What is an Annual Report (Annual List)?

There are some states that don’t require the filing of the annual list or report by business entities but in the state of Wyoming, it is a mandatory requirement. In order to file an annual list you need to know what information it should contain.

An Annual report is a document that contains information regarding the business as well as its activities in the prior year. Annual reports contain the following information:

Limited Liability Company

Every domestic limited liability company registered under the laws of the state as well as every foreign limited liability company that has obtained the right to transact business within Wyoming state will be required to file Wyoming annual report with the secretary of state. The report includes:

• The name of your limited-liability company
• The file number of your limited-liability company, if you know it
• Financial information, which should be current in terms of the fact that it should contain information till the end of the fiscal year of the domestic or foreign limited liability company immediately preceding the date on which the Wyoming annual report is being executed on behalf of the LLC.
• An LLC will be required to maintain three years of suitable records and books related to the business at the principal place of business. All records and books have to be made available for “examination by the secretary of state” if required pursuant to WY Stat § 17-29-209 (2015).
• The names and titles of all the managers should be mentioned. If there are no managers then names and titles of all its managing members will be required.
• The list will be signed by a registered agent like us or the manager or managing member of the limited-liability company. Signing the list will certify that it is complete, true, and accurate.

The above is governed by WY Stat § 17-29-209 (2015)

Corporation (Domestic)

Every domestic business corporation registered under the laws of the state as well as every foreign profit corporation that has obtained the right to transact business within Wyoming state will be required to file the Wyoming Annual List or a report with the secretary of state. The report includes:

• The name of your domestic or foreign business corporation
• The file number of your corporation, if you know it
• The names and titles of all the president, secretary and treasurer, or position equivalent thereof, as well as of all the directors of the corporation
• Financial information, which should be current in terms of the fact that it should contain information till the end of the fiscal year of the domestic or foreign business corporation immediately preceding the date on which the Wyoming annual list is being executed on behalf of the corporation.
• The address, either business or residence, of each president, secretary, treasurer, and director as listed
• The list will be signed by a registered agent like us or the director or officers of the corporation. Signing the list will certify that it is complete, true, and accurate
• The annual report form contains a balance sheet listing assets located and employed in Wyoming and it is similar to Schedule L of IRS Form 1120. This list needs to be filled and filed with correct information.
• A domestic or foreign business corporation will be required to maintain three years of suitable records and books related to the business at the principal place of business.

The above is governed by WY Stat § 17-16-1630 (1997 through Reg Sess)

Is there a Filing Due Date or Deadline?

The Secretary of State has defined the due dates for filing annual report in the state of Wyoming. Different states have different due dates and they may or may not be the same for different types of business organizations.

Limited Liability Company

It is important to know that every LLC registered in the state of Wyoming will be required to file the annual list with the Secretary of State. Let’s look at the filing deadlines or due dates to file annual list in Wyoming:

The due date for filing an annual report or list for an LLC is annually on or before the first day of the month of LLC registration pursuant to WY Stat § 17-29-209. (2015).

Example: If you registered your Limited Liability Company on April 15, then your annual report will be due each year on April 1.

You can file an annual list or annual report with the Secretary of the state, which can be a cumbersome process – preparing paperwork, enclosing details, providing balance sheet details, checking and re-checking each and every detail, and submitting on time or you can SIMPLY HIRE US!

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Corporation (Domestic)

It is important to know that every business corporation registered in the state of Wyoming will be required to file the annual list with the Secretary of State. Let’s look at the filing deadlines or due dates for filing Wyoming annual reports:

The due date for filing an annual report or list for a domestic or foreign business corporation is annually on or before the first day of the month of incorporation pursuant to WY Stat § 17-16-1630 (1997 through Reg Sess).

Example: If you registered your business corporation on April 15, then your annual report will be due each year on April 1.

You can file annual list or annual report with the Secretary of State, which can be a difficult process – preparing paperwork, enclosing details, checking and re-checking each and every detail, providing balance sheet details, and submitting on time or you can SIMPLY HIRE US!

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Is there a Late Filing Penalty of Annual Lists?

If you are unable to submit the annual report to the Secretary of State by the due date as mentioned then will there be any penalty for LLC and Business Corporations? Let’s take a look at what late submission entails:

Limited Liability Company

If a Limited Liability Company required to file an annual list along with the fee prescribed in WY Stat § 17-29-209. (2015), fails to file then the Secretary of State shall deem the LLC to be in default.

There is no late fee.

The Secretary of State will issue a notice of pending dissolution or even revocation if an LLC fails to file the annual report. You will have 60 days to comply. If a business entity is still unable to file the report then the business will be dissolved.

Corporation (Domestic)

If a business corporation filing annual report along with the fee prescribed in WY Stat § 17-16-1630 (1997 through Reg Sess), fails to file then the Secretary of State shall deem the corporation to be in default.

There is no late fee.

The Secretary of State will issue a notice of pending dissolution or even revocation if a business corporation fails to file the annual report. You will have 60 days to comply. If a business entity is still unable to file the report then the business will be dissolved.

What is the cost to file Wyoming Annual List?

The annual filing fees for LLC’s and business corporations is $60 or two-tenths of one million dollars ($.0002), whichever is greater. This is applicable to businesses that have less than $250,000 in Wyoming assets.

There is however an additional “convenience fee” for filing annual reports. This fee takes into consideration the cost incurred by the Business Division in providing online filing service for Annual Reports. It covers credit card fees as well as other costs. The convenience fee is as follows:

$25 to $100 – $2
$25 to $100 – $5
$25 to $100 – $8.95

Note: It is important to know that if the Wyoming Annual Report fee is greater than $500 then online or e-filing will not be permitted.

How to File Annual Lists with IncParadise?

Yes, there is a lot of paperwork involved in the filing of Wyoming annual list or annual report and this includes balance sheets, value of assets in the state, value of tax-exempt securities, depletable and intangible assets, up to date financial information of the business, and much more.

The question is how to go about it? IncParadise will file an annual list on your behalf!

Your Benefits are:

• We will send you a due date notification and all you have to do is to place your order on time, so that we can ensure filing on time!
• We will ensure you receive “Reminders” regarding the due date
• We will file it directly with the Secretary of State
• Our preparation of the annual list will be of high professional standards
• We will help save you on convenience fee

HIRE US & KEEP YOUR BUSINESS ENTITY ALIVE!

We at IncParadise, are one of the respected registered agents in Wyoming and will be responsible towards initiating the filing of Wyoming annual report for business corporations and limited liability companies in the state of Wyoming. We have access to the Wyoming Online System for filing Annual Reports – ARWizard!

You don’t want to file late and have your business dissolved! Let us take care of “filing on time or before the due date”.

When you file paperwork with Wyoming Secretary of State to set up corporation this is what you will receive:

THE LATEST NEWS ABOUT WYOMING CORPORATIONS
Wyoming doesn’t allow bearer shares anymore.
Current Bill Status: Signed into law on February 14, 2007 with an effective date of July 1, 2007. An Act relating to corporations; prohibiting the issuance of bearer shares; and providing for an effective date. Full Text available at: http://legisweb.state.wy.us/2007/Enroll/HB0009.pdf

Didn’t find answer to your question? Email as at info@incparadise.com

Why incorporate in Wyoming

Wyoming is one of the most popular states to start your corporation or LLC. It’s being used by thousands of companies as their state, even if they don’t have there their real office or headquarters. And there are some good reasons why companies are choosing Wyoming as the state where they incorporate. Main advantages are the costs to run company there, Wyoming tax system, privacy of company owners, and great asset protection. Here is little more about each of these reason

Costs to incorporate in Wyoming

Wyoming is known for having one of the lower costs of running your business there across the whole USA. Not only you save a lot of money on the initial incorporation costs, but mainly the regular annual fees are much lower here than in other popular states like Nevada or Delaware.

With Incparadise, the initial costs for Wyoming are just $189, compared to $283 in Nevada.

The Annual fees are just $65 in Wyoming, but they are $370-$670 in Nevada, and $240-$315 in Delaware. Below is table comparing annual costs in these states:

Taxes if you incorporate in Wyoming

If you incorporate in Wyoming, you can save fortune every year on taxes. The reason is simple:

State Corporate Income tax = 0 %

State Personal Income tax = 0 %

Franchise Tax = $0

Wyoming is 1 of only 9 states that have no income tax at all. In connection with the low fees, it makes it perfect for your company.

Privacy and anonymity of business owners in Wyoming

When filing to open business in Wyoming, you are not required to disclose any people involved in the entity. So anyone involved in the business will not be listed on a public database. For this reason Wyoming is also one of the best states for Asset Protection.

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Business Information & Rankings

• Wyoming ranks 1st for Best Business Tax Climate. (Tax Foundation, 2006)
• Pollina Corporate Real Estate ranked Wyoming 6th in its Top Ten Pro-Business States 2005: Keeping Jobs in America Report.
• Wyoming ranks the highest with employment in the mining industry for the entire country.
• Wyoming is the number one producer of coal in the United States.
• Classified rural land in Wyoming occupies 91% of the state.

Cost of living

Crime Rate

Wyoming has the 21st lowest overall crime ranking in the U.S. (FBI, 2004)

Fees & Taxes

Business Inventory Tax
Exempt.

Corporate Income Tax
The state of Wyoming, in addition to collecting no personal income taxes, collects no corporate income taxes as well.

Personal Income Tax
Wyoming levies no individual income taxes.

Personal Property Tax
Wyoming is one of the 38 states that collect property taxes at both the state and local levels. Personal property held for personal use is tax exempt. Inventory if held for resale, pollution control equipment, cash, accounts receivable, stocks and bonds are also exempt.

State Sales and Use Tax
Base Rate: 4.00%
Machinery Rate: 4.00%

Wyoming provides an exemption for the sale or lease of machinery to be used directly and predominantly in manufacturing tangible personal property.

Unemployment Insurance
Wyoming’s new employers pay the average industry rate for 3 years.

Are you thinking of starting your business in Wyoming? Well, you are then on the right track to make your business highly successful. It was in 2016 when Business Insider had identified Wyoming as one of the best states in which you can start your own business. Due to the business-friendly climate here, most of the entrepreneurs tend to open their business here. As a matter of fact, Wyoming has the fourth-highest rate of new entrepreneurs who come in to launch their business. The best part about this state is that it has a record of the highest business survival.

And that is not all; the overall business climate of Wyoming is well-known for the low labor costs making it a great choice. Moreover, the state does not have any corporate, personal income or inventory taxes. As compared to any other state, it is the right place for you to begin your business assuming that you want it to be highly successful.

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To help you in starting your business in Wyoming the right way, we have shared the steps to help you below:

Step #1: Prepare the Business Plan

The very and the most important step to begin with when starting a business in Wyoming is to write a business plan. Many people feel that writing a business plan is not something important, and is only needed when you are looking for a loan from the bank. Yes, the bank does not loan money until you have submitted the business plan, but there are many more benefits of having a business plan.

As you write a business plan, your ideas would flow in and out easily while you make your way towards becoming a great entrepreneur. The business plan would help you in creating a roadmap for you to know where your business would go or where you want your business to go. In short, if you want your business to be successful, business planning is a critical element of it.

Step #2: Choose a Business Entity

After you have prepared your business plan, the next step for starting a business in Wyoming is to select the business entity that your company would have. The business structure of a company and business entity mean the same thing. The business structure is basically how the business is legally organized to do the business. There are four main business entities that have been explained below briefly:

Sole Proprietorship

It is a business that runs with just one person who decides to go into the business themselves and work it out that way. This structure is the most straightforward, easiest and least expensive structure to set up compared to all the other entities. But in this case, the owner is responsible personally for any action or debt in the company. This thing is called unlimited liability, and is the biggest downside to this structure.

Basically, if this business gets in trouble in court, or has some debts, the owner’s personal assets are at risk. This means that the person’s personal property, cash or anything along with the company’s assets would be used to pay off all the dues. In this case, the owner would laos have to pay a lot more taxes as compared to other entities. Regardless of this, there is no filings for this structure making is less expensive to set up.

General Partnerships

In this structure, two or more people come together to start a business as partnership. Just like the sole proprietorship, this structure does not need the filing any form to set up the company and also has the unlimited liability. This means that in case the partnership is sued, the personal assets of the owners would be at risk. Moreover, the partnership does not pay tax directly from the business income. Instead, the losses and profits are passed through to the personal tax return of the owners, where they need to pay self-employment taxes.

Corporation

A corporation is a legal business that is separate from the person who owns it or started it. Even though a corporation is expensive to set up and much more complicated than the partnerships and sole proprietorships, the corporation offers a shield for the owner’s personal assets as an advantage. This means that the person’s assets would not be touched if the company is sued.

You can also choose the way in which you want your corporation to be taxed as. Additionally, there isn’t any self-employment tax that is placed on the owner’s tax return for the income they get from the corporation. If you choose to form a corporation when starting your business in Wyoming, you would need to file the Articles of Incorporation with the Secretary of State where the fee to incorporate is $100.

LLC (Limited Liability Company)

An LLC is one of the most popular choice amongst all mentioned here. It offers the liability protection of a corporation while you can run the company as a sole proprietorship. As a matter of fact, unlike the corporations, the LLC does not have any obligations like the corporations such as to hold the shareholders meeting, taking minutes, etc.

The LLC has a higher tax flexibility as compared to the other entities. Moreover, the income that is earned in this structure can be taxed as a partnership, a sole proprietorship, or a corporation, based on how the company owner wants. For forming the LLC, you would need to file for the Articles of Organization with the Secretary of State with a filing fee of $100.

Step #3: Choose the right Business Name

Now that you have selected the business entity, the next step is to get a business name. Though selecting a name is easier said than done, following the right tips would help you avoid any trouble in choosing the wrong name. Yes, it is possible to change the name of your company later on but it is always better to avoid such a thing. Do remember the following points if you want to choose the right name for the company you are starting in Wyoming:

• Ensure that the name is unique, easy to pronounce/understand. Practise saying the name loud in phrases to see how it sounds. See that the name can survive over time, like “CD world” is not a good idea.
• When you decide for a name, search the web to see if it is available on any search engine results. This would help you find out if there is any other company with the same name and would help you avoid any potential conflicts in the future.
  NOTE: In case you want to take your business internationally or even nationally, it is highly important for your company name to be unique.
• Check with your state to see what words you cannot use in the name of the company. Words like bank or government are not allowed. Hence, it is better to know the words to avoid before you fall in trouble with the government later on for using a word you weren’t supposed to.
• Ensure that your company’s name doesn’t have any misspellings, or if there is any other company that has a name which is in plurals. Check if there is any variations of spelling, sound-alikes and other versions of the name you selected for starting your business in Wyoming.
• Last but not the least, check if the company name is available with the state by entering the name on the Wyoming Secretary of State’s website.

Step #4: Register your Business

Every state has its own requirements for registering a business. Since you have selected the business name and the business entity, the next thing you need to do is register your business. Just to be clear, the business registration certificate is different from the business incorporation certificate (Articles of Incorporation).

Usually, some states and cities need the business (even home-based business) to register with them before running in the state. In this process, the company gets the business license that then allows the company to run the business. In short, the business registration is important for any and every business entity. On the other hand, incorporation is not important for all the business entities.

Basically, incorporation is needed when you choose to make your company an LLC or a corporation. In this case, you would get the Articles of Incorporation. For registering your business, you would have to file with the Wyoming State Department through their website where the filing fee is $100.

For you to be able to register your business with the Wyoming government, you need to have a local address in the state or you would have to hire a professional Registered Agent to incorporate your LLC or corporation. This agent needs to have a physical street address in Wyoming. Agents like these help you with a lot of steps to setup and run your business.

The sole proprietorships and partnerships do not have to incorporate, but they would need to file a DBA in Wyoming. DBA means “doing business as,” and is filed with the county. This is done since you would have picked up a business name which is not the same as your own name. And this means that you would have to register what you do under that business name with the DBA filing.

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Step #5: Get your FEIN or EIN (Federal Employer Identification Number)

The EIN is a nine-digit tax identification number that is given by the IRS (Internal Revenue Service). This number is used to track the tax returns in a business, identifies the business operating in the US, is used to open a bank account. Just like what a security number is for a person in the US, the EIN number is a security number for the business. As a matter of fact, not all the businesses need to get the EIN number.

The corporations, partnerships, sole proprietorships and LLCs have to file for the EIN when they hire employees. This means that the single-member LLC or sole proprietorship that have no employees do not need an EIN. For these cases, the social security number is used of the owner. You can file the EIN online easily within just a few minutes to get it immediately. Or you can also file the form SS-4 of the IRS and mail it to them.

Step #6: Apply the Business Permits & Licenses

For you to move ahead towards starting your business in Wyoming, you would have get the required permits and licenses needed. And since there is no specific agency that would give you all the desired licenses, you would have to register with multiple agencies based on the service you are offering or product you are producing and selling.

The following are the types of business licenses that you might need:

• Sales Tax License: Any business that sells a tangible good or services at wholesale or retail would have to obtain the sales tax license in Wyoming. For this, you would have to contact the Department of Revenue. The fee for filing for this license is $60 and it takes about 10 days to have it issued to you.
• Professional Licenses: There are various professionals who usually have to register with the government like physical therapists, athletic trainers, landscapers and many more. Based on what you are offering or doing, you might need this license. Get more details from Wyoming Department of Administration and Information.
• Specific Permits: Other than the licenses mentioned, there are many other permits that are needed such as permits for exporting, selling liquor, using specific equipments, food services, contractors and many others. Contact your state secretary to know more about the licenses you might need.
• Local Business Permits: You know that you need the business licenses from the state to run your business. But you might also need some permits for running your business in the locality you have selected. Based on the area, you might need business licenses for building/building improvements, zoning, signage requirements, etc.

Additionally, check with your community as well so that you do not get in trouble for just doing what you want without having the permit to it.

Step #7: Open Company Accounts

The next step to starting your business in Wyoming is to open a business bank account and get the related credit card. For you to keep your personal and business expenses separate, it is important to have a business account and a credit profile. Moreover, if you have chosen to open an LLC or a corporation, you would have to create your bank account. This is because, if you by mistake mix your personal and business expenses, you would end up losing the limited liability that you have.

To open a bank account, you would need the business documents, your personal documents of proof, and your EIN. If there are any other members, their personal details would also be needed and you would have to get them to sign the forms for opening the account.

Step #8: Ongoing Requirements

In Wyoming, you would not have to pay any an annual franchise tax, unlike the other states where you need to pay it. Here are some of the things that you would have to take care of based on your entity kind:

• DBA: The DBA would be valid for 5 years mostly in many places after which you might need a renewal. Other than that, you would just have to pay the taxes every year and have the specific licenses renewed as and when needed.
• LLC: For LLCs, you would have to file the annual report on or before the month’s first day of when the company was formed. The cost starts from $50, which can increase based on the revenue of your business.
• Corporation: Like LLCs, Wyoming corporations must file an annual report on or before the first day of the month the LLC was formed. This costs a minimum of $50, and may increase based on your business’s revenue.

Step #9: Look for Funding

With all the legal documents ready for your business, do you have the funding required to run it? If you already have savings that you want to use (called bootstrapping – using your own money), you not need to get outside investment. But in case you do not have any investment to add in for your business, you might need some outside help so that your business can run smoothly.

And obtaining funding can be highly stressful and very time-consuming, if you do not do it the right way. Here are some of the options that you can try to get outside investment for your company:

• Conventional Bank Loan
• SBA Loan Guarantee
• Peer-to-Peer Lending (getting loans from an investor instead of a bank)
• Grants (The government offers a lot of grants and you can participate in it. If your idea is great, you would succeed in getting it. Check out your options at http://grants.gov).

Step #10: Hire Employees

The last step towards running your business is to hire the right employees. But before you can do this, ensure that you have your EIN number. After that you would need to fill out the paperwork for your employees. There are a lot of other things that you would have to take care of. And for this, it is important that you connect with a lawyer so that you get everything done right.

Ready to start your business in Wyoming?

If you have your idea ready and have prepared your business plan, it is time to register your business with the government. Inc Paradise can help you with it along with other related services that would help you set up your business properly in Wyoming. Check out the services we offer here!

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