Decentralized Autonomous Organization (DAO) in Wyoming

Date: 04/16/2021 | Category: | Author: Jakub Vele

Decentralized Autonomous Organization (DAO) in Wyoming

When blockchain technology was introduced, the masterminds behind the DAO idea got the tools they needed to turn their ideas into a real-world project. Blockchain technology brought in the concept of a secure digital ledger. With this technology, all the transactions of the members across the Internet could be tracked digitally. Moreover, it also offered a safe and secure environment to build a Decentralized Autonomous Organization.

Blockchain technology uses a technique which is called trusted timestamping to eliminate counterfeit transactions. A distributed database is held by all the users of the blockchain to remove corruption and the need to include an intermediary. This technology was incorporated into an organization so that it can be run without managerial supervision. This means that the DAO can run autonomously if there are proper rules and flexibility on the platform. And now, Wyoming has received a bill to allow the incorporation of DAO companies.

Decentralized Autonomous Organization (DAO)

A decentralized autonomous organization (DAO) is an organization or business whose decisions are made electronically through a written computer code or via the vote of its members. Basically, it is a system of hard-coded rules that would define all the actions that take place in the organization.

What is a Decentralized Autonomous Organization (DAO)?

To understand this, let us understand digital currencies which are decentralized. This means that they are not controlled by a single government institution or bank. Rather, the control is divided among a variety of computers, nodes, and networks. With this, they also gain a lot of privacy and security that normal currencies and their transactions do not get. Inspired by this, in 2016, a group of developers got the idea to create a decentralized autonomous organization.

A DAO is an organization that was created to be decentralized and automated. It does not have a typical management structure or board of directors and it is based on an open-source code. So that it stays completely decentralized, the DAO was unaffiliated with any specific state or country. The reason why such an organization was created was so that manipulation of investor funds and human error can be eliminated. This is done by placing the decision-making power in the hands of an automated system and a crowdsourced process.

How does a Decentralized Autonomous Organization work?

In a decentralized autonomous organization, every vote or action that takes place is represented in the form of a transaction in the blockchain. And the members who take actions or place votes are represented by their address. These addresses can be owned by anyone including an IOT device, a robot, a human or even another DAO. And this is what makes it an automated system. Also, each member gets a token that acts as the shares of the DAO. These tokens can also be used to vote in the DAO to make a specific decision.

The token is just another kind of contract that is becoming a part of the blockchain. And the more tokens an address has, the more control that address has over the DAO. Every member has the right to submit a proposal that would help them make certain decisions. These decisions include:

  • Hire a lawyer
  • Hire a vendor to get his/her service
  • Fire the CEO
  • Change the CEO
  • Pay certain USD/ethers to someone as a bonus or salary
  • Issue the share to an address since that address is adding more value

In the decentralized autonomous organization, since it is a democracy that runs on the blockchain, the voting power can be optionally entrusted to someone that the member trusts more. It is just the same as voting through a proxy in a real organization. The DAO can also raise funds through crowdsourcing by issuing tokens to anyone who is paying the money. All these transactions take place in real-time unlike the time taken in a real organization which is more than 60 days.

Decentralized Autonomous Organization Examples

With the DAO, we can now have companies that do not have a specific hierarchy or a CEO. This makes the structure one of the best ones to have in any kind of organization. In fact, if regulatory structures allow, then blockchain data could replace a lot of the public records such as missing persons, sex offenders, titles, mortgages, deeds, marriage certificates, and birth certificate records.

With this, healthcare clinics can also function autonomously, software development companies can employ thousands of independent programmers, cab companies can control a fleet of driverless cabs, and so on. This list can just go on when a DAO model is applied to any business. In fact, there are such companies in the real world as well. Some of the examples of the real world include and the cryptocurrency Dash.

Dash is a popular digital currency and is an example of a decentralized autonomous organization due to the way it is governed and how its budgeting system is structured. And after some time, we would find many other additional DAOs in the field.

Decentralized Autonomous Organization Advantages

As mentioned above as well, there are a lot of decentralized autonomous organization advantages including:

  • Cheap distribution of shares. This is because there is no middleman and the members communicate with each other who want to sell/buy DAO shares. This makes the complete process cheap.
  • You can code integration with suppliers in the algorithm. With this, the execution would work based on that interactive algorithm. In case, it is not disputed, the cooperation between the parties would be much cheaper and smoother.
  • Members (who are also the shareholders) of the DAO can have a very immediate and direct impact on the company’s operations.
  • No single person exists who represents the decentralized autonomous organization. Basically, all the members, including the minors also represent the company collectively.
  • You can also code many standard corporation activities in the DAO algorithm. This would help the operations get executed automatically without any human intervention. Payroll, tax payment, auditing, accounting, and anything else, all would be taken care of. This process adds transparency to the operations and eliminates the risk of human errors and lowers employment costs.
  • The cheap distribution of the dividends is done directly from the decentralized organization to members.

All these things just make the incorporation of the decentralized autonomous organization such a good idea.

Risks in Decentralized Autonomous Organization

Like all things have both positives and negatives, the DAO too has some risks as well. These include:

  • Parties might not be explicitly defined in the smart contract. So, if there is a dispute not covered by the code, it might become difficult to resolve it in the traditional legal system.
  • The algorithm cannot do more than what it has been coded for. This means that it can end up making bad or biased decisions in case you do not account for every reasonable circumstance and fact. The only way to overcome this is if the DAO is structured in a way that there is always human interference in it that can take back or stop automatic decisions.
  • A lot of the useful DAOs need access to data outside the blockchain. And this data is usually given through semiautomatic or automatic centralized oracle mechanisms. If someone wants to disrupt the operation of the DAO, they can easily attack it via the oracles that the organization is based on.
  • Public blockchain networks aren’t controlled by a single party and their evolution can move in an unexpected direction, resulting in DAO disruption. In extreme cases, the DAO can end up becoming unstable and would just end.
  • The programming code of the DAO can have bugs that can be difficult to rectify since the smart contract code is immutable (you will need to read more about blockchain to understand it better). And these bugs can cause anything from unexpected liability increment to money loss.
  • In case you lose the cryptographic private key or someone steals it from you, you will lose access to the DAO and your voting rights as well. Getting it back even through legal procedures would just not be possible.

Even though there are negative points to this, there are many who are working to overcome these drawbacks and find a way around this.

Decentralized Autonomous Organization (DAO) in Wyoming

Wyoming has decided to take a step ahead and has begun looking into getting the decentralized autonomous organization types included with the other business entity options when someone is opening their new business. Although there are a lot of concerns and potential issues regarding structure, security, and legality, a few analysts and investors feel that this organization would become prominent and would even replace the traditional business structure.

Wyoming’s Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology proposed a bill that supported the options where DAOs can be officially incorporated in the state. The Wyoming legislators have moved to ratify the law that would now allow the incorporation of the decentralized autonomous organizations (DAOs) as a limited liability partnership (LLP) firm or a limited liability company (LLC) under state laws. This bill also permits the existing LLCs to restructure into a DAO LLC.

A decentralized autonomous organization is a not-for-profit or for-profit entity that is crowdfunded by individual investors via cryptocurrency transactions or staking. The rules in the DAO are encoded in and enforced via a smart contract. This is updated only after there is a referendum from the voting entities. The main idea of the DAO is that the company runs on the rules that are enforced digitally. Other decisions in the company are made by the shareholders who control a specific amount of smart contracts, or tokens and can vote for decisions.

To explain better, preprogrammed rules in the system would describe what can happen in the company. Specific rules are hard-coded into the company as the number of dividend payouts or determining a certain event in the company. The other things like figuring out which project would get money is decided by letting all the token holders cast their vote.

Do you need help in Incorporating a Business in Wyoming?

If you are thinking of starting your company and want to choose the decentralized autonomous organization structure, then we can help you with it. IncParadise can also help you to restructure your LLC into the DAO. We can also help you to register and incorporate your company whenever and however you want to. In addition to this, we also offer maintenance services such as mail forwarding, business address, registered agent services, and so on. Contact us to select some of our services or to know more!

This act is effective July 1, 2021.

How to Start a Business in Casper, Wyoming

Date: 02/15/2021 | Category: | Author: Martin Pouzar

How to Start a Business in Casper, Wyoming

Wyoming is considered as one of the few states that offer a pro-business environment and Wyoming’s capital Cheyenne along with Casper are the two cities that are known as the best places to start a new business. Entrepreneurs like to start a business in Casper, the second largest city in the state owing to the many benefits and opportunities the city offers. This is your comprehensive guide to opening a business in Casper covering areas from business advantages in Casper to formulating a business plan, registering the business, licenses and permits, and marketing the business among others.

Casper – Best city to start small business in Wyoming

Casper also known as “The Oil City” is famous as the regional petroleum industry center. It has been featured in the Forbes magazine list of “Top 25 Best Small Places for Business” in the nation with several industries within which you can start a business in Casper. The economy of Casper, WY employs over 30,000 people and some of the largest industries include Health Care, Retail Trade, Social Assistance, Accommodation & Food Services, Transportation & Warehousing, and tourism. You can form a business in any industry by applying for and obtaining a Casper WY business license.

Why is Casper the best place to start a business?

The city of Casper has a vibrant economy and is high on entrepreneurial spirit making it one of the best places in Wyoming and the country for a startup. You will need a business license in Casper to operate a business in this truly inspiring destination where innovation and technology combine to create a strong infrastructure. There are several reasons why opening a business in Casper is considered to be one of best options, so let’s look at some of the top reasons.

  • No or Low Taxes: One of the greatest benefits of opening a business in Casper is the tax benefits. There are no state taxes like no corporate or inventory taxes. The salient highlight is that neither the City of Casper or nor Wyoming state charges any income taxes. This is one of the primary reasons why entrepreneurs prefer to start a business in Casper. The local sales tax is quite low at 5% as compared to Arkansas at 9.43%, Alabama at 9.14%, and Washington at 9.17%. The local sales tax includes 4% charged by the state and an “Optional One Cent” charged by the City of Casper, which is spent on supporting infrastructure, equipment, and local non-profit organizations.
  • Strong Infrastructure: Every business requires a strong infrastructure as it plays a key role in ensuring steady and focused long-term growth. This city offers just that to those who plan to start a business in Casper. There are several key infrastructural and construction projects currently underway in the city to boost overall economic growth. One such project is the “Casper Wind Project” and its objective is to develop renewable energy facilities across potentially contaminated land as well as mine sites. The strong and reliable transportation infrastructure with Interstate Highway, US Routes, and Wyoming State Highways makes it feasible for opening a business in Casper especially in the manufacturing or warehousing & logistics industry.
  • Business Incentive Programs: There are several business incentive programs that you can benefit from once you start a business in Casper. Some of the top programs include:
    • Opportunity Zone Incentive Program
    • Foreign-Trade Zone (FTZ) Program
    • Small Business Grants Program
    • Film Industry Financial Incentive (FIFI) program
    • Federal solar investment tax credit program

Steps to Start a Business in Casper, Wyoming

One of the top places to start an llc in Wyoming is Casper with Natrona County being the most popular for new businesses. A research study has indicated that 3.3 new entities were formed per 1000 people and this is almost 43 percent of the national average. According to the U.S. Census Bureau and the U.S. Bureau of Labor Statistics, there are approximately 2700 small businesses in this city and is considered to have the best business environment thus putting it on the list ahead of Denver, Cheyenne, and Rapid City. You can start a business in Casper just like many other entrepreneurs have formed their new businesses. Some of the top companies situated in Casper include G W Mechanical, Wyoming Medical Center, Wyoming Machinery Company, SST Energy, RMH Franchise, and University of Wyoming among others.

You can start an llc in Wyoming, a business corporation in Casper or any other form of business. However, it is important to note that there are several aspects to consider when forming a business including the requirement of a proper business license in Casper. Let’s take a look at the steps that will help you to register your business in the city and make it fully operational.

Prepare your business idea and plan

The importance of a business plan lies in the fact that it will help you run your business better. The first and the foremost detail not to be missed is a business idea. This simply refers to the type of business activity you want to pursue like what product or service you are going to offer when you start a business in Casper. The business idea will also determine the business plan. It is important to understand that there are no good or bad business plans; instead you need to focus on creating a plan that will answer your specific requirements. There are however two categories of plans to choose from and they are: traditional plans and lean startup plans. Either of these plans will provide you with a comprehensive roadmap of opening a business in Casper, making it operational, and managing it. Some of the areas that you need to include in your business plan are:

  • Executive summary: This is the first section and it includes your mission statement, product or service being offered, and basic information related to your firm including employees and location.
  • Company description: This section provides detailed information regarding your business including competitive advantages of opening a business in Casper.
  • Market analysis: This part of the business plan necessary to start a business in Casper focuses on the industry outlook as well as the target market.
  • Services or Product line: This section provides detailed description of the products or services being offered by your company and their benefits to the potential consumers.
  • Marketing and sales: This is integral to start a business in Casper and there are no perfect marketing or sales strategies. The strategy has to take into account several factors like target audience, location, competition, budget, and the USP of the product or services.
  • Financial projections: This section should provide a financial outlook of the company for a minimum period of 5 years. This section should include forecasted income statements, funds to buy materials or equipment, balance sheets, capital expenditure budget, cash flow statement, and utility bills among others.

Choose your business entity

If you are planning to start a business in Casper then it is important to choose the type of business entity. In the state of Wyoming, you can choose from a variety of business entities but the most popular forms are limited-liability companies and corporations. Most often than not, entrepreneurs choose to start an llc in Wyoming as it offers them limited personal liability and flexibility of management and ownership.

Entrepreneurs also start a business in Casper as a business or private corporation because of the personal liability protection, security and perpetuity, easy to transfer ownership, tax benefits, and quick access to capital. The type of business you choose will be driven by several factors like the advantages of each entity type, the cost of formation, the tax benefits, the overall cost of maintenance annually etc.

Register your business

Once you have chosen the type of business entity; you need to register the business with the office of the secretary of state. This step will help you to start a business in Casper. Along with registration, you need to also identify a business name, check its availability, and then file the “Application for Reservation of Name”. The chosen name has to be provided on the application for business formation or Articles of Organization or Articles of Incorporation. The process of registration or opening a business in Casper can involve extensive documentation but IncParadise as your Wyoming registered agent can help you to register your business in Casper quickly and efficiently.

Obtain necessary licenses and permits

Once you have registered your business, the next step is to make it operational. A business can begin operations only after you apply for and obtain a business license in Casper. The license or permit required for your business will be determined by the business activity and in some cases you may require more than one license or permit or both. The type of business activity will also determine whether inspections are necessary prior to issuance of the Casper WY business license.

Most licenses are issued by the office of the city clerk but some licenses are issued by state departments. For instance, a Temporary Food License is issued by Casper-Natrona County Health Department. A business license in Casper is issued once the applicant submits the license or permit application along with the prescribed fee. It is important to note that all types of Casper WY business licenses or permits will expire on 31st December of the calendar year and have to be renewed. You can check the Casper, WY official website to get more information on the local licensing requirements and laws.

Do you want to know what licenses your Wyoming business requires?

Register for Taxes

Apart from fulfilling the requirements for a business license in Casper; you will also be required to register for sales tax. If your business has a physical presence or meets Wyoming economic nexus requirements, then obtaining a sales tax permit is necessary. The sales tax permit issued in the state is also known as the Sales and Use Tax License. In order to obtain or register for a sales tax permit, you may require the following depending on the type of business:

  • Personal identification info like address, SSN etc
  • Business identification info like physical address, EIN etc
  • Date of first sale in Wyoming
  • Information on products or services you are planning to sell

You can register for the taxes after opening a business in Casper and have to pay a one-time fee of $60 when submitting the Sales/Use Tax License Application. The tax permit or license is issued by the Wyoming Department of Revenue within 10 days of receipt of the application.

Obtain an EIN

One of the foremost requirements to start a business in Casper or any other city or state for that matter is an Employer Identification Number (EIN). This is a unique nine-digit tax ID number that is often known as the Federal Employer Identification Number (FEIN). This unique number is issued by the Internal Revenue Service (IRS) to specific business entities. If you start an llc in Wyoming with employees or a business corporation then you will need to apply for and obtain an EIN. We at IncParadise are an experienced and reputable registered agent that can help you to obtain an Employer Identification Number (EIN) so that you are able to file your return conveniently and can conduct your business in the state.

Market your business

In order to market your business successfully, you will need to create a marketing plan. Often, the marketing plan is an integral part of the business plan. When you start a business in Casper, your marketing strategy or plan will vary according to the products or services the business is offering. There are several key elements for marketing your business and they are:

  • Website: One of the most important elements of marketing after you start an llc in Wyoming is creating a website showcasing your products or services. You can take professional help for creating a website or use ready to use templates.
  • Online Presence: One of the ways to create high visibility and brand awareness is through a strong social media presence. Some of the top social media platforms include Facebook, Twitter, Instagram, LinkedIn, Snapchat, Pinterest etc.
  • Local Events: Once you have obtained a business license in Casper then it is time to attend local business related events. There is a wide variety of events that take place in Wyoming and are organized by state and private organizations. These events are targeted at first time entrepreneurs as well as established business owners and provide a platform for you to market your brand to your target audience and other businesses.

Casper Business Resources and Agencies

Every business has its own unique product or services but lack of resources or help can make it difficult to start a business in Casper. Resources can be in the form of information as well as funding opportunities. Every business needs resources in some form to elevate their business to the next level. Let’s take a look at some of the useful resources and agencies as these can make opening a business in Casper easier.

Casper area chamber of commerce

If you are looking for resources that will help you to start a business in Casper then the Casper Area Chamber of Commerce is just the right place to begin your search. Their primary objective is to create business opportunities by leveraging, informing, connecting, and collaborating with their members. They offer a range of business tools including a variety of essential resources and a positive business environment for both new as well as existing businesses. The contact information is as follows:

  • Address: 500 North Center Street – Casper, WY 82601
  • Phone: 307-234-5311

Downtown development authority

The purpose of the Downtown Development Authority (DDA) of Casper, Wyoming is to ensure the implementation of programs to make Casper Downtown the best including providing help towards opening a business in Casper. They focus on several key areas like economic development, business recruitment, financial assistance, public relations, and educational programs amongst others. One of their recent achievements is creation of an atmosphere, which is highly attractive as well as conducive for private or business development and this has resulted in $36 million in private investments. One of the important future goals is to ensure continued recruitment of startups and new businesses to Casper Downtown. The contact information is as follows:

  • Address: Downtown Development Authority, 341 W Yellowstone Hwy, Casper, WY 82601
  • Phone: 307-234-5311

Small business development authority in Wyoming

If you are an entrepreneur planning to start a business in Casper then the Wyoming small business development center (SBDC) can play a key role. They can provide guidance and resources towards opening a business in Casper. They helped 108 new businesses to become operational in 2019. They provide information and advice pertaining to several areas of starting a business like Payroll & Bookkeeping, International Trade, grant opportunities, crowdfunding, and SBA Guaranteed Loan among others. SBDC has business advisors for different counties, market research centers, and state offices.

How does IncParadise help you?

Wyoming is one of the best states for starting a new business due to the many advantages: a strong economy, a positive business environment, and small business supportive incentives and infrastructure. There are several cities in Wyoming that offer attractive opportunities for new business formation and one such city is Casper, WY. As your chosen registered agents in Wyoming, IncParadise can help you start a business in Casper quickly and efficiently.

IncParadise is a one of the most respected registered agents in Wyoming with 20 years of experience in new business formation. We have also assisted with the formation of more than 15,000 companies across 50 states and have a registered office in Casper. You can use our services not only for business formation but also to fulfill other business related requirements like Casper WY business license, mail forwarding in Wyoming, obtaining a Tax ID number, a virtual office in Casper, and Wyoming annual reports.

Form your idea into a business in Wyoming!

10 Reasons I Should Incorporate My Business in Wyoming

Date: | Category: | Author: Martin Pouzar

10 Reasons I Should Incorporate My Business in Wyoming

A business corporation is considered as one of the most efficient forms of business. A corporation is a legal entity that has several benefits like providing limited liability protection to the owners or shareholders. It also has tax advantages and depending on the state of incorporation there are several other advantages. If you incorporate in Wyoming then you can take advantage of the fact that there are no personal or corporate income taxes. A business corporation also helps in establishing credibility with potential customers, partners, employees, and vendors.

Start a Business in Wyoming

Wyoming is considered as one of the top states when it comes to offering a business friendly environment. If you are planning to start a business in Wyoming then you will be a part of a strong economy. There are several drivers of the economy like resource development especially oil and natural gas followed by tourism. The travel industry in Wyoming has earned revenue of $196 million through local and state taxes in the travel industry. Entrepreneurs can incorporate in Wyoming online or offline to benefit from the growing opportunities in a variety of sectors or industries like agriculture, forestry, and fishing, manufacturing of durable goods & nondurable goods, transportation and public utilities, Wholesale and retail trade among others.

Wyoming business environment

There are several reasons why entrepreneurs choose to start a business in Wyoming and some of the factors driving their decision are outstanding transportation infrastructure, a well-funded public education system, a good tax climate with low tax burden. The cost to incorporate in Wyoming is also lower than several states like the District of Columbia, Illinois, and New York.

One of the major reasons to incorporate in Wyoming is the strong economy and opportunities and benefits for small businesses. According to the 2020 small business profile created by the office of advocacy, US small business administration (SBA), there are 68,641 small businesses in the state as the Wyoming economy grew at an annual rate of 1.8%. The Real Gross Domestic Product (GDP) of Wyoming in 2019 was $39.31 billion as compared to $38.04 billion in 2018. A growing economy is an indicator of business health and growth.

10 Reasons of Incorporating Business in Wyoming

Every entrepreneur planning to start a business in Wyoming takes into consideration the various factors that are beneficial for the business. There are several “incorporate in Wyoming benefits” that business owners can take advantage of, so let’s start by checking the top 10 reasons to form a business in this state.

1. No Taxes

One of the primary reasons to start a business in Wyoming is the overall tax climate of the state. The 2021 state business tax climate index by tax foundation has ranked Wyoming as #1 – right at the top! Some of the reasons for the tax friendly climate or low tax burden are:

  • The state has no corporate state income tax
  • There is no personal state income tax
  • There are no inventory taxes
  • The state doesn’t have any franchise taxes
  • There is no occupation tax
  • There is no value-added tax

This is not all as the state of Wyoming also has a lower state and average local sales tax rate at 5.34% as compared to some other states like Ohio (7.17%), Alabama (9.22%), Arkansas (9.47%), and California (8.66%). One of the top incorporations in Wyoming benefits is the low sales tax rate.

2. Favorable Tax Exemptions

One of the important motivations for entrepreneurs to incorporate in Wyoming is the favorable tax exemptions. These tax exemptions are considered as business incentive programs directed at new and existing businesses and help to reduce the overall cost to incorporate in Wyoming. Some of the top tax exemption programs include:

  • Manufacturing Sales Tax Exemption: The sale or lease of machinery or equipment used for manufacturing processes are exempt from sales & use tax. Once you incorporate in Wyoming, you will be able to benefit from the manufacturing tax exemption.
  • Sales Tax Exemption on electricity consumption in Manufacturing: The state of Wyoming has the second-lowest electric power rates in the country and any electricity that is used for the purpose of manufacturing is exempt from taxes making it advantageous from a cost perspective.

3. Asset Protection & High Privacy

There are several benefits in incorporating in Wyoming for small businesses. The first time entrepreneurs and asset protection along with high privacy are two of the foremost advantages. Wyoming has one of the strongest asset protection laws in the nation. Unlike some states like California; in Wyoming, creditors will be unable to force sale of assets. Once you incorporate in Wyoming, you will also be able to take advantage of the limited liability protection under which business owners will not be responsible for any business debts or liabilities. The state also ensures businesses can enjoy privacy. The law ensures that business owner, manager or member information is not required to be listed on the state’s public database.

4. Minimum Corporate Formalities

If you are planning to incorporate in Wyoming then there are several advantages and one of them is minimum corporate formalities. You will not face any state restrictions and there is no bureaucracy where the incorporation process is concerned. You can incorporate in Wyoming online as well as offline making the entire formation process highly flexible and time saving.

The required forms for incorporation in Wyoming are available with the office of the Secretary of State along with proper instructions to ensure minimum corporate formalities. You will be required to also submit the Consent to Appointment by Registered Agent form after hiring a registered agent in the state. Since, your chosen agent like IncParadise can file the articles to incorporate in Wyoming; not only will your corporate formalities be reduced but using us would help you save time in incorporation.

5. No Minimum Capitalization

There is a concept of “minimum capital requirement”, which basically refers to the share capital that needs to be deposited by shareholders prior to starting business operations. It is also known as the paid-in minimum capital that a business owner will have to deposit with a notary or bank post incorporation.

One of the salient aspects or incorporate in Wyoming benefits is that according to the United States Corporate Law, there are no minimum capital requirements for a business corporation. This simply means that you can form your business with an amount as small as $1 or with a budget as high as $1 million. This simply means that you can start a business in Wyoming without worrying about any minimum capitalization requirement.

6. Unlimited Stock Issuance

One of the salient advantages of incorporating in the state of Wyoming is that your business can issue unlimited shares of stock for your WY Corp. Some of the other highlights are:

  • You have the flexibility of classifying shares of stock as common, preferred, or a mix of both types.
  • A corporation can issue no par value for shares of stock with the option of changing the value on a later date.
  • When you incorporate in Wyoming, the stock of your corporation can also be issued in exchange for anything valuable like property or services.

7. US citizenship not required

You don’t have to be a US Citizen to start a business in Wyoming. The Internal Revenue Service (IRS) says that a non-resident individual can operate a business in the U.S to generate revenue and pay taxes. In brief, it means that there are no restrictions on foreign ownership of a corporation formed in Wyoming or the United States. There is no extra cost to incorporate in Wyoming even if you live outside the country. You can live anywhere in the world and still own a street address for your business through the Virtual Office Program by IncParadise.

8. Easy to move

The state of Wyoming not only offers businesses tax advantages and a pro-business environment but also makes it easier for companies based outside the state to move into the state with ease. If you have been thinking about how you can start a business in Wyoming without the need to dissolve your existing business then moving to Wyoming is one of the best options. Wyoming is one of the few states that allow you to move any type of business including corporations, LLC, or partnership among others. When you move your business, you will be able to retain the existing Tax ID as well as the original formation or incorporation date of your company.

9. Lower startup costs

One of the major benefits for a new company is the low cost to incorporate in Wyoming. The annual fee in Wyoming is based on the total value of assets within the state and hence is minimum is $50 while the incorporation fee is $100 as compared to several other states where the cost of incorporation and annual maintenance can be quite high.

There are several business owners who opt to go with our virtual office program instead of the regular brick and mortar commercial space. This will help reduce your initial budget thus lowering the total budget to be used to start a business in Wyoming. Your business establishment can also benefit from several business incentive programs, community grant and loan programs, other economic development incentive programs, property and manufacturing tax exemption programs, and Wyoming opportunity zones programs.

10. Transferability of ownership

Entrepreneurs choose to incorporate in Wyoming to enjoy tax advantages, raise capital and limit individual liability. One of the other incorporation in Wyoming benefits is the ease of transfer of ownership. Since, a corporation is a separate legal entity the ownership can be transferred through the sale of its stock. A change in the ownership of the organization will not affect the existence or operations of a business corporation. Transfer of ownership as well as assignment of equity can take place with ease in Wyoming making the state a chosen destination for incorporation.

Ready to start a business in Wyoming?

Wyoming is considered as one of the best states for incorporation and it offers several advantages to other forms of business as well. If you have been wondering how to set up your business corporation in the state then you will be happy to know that we can provide valuable assistance to help you incorporate in Wyoming online. We are one of the top registered agents in the state and have helped individuals and entrepreneurs to start and register their business in Wyoming.

We also offer specialized services Wyoming Mail Forwarding and Wyoming Virtual Office Program. These programs or services have been created keeping in mind the need for a physical street address without having to rent or lease commercial space and for receiving all your important mails.

IncParadise also provides a wide range of additional services that are targeted towards fulfilling requirements like Tax ID (EIN), Certificate of Good Standing, Wyoming Annual Report, and Wyoming Domestication among others. These services will help you to start a business in Wyoming as well as maintain it on an annual basis while being compliant to all Secretary of State rules and regulation.

Do you want to form a new business in Wyoming?

Wyoming LLC and INC Annual Report Fees & Requirements

Date: | Category: | Author: Martin Pouzar

Wyoming LLC and INC Annual Report Fees & Requirements

Once you start a new business in Wyoming there are several requirements you will be required to fulfill including filing a Wyoming annual report. An annual report is a type of comprehensive business activity report based on the preceding year’s activities. An Annual report plays a key role in informing all interested parties like shareholders about the financial performance of a private corporation, public entity, or any other form of business. This is a detailed guide that will provide you with an insight on various aspects of the annual report including what it is, Wyoming annual report filing instructions for LLC and corporation, filing and due dates, and consequences of failing to file it.

Wyoming Annual Report for LLC and INC

The norm is that most states in the US require businesses to file an annual report also known as annual statement, state of information, or entity information. In some states, biennial reports have to be filed while in states like Arizona, domestic or foreign LLC’s are not required to file annual reports. However, there is a requirement for filing an annual report in Wyoming for both business corporations and limited-liability companies. The important question that you probably want to ask is what this report is all about and is your company required to file it?

What is Wyoming annual report?

An annual report is an important document for most forms of businesses and especially for corporations and limited liability companies. The Wyoming annual report may be known by many names including statements of information as it contains vital and comprehensive financial information pertaining to the business entity’s overall performance. In brief, the report makes public the financial performance as well as financial and business activities accomplished during the prior fiscal year e.g., if you are filing an annual report in 2020 along with the prescribed Wyoming annual report filing fee; then it will contain business and financial information of your company for the year 2019.

Most annual reports are state mandated and their filing is governed by the state laws for specific types of businesses. The requirement for filing an annual report in Wyoming and other states became legal after the 1929 Stock Marketing Crash. A Wyoming annual report filing is online and offline and has to be filed with the state although in some states, the report is filed with the Securities and Exchange Commission (SEC). This is also an annual report that is known as a 10-K and is filed by publicly-traded companies using the publicly searchable database called EDGAR filing.

Some of the information that a Wyoming annual report may contain include:

  • Principal address of the Business
  • Names and address of all officers or director depending on the type of business
  • Total assets located in Wyoming – the Wyoming filing system will automatically calculate the fee based on total assets

Filing Your Wyoming Annual Report

The filing of an annual report in Wyoming by LLC, corporations, and other businesses is required by law. Every domestic and foreign corporation and limited liability company that has been organized under the laws of this state and has obtained the right to transact or carry on business in this state will have to file the annual report pursuant to WY Stat § 17-16-1630 (1997 through Reg Sess) and WY Stat § 17-29-209. (2015). The Wyoming annual report filing instructions are provided by the secretary of state (SOS) and businesses have to follow the same. Some of the important aspects to consider while filing this report include the date, the filing with SOS, and the filing fee.

Wyoming annual report due dates

The Wyoming annual report has to be filed with the office of the secretary of state on or before the first day of the month of formation or incorporation. It has to be filed each year if a business is active. So, if you had incorporated, foreign-qualified, or registered your business on December 18, 2020 then Wyoming annual report filing online or offline will take place on or before December 18, 2021.

Fees for filing annual report for LLC and INC

The Wyoming annual report filing fee for a limited liability company and a business corporation is the same although in many other states it is different for different types of business entities. According to the secretary of state, the fee for filing an annual report in Wyoming is dependent on the assets of the entities in the state. The fee for Wyoming assets worth less than $250,000 is $50 and if the net worth of the assets is greater than $250,000 the fee would be total assets multiplied by .0002. You will also be charged a convenience fee of $2.00 to $8.95 depending on the Annual Report License Tax.

Filing your Wyoming annual report to Wyoming SOS

You have to file a Wyoming annual report with the office of the Secretary of State – Business Division along with the fee within the due date. You can opt for Wyoming annual report filing online or offline services. However, if the fee for your annual report is more than $500 then E-Filing or filing online will not be permitted.

Alternatively, IncParadise, one of the most reputable registered agents in Wyoming can help you file annual reports. You can take advantage of our entity management software as well, which can provide you with important notifications and alerts for deadlines including due dates for filing an annual report in Wyoming so that you are able to make your submission on time and thus avoid any penalties.

Consequences of failing to file annual reports

There are times when a business may miss their Wyoming annual report due date. What happens then? Will you have to pay a penalty? According to the Wyoming annual report filing instructions there are no late fees applicable for failure to file your annual report. Instead, your business will be given a 60 day deadline to file the report and failing to do so may lead to dissolution or revocation of your business. Let’s look at an example to understand this:

Example: If a company ABC Inc., was incorporated in Wyoming on 05th March 2019 then the due date for filing of the Wyoming annual report would be onorbefore 05th March 2020. If due to some reason, ABC Inc., failed to file by the due date then the Secretary of State would serve a 60 day notice period within which they can file the report along with the Wyoming annual report filing fee. There will be no penalty or fine for filing within the 60 day period. If ABC Inc., still doesn’t file the annual report within the 60 day period then their license and articles will be revoked and the company dissolved by the order of the secretary of state. Hence, it is extremely important to file the annual report each year and within the due date.

How does IncParadise help you?

Filing an annual report in Wyoming is mandatory for corporations and LLCs by law and there are times when businesses may not be able to file within the due date. This is where IncParadise can help businesses by providing all necessary assistance related to Wyoming annual report filing online and on time.

We understand different businesses have different requirements and we also understand the need to start a business with the lowest possible formation costs. This is why IncParadise offers the Wyoming Mail Forwarding Services and the Virtual Office Program. The mail forwarding services will enable you to receive your mails even if you don’t have an office in the state or if you are travelling while the virtual office will provide you with a street address that you can share with your customers, vendors, and partners.

IncParadise is one of the top registered agents in the state of Wyoming and across the United States. We not only provide assistance for new business formation but also provide a wide range of services so that businesses are able to comply with annual business requirements in the state.

Do you require assistance with filing your annual report?

Wyoming Business License Fee

Date: | Category: | Author: Martin Pouzar

Wyoming Business License Fee

A Wyoming business license or any business license for that matter is basically a type of permit that is issued by state or government agencies or even local counties to allow individuals or businesses to conduct their business within a specific geographical jurisdiction. Some states may require a business to apply for multiple licenses and permits and their requirements and fee will vary depending on the business activity and other factors. Hence, we have created this guide to provide informational assistance pertaining to Wyoming business license application, license and permits based on types of business, and general permit requirements in Wyoming among others.

Wyoming Business License

The state of Wyoming does not have a state business license like some of the other states have. So how does a business acquire a Wyoming business license? The license is issued in the state according to the type of business being conducted or the business activity. Hence, it is always best to conduct a Wyoming business license search prior to applying for a license.

It is important to also understand that not all the businesses in Wyoming may require a license or a permit to conduct their business. At the same time, some entities or activities may warrant the issuance of Wyoming business license from the state departments as well as counties. Some companies may require multiple licenses or permits and will be required to file Wyoming business license applications for each license. Let’s look at an example to understand this.

Example: If you start a food service establishment or business that serves liquor in Cheyenne, Wyoming then you will require a business license and the Wyoming business license fee would vary depending on several factors. The license will be issued under the Wyoming Food Safety Rule and will be issued by the Wyoming Department of Agriculture or a local health department. You will have to follow the Standard Operating Procedures (SOP) and food establishment inspections will be carried out prior to issuance of license. Since your establishment serves liquor; you will have to apply for a liquor license with the Wyoming liquor division or with the office of the County Clerk in Cheyenne. If you want to expand to doing catering or off-premise sale of malt beverages then you can conduct a Wyoming business license search for the permits or additional licenses you may require.

Some of the important categories of regulatory business licenses and permits in Wyoming include:

  • Agriculture
  • Health and safety
  • Environmental protection
  • Transportation
  • Large-scale projects
  • Public land

Want to know what Wyoming licenses your business requires?

Wyoming small business information

As a small business, apart from fulfilling the requirement of a Wyoming business license search, you will also need information pertaining to a variety of aspects right from business formation or availability of state based resources. One of the best places to check informational resources to check Wyoming business license fees and other small business information is the business & UCC center of the Wyoming Secretary of State (SOS) website. This section provides information pertaining to starting a new business, various online business services, annual requirements and maintaining your business, forms and FAQs.

If you are looking for business resources pertaining to accessing new markets, business financing, Wyoming business license, sales tax, or specialized assistance then the Wyoming Business Council (WBC) website will be helpful. The Wyoming Business Council (WBC) is a department of the State of Wyoming’s Economic Development Agency and provides information on opportunity zones and their benefits. The WBC also provides a detailed Wyoming business license application guide also known as the Guide to Business Permitting and Licensing in Wyoming as well as a checklist for starting a business in Wyoming.

The Wyoming Small Business Development Center (SBDC) Network is also a very resourceful website for new business owners in the state. It has been formed out of a partnership between the University of Wyoming, the U.S. Small Business Administration (SBA), and the Wyoming Business Council (WBC). They provide business expertise through various training programs to help you in starting and growing your business. The resources will also help you identify business specific requirements including applying for a Wyoming business license and innovation funding.

The U.S. Small Business Administration (SBA) is another organization that provides useful resources and information to small businesses. It is a United States government agency that specializes in providing support to small businesses and entrepreneurs in the form of their lending programs, entrepreneurial development programs, Federal contracting and business development programs, Wyoming business license renewal programs etc.

General Permit Requirements in Wyoming

The “General Permit Requirements” in Wyoming specify categories that provide an insight into the various requirements of a Wyoming new business. This can include Wyoming business license requirements in the state as well as several other requirements like unemployment insurance & employer registration or Occupational health and safety. Let us look at the various general permit requirements in the state.

Unemployment insurance & Employer registration

Unemployment Insurance (U.I.) is a type of fund that has been established by provisions of the Wyoming Employment Security Law. It has been designed for compensating any eligible workers for a specific portion of wage loss if they lose their jobs due to no fault of theirs. The primary objective is to provide aid to unemployed workers through a weekly income as they look for employment. The unemployment insurance funds are paid by the employer or business as an unemployment insurance tax.

The unemployment insurance takes into account full-time, part-time, as well as casual workers. If you are a business owner then you will be required to apply for employer registration. You can apply for this before or after getting your Wyoming business license. You can register from:

  • Unemployment Insurance division – Employer accounts section
  • 100 W. Midwest
  • P.O. Box 2760
  • Casper, WY 82602
  • (307) 235-3217

New hire reporting

New hire reporting along with employment eligibility verification seek to preserve jobs and this is governed by the Immigration reform and control act of 1986. The job preservation is meant for those who are legally entitled in the state of Wyoming and the United States to work. As an employer, you will be required to verify employment eligibility of anyone hired after November 6, 1986. You will be required to fill and submit form I-9 for the same, which is for verifying the identity and employment authorization of individuals being employed. Unlike the Wyoming business license application, which is issued by the state, the I-9 form is issued by the United States Citizenship and Immigration Services. It is also important to note that Wyoming has a new hire reporting center just like other states and you have to report any new hires at this center.

Federal requirements

One of the important requirements for any new business apart from Wyoming business license is the federal tax requirements. According to the Internal Revenue Service (IRS), some of the major forms of businesses like Sole Proprietorship, partnership, Limited Liability Company (LLC), C Corporation etc., have different federal tax responsibilities. The Employer Identification Number (EIN) is especially required if you have employees and will be paying wages to them. It is hence imperative for businesses to apply for and obtain an EIN or Employee Identification Number as this will facilitate the filing of tax returns with the IRS.

Local licensing requirements

Different states have different licensing requirements! If you are forming a new business in Wyoming then you will need to conduct a Wyoming business license search with the city, town or county authorities, where you have or are planning to operate your business from. This will help you to identify the local licensing requirements. Each county may have separate requirements, different Wyoming business license fee, and rules and regulations pertaining to issuance of the permit or license. The City Clerk or County Clerk’s office will be able to provide you with detailed information regarding a business license for specific business activities. You can alternatively obtain our definitive guide on business licenses.

Identify the Wyoming Licensing Requirements for your business!

Workers’ compensation

Wyoming Workers’ Compensation is a state program and is considered to be as important as a Wyoming business license. The Workers’ compensation is applicable only when your company has employees and this is governed by the Wyoming Workers Compensation Act, WY Stat § 27-14-101 (2018). The intent of the act is to provide a benefit system for the workers, so that employers are able to derive the necessary medical benefits if injured in the line of work. The benefits depend on the extent of the injury and can include Medical, hospital and ambulance expenses; private nursing or nursing home care (WY Stat § 27-14-401, 2018); and temporary total disability as defined under W.S. 27-14-102(a)(xviii) among others. It is the responsibility of the employer to apply for the coverage of eligible employees.

Occupational health and safety

The Occupational health and safety of every employee hired is foremost and this is more so for employees classified in an occupation or industry designated to be hazardous by law. The health and safety of workers are overseen by the Wyoming Occupational Safety and Health Administration (Wyoming OSHA), which is a part of the Wyoming Department of Workforce Services. As a part of the Wyoming OSHA Voluntary and Cooperative Programs, free health and safety assistance is offered to Wyoming employers upon request. The Wyoming OSHA is also responsible for enforcing the occupational safety and health standards. As a part of the enforcement, OSHA compliance officers may inspect any workplace to check for hazardous conditions and if violations exist then citations will be issued. You can get more information from:

  • Wyoming Department of Workforce Services
  • 5221 Yellowstone Road
  • Cheyenne, Wyoming 82002
  • Phone: (307) 777-7786
  • Fax: (307) 777-3646

Obtain Professional License

A professional license is different from a Wyoming business license as it refers to licensing for a specific niche or occupations. If you are a professional engineer and plan to start a firm that oversees engineering projects then you will need to obtain a professional engineer license prior to starting your business. The requirements for a professional license are governed by 2014 Wyoming Statutes, Title 33 – Professions and Occupations. You will need to search for your license based on your profession or occupation and apply with the respective professional board like the Board of Architects and Landscape Architects, the Board of Professional Engineers and Professional Land Surveyors. You can even file the for a Wyoming business license application for professionals with the office of the county clerk.

Wyoming Business License Fees

In the state of Wyoming, business licenses and permits are issued by different regulatory bodies, cities, and county clerk offices. There is no single state business license and hence the Wyoming business license fee is dependent on the following:

  • Location of your business: This will help you identify the city or county that will issue the license. You will also have to submit the Wyoming business license renewal with the same county or city.
  • Type of business activity: The Wyoming business license fee will vary with the business activity and the city or county e.g., the business licensing fee in Evanston is fixed and based on number of employees while licensing or permit fee in Cheyenne is business activity driven.

If you face any problems or have queries pertaining to Wyoming business license fee, license application, or Wyoming business license renewal then you can contact our team and they would be glad to assist you.

How does IncParadise help you?

Each business has different objectives and business activity and will be located in different cities or counties across Wyoming. Hence, the Wyoming business license requirement will be different for each business. This is why, at IncParadise, we focus on providing a service that will cater to your specific licensing needs. We can provide guidance and assist you to obtain your business licenses and permits while maintaining compliance with the Wyoming licensing regulations.

IncParadise offers Mail Forwarding Services to new businesses as well as a Virtual Office Program to ensure that you can run your business from anywhere in the world. The Wyoming mail forwarding services will help you receive all your important and business-related mails and the virtual office program will provide your company with a physical address.

IncParadise, is a full-fledged, top-of-the-line registered agent in Wyoming and has a strong presence in all 50 states. We offer a wide variety of services based on the different requirements that any business may have in the state. Your business can benefit from our bouquet of additional services that vary from obtaining an EIN to S Corporation election, mail forwarding services, Certificate of Good Standing, Business License Report, domestication among others.

Form a new business in Wyoming quickly and efficiently!

Wyoming Business Tax Guide

Date: | Category: | Author: Martin Pouzar

Wyoming Business Tax Guide

The state of Wyoming also known as the “Equality State” or “Cowboy State” has the recognition of being the top most state in coal-producing in the entire US. It is also one of the few states that does not levy a corporate income tax, personal income, or even gross receipts tax. You are probably wondering whether any form of Wyoming business tax will be applicable. This article will answer this query and also cover various aspects like tax advantages in Wyoming, how businesses are taxed, and Wyoming business tax registration among others.

Wyoming Business Taxes

A new business or an entrepreneur establishing a business in Wyoming will need to understand and check their federal, state, and local business tax requirements. Generally, if you are operating or planning to operate a business then the Wyoming business tax will be dependent on the form of business or business structure like an LLC, corporation, or partnership etc. Business tax according to the Internal Revenue Service (IRS) can be classified as under:

  • Income Tax
  • Self-Employment Tax
  • Estimated Tax
  • Excise Tax
  • Employment Tax

There is no individual or corporate income tax in the state of Wyoming but there is a Wyoming tax rate of 4% for state sales tax. Most businesses are required to file their Wyoming business tax return annually.

What are Wyoming business taxes?

When you start a new business, there may be a variety of taxes that you would be required to file right from federal to local taxes. Thetypes of tax and the tax rate can vary from one state to another and from one county to another. Let’s look at an example of the same where Wyoming business tax is concerned:

Example: When we look at the Wyoming tax rate for sales tax then it is set at 4% but the counties have the option of charging an additional 1% tax for specific purposes as well as 1% tax for general revenue. According to the Wyoming Department of Revenue, Excise Tax Division, the January 2020 master chart specifies a State tax rate of 4% for Albany along with 1% general purpose county option tax and an additional 1% for specific purpose county option tax. Hence, the total sales/use tax rate for Albany is 6% while Goshen charges 5.25%, Lincoln has 5%, and Sublette has 4% tax rate.

Wyoming business tax comprises primarily of the following:

  • State sales tax
  • Excise (Sales & Use) Tax
  • Property tax
  • Self-Employment Tax
  • Payroll Taxes

What are the tax advantages in Wyoming?

Wyoming is considered as one of the most tax friendly states in the nation and this is one of the primary reasons why it is a favorite amongst business owners and first time entrepreneurs. Small and medium sized enterprises can enjoy a variety of Wyoming business tax benefits including several exemptions and incentives distributed over different industries. Some of the top Wyoming business tax advantages are:

  • Low and No Tax environment: One of the top benefits of forming a new business in Wyoming is that the state does not levy the following taxes on businesses:
    • Corporate Tax: There is no corporate tax, which simply means that business corporations will not be charged any entity tax in the state. This will help you avoid double taxation of Wyoming business tax.
    • Personal Income Tax: Wyoming also does not levy any personal income tax.
    • Inheritance or Estate Tax: This is a type of Wyoming business tax that is not charged if you leave an estate to surviving members.
    • Intangible Taxes: This is another key Wyoming business tax benefits as the state doesn’t impose taxes on any intangible assets e.g., stocks and bonds.
  • Tax Exemptions: One of the salient Wyoming business tax benefits is a variety of tax exemptions that businesses can apply for. These exemptions will help lower your overall Wyoming business tax and help save money. Some of the most popular tax exemptions include:
    • Manufacturing Sales Tax Exemption
    • Data Center Sales Tax Exemption
    • Property Tax Exemption

How are Wyoming Businesses Taxed?

If you start a new business in Wyoming there may be a few taxes that would be applicable depending on the type of business and the activity. The Wyoming tax rate will be different for different types of taxes and once you understand the business tax laws in Wyoming, it will help you to be better prepared for the filing of returns. It will also help in cutting down on any fines or unexpected fees. Hence, it is essential to ensure you have the necessary Wyoming business tax registration for filing tax returns. The different types of taxes in Wyoming include:

Wyoming corporate net income tax

Wyoming is considered as one of the least taxed states in the USA and the good news for businesses is that they will not be required to file a Wyoming business tax return for corporate income tax. However, if you have formed a C corporation then you may be required to pay what is known as the revenue tax. Business entities like S-Corporation or any other flow-through entities are not required to pay any corporate net income taxes on their revenue earned. There is a Federal Corporate Income Tax that will be applicable to businesses and the Wyoming tax rate will vary according to the tax bracket your business falls under like the marginal corporate income tax rate for the tax bracket $0 to $50,000 is 15 percent. You will need to apply for and obtain an Employer Identification Number (EIN) to file federal tax returns.

Are you planning to apply for a Federal tax ID?

Wyoming personal income tax

The Wyoming Income Tax Act – HB0147 states that any taxpayer generating income through business activity in this state will need to allocate as well as apportion the taxable income for the purposes of WY Stat § 39-12-101 (2017)(b)(iii)(F). However, Wyoming is also one of the few states that do not levy any personal income tax or Wyoming business tax. In fact, for specific business types like a limited-liability company including those that have elected to be taxed as a corporation, state income taxes will not be applicable.

Wyoming sales tax

Generally speaking, most states in the USA levy some form of state sales tax although the sales tax rate can vary from one state to another. As a comparison, the Wyoming tax rate is as low as 4% and a maximum of 6% while that of Tennessee is 9.53% and Arkansas is 9.47%. The 4% state sales tax is applicable in each of the counties and apart from this; counties can also add 1% to the state sales tax increasing it to 5%. This is also known as the “5th penny” and is an optional tax that requires the county voter’s approval. Wyoming also has a 6% Optional Special Purpose Sales Tax that is enforced by specific counties. In order to file sales tax, you will have to ensure Wyoming business tax registration using the Sales/Use Tax License Application issued by the Wyoming Department of Revenue.

Wyoming property tax

If you or a business owns any commercial or industrial real estate in the state of Wyoming then you will be required to pay property taxes on that real estate. Property tax is an important Wyoming business tax as it is considered to be one of the primary sources of funds for local governments, cities, school districts, and counties. The amount of property tax for Wyoming business tax return is based on the market value of the said commercial or industrial property.

What does commercial or industrial property include? This type of property takes into account different types of commercial as well as industrial structures. It is also important to understand that the market value of the property is different from the taxable value and the market value cannot be used for calculating Wyoming business tax return. The market value is the price of the property if and when it is being sold while the taxable value is the value that is used for calculating taxes that are due on the said property. Currently, the Wyoming tax rate for commercial property is assessed at 9.5% of their market value while industrial property is assessed at 11.5% of their market value.

Tax Information by Wyoming Department of Revenue

The Wyoming business tax requirements of every business are different. Some businesses may need to file only sales tax while other businesses may need to file sales and property taxes. The Wyoming Department of Revenue has a dedicated website that not only provides detailed information pertaining to the various taxes that are levied in the state but also provides forms for Wyoming business tax registration. You will also be able to take advantage of the information provided by them on Tax Relief Programs and E-Services programs for tax payment and registration.

How Can IncParadise Help You?

Each business has its own set of requirements depending on the type of activity or trade they are planning to conduct. The first step towards starting a business is registering with the state. IncParadise, an expert incorporation service provider in Wyoming can help you to register your LLC or corporation in the state.

At IncParadise, we value our clients and understand the need for businesses to own an office in Wyoming. Hence, we have created two specialized services called the Wyoming Mail Forwarding Service and the Wyoming Virtual Office Program. The mail forwarding service will take care of all your important mails when you are out of state while the virtual office will provide you with an actual street address for your business without the need for investing in commercial property.

We understand that businesses also require annual maintenance and have to be compliant with several state regulations. We also understand that some businesses may require specialized services like Wyoming domestication and foreign qualification. We can cater to specialized and annual business requirements through Wyoming additional services. These services include Edgar filings, Certificate of Good Standing (Certificate of Existence) in Wyoming, Reinstatements, among others.

Want to form a new business in Wyoming? Let’s get started!