How to open an LLC in Wyoming

Wyoming is one of the states that ranks among the most attractive and common for opening an LLC.

Why? We’ll find out.

If you’re looking to open an LLC in Wyoming but don’t know the steps to follow or how the process works, then you’re in the right place.

In this article, I’ll show you the step-by-step process to create one, highlight its benefits, and more.

Let’s get started.

Requirements and Steps to Open an LLC in Wyoming

Step 1: Choose a Name for Your LLC

The first thing you need to do when creating your LLC is to give it a name.

Although it’s the most basic step, it’s also the most important.

Make sure the name you choose complies with the requirements in Wyoming for naming your company.

I also recommend that the name is easy for your customers to find, appealing, and aligned with your brand’s message.

The steps for naming your LLC are:

a) Name requirements:

• The name you choose must include the phrase “Limited Liability Company.” You can abbreviate it (LLC, L.L.C., Ltd, Limited, Company, or Co).
• It must be different from the name of any other LLC or corporation registered in Wyoming.
• It cannot contain certain restricted or limited words within the name, such as Bank or Banco, University or Universidad, Attorney or Licenciado unless you have the required documents and permissions for the name.
• Lastly, it cannot contain words that might confuse your LLC with government or federal agencies, such as Treasury or Tesorería, State Department or Departamento de estado, FBI, etc.

b) Check that your LLC’s name is available in Wyoming

To do this, you need to perform a business name search in the state.

Step 2: Appoint a Registered Agent in Wyoming

After naming your LLC, it’s time to choose your registered agent.

A registered agent is the person or company responsible for receiving certain important documents, such as:

• Documents with tax information.
• Lawsuits.
• Legal documents.
• Any other government correspondence.

Your registered agent could be a permanent resident in the state of Wyoming or a corporation.

You can also hire the services of a registered agent company authorized to provide this service. At Rex Legal, we offer our registered agent services.

Step 3: Register the Articles of Organization

You’re halfway there; now you only need to submit the Articles of Organization document to the Wyoming Secretary of State’s office.

You have the options to submit this document online or via postal mail.

Mailing address:

Wyoming Secretary of State

2020 Carey Avenue

Suite 700

Cheyenne, WY 82002

Step 4: Create an Operating Agreement for Your Wyoming LLC

Although this fourth step may not be mandatory, it is essential.

It defines the business’s owners, the procedures, the distribution of their obligations, and how the company will be managed and administered.

Having this document is important because it allows you to establish certain rules that everyone agrees on from the beginning, thereby avoiding misunderstandings in the future.

Step 5: Apply for your EIN

An EIN is the Employer Identification Number.

It’s a 9-digit number assigned to your business by the Internal Revenue System (IRS) to identify your business. Like the Social Security Number (SSN), this number is unique to each person.

An EIN works for:

• Opening a bank account for your business.
• Employing employees in your company.
• State and federal tax purposes.

You can apply for your EIN through the IRS, free of charge.

You can do it via fax or through the IRS website.

Benefits of forming an LLC in Wyoming

1. Taxes: Wyoming does not have corporate taxes. There are no income taxes for LLCs and their owners.
2. No state or personal income tax: Thanks to Wyoming not taxing LLCs or their owners, you can keep more money than in other states.
3. Low startup costs: Wyoming is a great option for startups as it has relatively low administrative costs, and the procedures are quite fast. An LLC in Wyoming can be formed in as little as 5 to 7 days.
4. No need to be a U.S. citizen or resident: To form an LLC in this state, you only need the ability and the desire to start your business. It doesn’t matter where in the world you are; you can do it. There are no citizenship requirements preventing you from forming an LLC in Wyoming from another country.
5. Privacy: You are not required to provide personal information about the owners of the LLC. This is useful if you are seeking confidentiality and security for the members of the company.

Wyoming is one of the best options for forming your LLC due to its low startup costs, income tax exemption, quick company formation, and more.

So, if you still had doubts, we hope we’ve provided some clarity.

Before concluding this article, we want to answer some of the most frequently asked questions about LLCs.

Frequently Asked Questions

What is an LLC?

The acronym LLC stands for Limited Liability Company. It is a legally recognized business entity in the state.

This structure offers benefits such as low taxes, great flexibility, ease of management, and tax exemptions for foreigners.

What alternatives are there to an LLC?

There are:

• Corporations (C Corp, S Corp, B Corp, Non-profit Corp)
• Partnerships.
• Sole Proprietorship.

Learn more about different business structures in the United States here.

Where can I delegate the process of creating my LLC in Wyoming?

At Rex Legal, we specialize in assisting, guiding, or handling the entire process you need to create a successful business.

We help you gather all the necessary documents and requirements and establish your company with the necessary foundations.

Contact us here if you need our assistance.