.
Setting up an LLC is a practical thing to do. It can help you avoid problems with lawsuits and enhance your professional image.
If you are currently operating as a sole proprietor, I encourage you to form an LLC.
If you operate as a sole proprietorship, you are personally liable in business disputes.
By creating an LLC, any legal action is directed to the business’s assets, not the owner’s personal holdings.
You can also benefit tax-wise, as LLCs feature pass-through taxation, which means owners aren’t double-taxed.
Setting up an LLC in Wyoming offers many attractive opportunities for a start-up company.
If you want to save money on taxes and protect yourself from liability, forming an LLC is a smart thing to do.
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