Here’s Why You Should Incorporate in Wyoming in 2023

If you are wondering why incorporate in Wyoming in 2010, this article will give you some good reasons to do so. Wyoming is one of the most flexible states when it comes to incorporation. Therefore, you will want to read about the benefits of incorporating in this western US state. I can help you with a Wyoming incorporation after you read this content. Just email me at sam@mollaeilaw.com for all the details. The following information will give you some basic details about why this form of incorporation is recognized by residents and non-residents in the US.  

Why Incorporate in Wyoming instead of Your Company’s Base State?

Have you been asking the question, “Why incorporate in Wyoming when I do business somewhere else?” If so, you are not alone. Plenty of people who I talk to want the answer to this question. The following information will further detail why Wyoming is a great state in which to incorporate, and why this business move is a good move to make. Before we detail the reasons and answer why you should incorporate in Wyoming, you need to know how a state can impact its economy. While you can incorporate your business in just about any state, each state has specific filing fees and charges.   

3 Ways to Incorporate Your Business

You can incorporate your business using one of three methods.

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1. You can hire me to help you with the incorporation. Again, contact me at sam@mollaeilaw.com to set an appointment. I can walk you through the process and serve as your incorporation mentor. That way, you can follow all the needed steps without making any first-time incorporation mistakes.
2. You can do the whole thing yourself. Incorporate your business by contacting the state department. This method is not recommended for anyone who has never incorporated a business before. You are likely to make a number of mistakes and find the process confusing. It will also add to the processing time.
3. Hire a professional company that handles incorporations. Instead of using this approach, it is better to hire a legal representative. Doing so will ensure that you will have the needed legal support should any problems arise.

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Why Incorporate in Wyoming – The Main Reasons or Advantages

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1. No Filing/Licensing Charges 2. Increased Protection of Your Company’s Assets 3. You Don’t Have to Be a US Citizen 4. No State Tax Payments 5. Increased Privacy 6. An Easy Transition

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Why incorporate in Wyoming when any other state will also allow you to form a business? The following listing will change your way of thinking.  

1. No Filing/Licensing Charges

You don’t have to pay the required filing or licensing fees of other states when you make Wyoming your company’s home for incorporation. You won’t experience hidden fees either, after you file. Some states may hit you with a large filing fee 30 days after you become incorporated.  When you have to pay large charges for filing or licensing, it reduces the amount you can use for start-up costs. Moreover, the state renewal fee in Wyoming is a mere $50, which means that you will not have to pay any excess costs after you form your corporation.  

2. Increased Protection of Your Company’s Assets

Corporations who call Wyoming home enjoy more asset protection than other US corporations. Therefore, their risk of a lawsuit is reduced and they are protected against creditors.  You and the officers in your company don’t have to worry about losing personal assets, such as a home, car, or similar belongings if you establish your business in Wyoming. If you establish an LLC (limited liability company), the state has the strictest laws in place to protect these kinds of companies.  Therefore, Wyoming is a friendly place for both corporations and LLC organizations. I can help you establish either of these business entities. It all begins with an email. Contact me at sam@mollaeilaw.com to learn more about each of these Wyoming formations.  

3. You Don’t Have to Be a US Citizen

You can live in a country outside the US and easily incorporate your business in Wyoming. Therefore, you can be located just about anywhere in the world, with some exceptions. These exceptions include Zimbabwe, Iran, Cuba, Burma, and North Korea. Businesses from these companies cannot incorporate in the state of Wyoming. If you do not have a US-based business, you will need to pay a physical visit to the US so you can have your identification confirmed. No additional fees are involved for incorporation if you are a non-resident.  

4. No State Tax Payments

Wyoming is one of the few US states that do not require business corporations to pay state taxes. That is a great amount of money saved. In fact, you can save thousands of US dollars. You can use this additional money for employee bonuses or fund more business interests.  State taxation has never been imposed in Wyoming for corporations and is not likely to become a law in the near future.  

5. Increased Privacy

You do not have to include yourself or members of your corporation or an LLC in a public database. Neither your private or personal information is made available to public view if you own and form a business in Wyoming. In addition, you do not have to list nominee officers, which ensures an increased level of privacy.  

6. An Easy Transition

If you have already incorporated in another state and wish to move to Wyoming, the transition is easy. In fact, Wyoming is the only state to make a move this streamlined. However, you do need to be aware of a couple of limitations.

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• The renewal date for incorporation in your home state must be more than 6 weeks from the date of the move.
• You may have to pay a fee to your home state to dissolve your corporation.

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These provisions are the only mandates you need to meet if you want to do make a move and do business in Wyoming.  

Why Incorporate in Wyoming – Why the State is Business-friendly

When you ask, “Why incorporate in Wyoming?” and review the reasons, you can readily see how business-friendly Wyoming is to just about anyone – resident and non-resident alike. That is why you need to contact me at sam@mollaeilaw.com if you have decided to form an LLC or incorporate.  I can help you with a Wyoming incorporation that will bode well for your company. While incorporation, once learned, is not as complicated as it may seem, it still needs legal support. The process seems less complex when you can receive legal assistance from a highly rated firm.  

Why Incorporate in Wyoming – The Major Advantages Re-reviewed

It is worth repeating the reasons for a Wyoming incorporation. “Why incorporate in Wyoming?” The reasons, in simple terms, include the following:

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• Reduced start-up fees and costs
• More privacy
• Better assets protection 
• No listing of the manager and members of the corporation
• Less or no attention is drawn to the company
• No payment of state income taxes

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I can make your dream of incorporation come true in Wyoming. You only need to set an appointment. I will contact you about the date and time. Start by sending an email to sam@mollaeilaw.com today.  

Corporate and Company Structures with Less Documentation

Other corporate structures formed in Wyoming may include the following. These entities are ideal for smaller businesses or close-knit family operations.

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• Close corporations – Special businesses authorized by the state’s legislature for small businesses. Less documentation is required to maintain operations. 
• Close LLCs. Again, you can form a limited liability company (LLC) in Wyoming, which requires less documentation. This type of entity is designed, if not ideal, for a family-based company.
• Asset Protection Trusts. These trusts prove that Wyoming has the best form of protection for companies with sizable assets in the US.

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What Happens Next?

You have a lot of choices when you incorporate or set up a business in Wyoming. That is why you need my assistance. “Why incorporate in Wyoming?” Let us go over all the details for incorporating or forming your company as a corporation, a close corporation, an LLC, or close LLC in Wyoming. Contact me at any time at sam@mollaelaw.com. Get the details you need to successfully launch your start-up or non-resident company.