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Wyoming Business Tax Guide

Date: 02/15/2021 | Category: | Author: developers

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!

Wyoming Foreign Corporation

Date: | Category: | Author: developers

Wyoming Foreign Corporation

When you initially start a new business, the focus is always on growth followed by expansion, which could be lateral or vertical. What happens when you want to expand your business in any other state? If your business is operational in another state like California or Texas and you want to expand it to Wyoming then what are your options? Do you have to form a new business altogether? In such a scenario, your business will be considered as a Wyoming foreign corporation and you will need to apply for foreign qualification. This article will provide you with an insight into the requirements and processes behind Wyoming foreign corporation registration.

Wyoming Foreign Corporation

If you have set up your business anywhere in the United States and want to expand your business to Wyoming then you will be required to apply for Wyoming secretary of state foreign corporation registration. The best way to move ahead with the formation of a foreign corporation is by hiring a Wyoming registered agent like IncParadise. The process may be different for different states and hence, it is important to understand what a foreign corporation is and how the process works in Wyoming.

What is Foreign Corporation in Wyoming?

A Wyoming Foreign corporation is a term that is most commonly used to describe an existing corporation that conducts its business in a jurisdiction or state other than where it has been originally incorporated. A Wyoming foreign corporation registration can help a corporation to expand its business into multiple markets in one state or several states.

For example: If a corporation named James Pet Supplies Inc., has been incorporated in Michigan and wants to conduct its business in Wyoming, then the business would have to apply for Wyoming foreign corporation registration in this state. If James Pet Supplies Inc., wants to do business in Colorado, and Utah apart from Wyoming then it will have to apply for foreign qualification in these two states as well.

The 2014 Wyoming Statutes, WY Stat § 17-16-1501 to 1534 (2014), has clearly highlighted what a Wyoming Foreign corporation is. The statutes say that if a corporation has been formed in another state then it will be considered as a foreign corporation in Wyoming from a legal standpoint. It is important to understand that “foreign entity” here doesn’t mean another country; it simply means that the business entity was incorporated under the laws of another state. Once your business qualifies as foreign, it will be considered as a foreign corporation doing business in Wyoming.

Transacting business in Wyoming

According to Wyoming Statutes WY Stat § 17-16-1501 (2014), you will need an authority to transact business in the state. What does “transacting business in Wyoming” imply? It implies that if your business is planning to operate as a Wyoming foreign corporation then a physical presence is required. The general meaning of having a physical presence refers to the following:

  • The foreign business has a warehouse in Wyoming
  • The foreign corporation operates a store in this state
  • Foreign Corporation is doing business in Wyoming from a physical office in the state
  • The entity has sales representatives in Wyoming

However, it is also important to understand that exceptions may apply. According to WY Stat § 17-16-1501 (2014), maintaining a bank account in the state or transacting business in interstate commerce doesn’t constitute transacting business in the state.

Register a Foreign Corporation in Wyoming

Wyoming is considered by entrepreneurs and businesses as a state with promising opportunities thanks to its business friendly tax climate. Sometimes, businesses choose to register a Wyoming foreign corporation to take advantage of the tax climate and sometimes it is cost saving and practical to form a foreign corporation rather than incorporate.

Once a decision has been taken to form a foreign corporation, you can hire a reputable Wyoming registered agent to help you with the entire process of registration. There are several aspects to consider and a variety of documents are required to be filed with the Wyoming secretary of state for foreign corporation registration. Here is an insight into what documents are required and how the process works.

Are you looking to form a foreign corporation in Wyoming?

Request certificate of good standing from home state

One of the important requirements towards Wyoming foreign corporation registration is submission of an original certificate of good standing also known as certificate of existence. You can request or apply for this certificate from the home or the original state of incorporation. As a reputable Wyoming registered agent with presence in all 50 states, we at IncParadise can help you get the certificate from your home state.

Note: The certificate of good standing has to be submitted along with the foreign entity registration documents.

File a Corporation Application for Certificate of Authority

The most important step towards forming a Wyoming foreign corporation is to apply for a certificate of authority pursuant to WY Stat § 17-16-1503 (2014) as it will enable an entity to transact business in the state. You will have to download, complete, and submit the Wyoming foreign corporation registration form also known as Foreign Profit Corporation-Application for Certificate of Authority with the office of the Wyoming Secretary of State.

The application for Certificate of Authority for a Wyoming foreign corporation shall include the following information:

  • Name of the foreign corporation in compliance with WY Stat § 17-16-1506 (2013)
  • The state or jurisdiction under which the business has been incorporated
  • The date of incorporation and duration or period like 2 years
  • The physical address of the entities principal office
  • The address of the corporations registered office in Wyoming
  • The name of its Wyoming registered agent at the registered office
  • The names as well as business addresses of its serving directors or officers

It is important to note that the application needs to be submitted with a statement that the said corporation has accepted the constitution of the state and is in compliance with the requirements specified in article 10, section 5 of the Wyoming constitution.

You will also be required to submit one originally signed Certificate of Authority application and one originally signed Consent to Appointment by Registered Agent form along with a filing fee of $100. The application has to be submitted with the office of Wyoming secretary of state for foreign corporation registration.

File your documents

A business corporation that has been incorporated outside the state of Wyoming is considered as a foreign entity and hence in order to transact business in the state, you have to apply for foreign qualification. You will be required to file documents as specified by the Wyoming secretary of state for a foreign corporation.

If you are a foreign corporation doing business in Wyoming or planning to do business then the process for foreign registration along with compliances to be maintained, can be quite exhaustive. We as one of the reputable Wyoming registered agents can help you with the entire process of foreign entity registration. We can provide assistance towards filing your required documents with Wyoming SOS so that you are able to form your foreign corporation in the state effortlessly.

IncParadise can be your Registered Agent

Whether you are planning to form a foreign business or a domestic entity in Wyoming, each business entity has to continuously maintain a Wyoming registered agent. The Wyoming Statutes, WY Stat § 17-28-101 (2013), you will be required to appoint a registered agent prior to Wyoming foreign corporation registration as they play a key role in service of process pursuant to WY Stat § 17-28-104 (1997 through Reg Sess). We are not only compliant with all requirements of Wyoming state but also serve as registered agents for businesses in all US states.

IncParadise has an impeccable reputation as a Wyoming registered agent and we also have an office in Casper, Wyoming. You can appoint IncParadise to not only assist with Wyoming foreign corporation registration but also help you maintain your annual obligations of your business through our Wyoming additional services thus ensuring complete compliance with WY SOS requirements.

Try out our Wyoming registered agent services today!

Business entity conversion in Wyoming

Date: | Category: | Author: developers

Business entity conversion in Wyoming

If you feel that your existing business structure is not beneficial in the existing environment or marketplace and if you plan to change your business structure then what is the best option? This article deals with the solution of business entity conversion also known as statutory conversion and provides information on what Wyoming entity conversion is and how to change or convert your business entity in this state.

Business Entity Conversion in Wyoming

Change is universal – businesses change and business owners change or shift from one business to another. Sometimes, businesses evolve and expand while at other times, businesses change their existing structure to enjoy tax cuts and other benefits. It is like changing from a limited partnership to a C corporation or from an LLC to an S Corporation. This type of change is made possible through the process of business entity conversion in Wyoming.

What is a change of business entity?

A change of business entity is also known as business entity conversion or statutory conversion. A Wyoming entity conversion is considered as a legal process of converting your existing business entity to another business entity without the need to dissolve the existing business or form a new business.

For example: If you have a business corporation then you can choose conversion of corp to llc in Wyoming and for that you will not be required to dissolve the corporation or form a new limited-liability company. In this scenario, the business corporation will be the converting entity while the limited liability company will be the converted entity.

Normally, there are two types of business entity changes that take place and they are non-entity changes like business name change and entity changes like business structure and ownership changes. A business structure change is also known as business entity conversion in Wyoming and the reasons for such a change may include the following:

  • Tax purposes
  • Liability protection
  • Integrating new shareholders
  • Incorporating new investors

It is important to understand that each business entity change will be different as it will be driven by its own distinctive set of circumstances. However, any entity can opt to change their business structure like conversion of llc to corp in Wyoming or vice-versa by filing for conversion in the original or foreign state or jurisdiction of their formation or incorporation.

How do I change my business entity in Wyoming?

If you are thinking of business entity conversion in Wyoming then you will be required to follow the process for the converting entity i.e., if you are converting a corporation to LLC then the process may be different based on Wyoming statutes as compared to conversion of llc to corp in Wyoming.

Wyoming entity conversion is governed by WY Stat § 17-26-101 (1997 through Reg Sess) – This means that any domestic or foreign business entity will be able to apply for Wyoming business conversion or can convert to any other domestic or foreign business entity pursuant to this section of the statutes.

Do you need help with business entity change in Wyoming?

Converting Corporation to LLC in Wyoming

If you have a business corporation and want to apply for a change from Wyoming entity conversion to a limited liability company then the following steps will help you understand how the process works.

Note: There are different types of corporations and different forms of LLCs like C and S corporations, single-member and multi-member LLCs etc. The following steps are for conversion from a simple C Corporation to an LLC.

  • Step#1: You have to first get approval from the shareholders of the corporation for business entity conversion in Wyoming
  • Step#2: Pursuant to WY Stat § 17-29-1006 (2015) and WY Stat § 17-26-101 (1997 through Reg Sess), conversion of corp to llc in Wyoming will require you to file “Articles of Organization”, which should include:
    • A statement that the corporation is being converted to a limited-liability company
    • The former name or the name of the corporation
    • The state and date of incorporation
    • A statement confirming that this Wyoming entity conversion has been adopted through the unanimous vote of all the shareholders. If the votes are less than unanimous then you will have to mention the percentage or number required for approving this Wyoming business conversion and also mention the number of votes that were for as well as against conversion.
    • The filing fee of $100 along with the application

Converting LLC to Corporation in Wyoming

If you own a limited liability company and want to apply for a Wyoming entity conversion to convert your existing LLC to a business corporation then the following steps will help you understand how the process works.

  • Step#1: You have to first get approval from the existing members of your LLC for business entity conversion in Wyoming
  • Step#2: Pursuant to WY Stat § 17-29-1009 (2016) and WY Stat § 17-26-101 (1997 through Reg Sess), conversion of llc to corp in Wyoming will require you to file “Articles of Incorporation” pursuant to WY Stat § 17-16-202 (2013). You will also need to file the following along with the Articles of Incorporation:
    • A statement underlining the fact that your LLC is being converted to a corporation
    • The former name or name of the limited liability company
    • The state and date of organization or LLC formation
    • A statement confirming that this Wyoming entity conversion has been adopted through the unanimous vote of all the members. If the votes are less than unanimous then you will have to mention the percentage or number required for approving this Wyoming business conversion and also mention the number of member votes that were for as well as against conversion.
    • The filing fee of $100 along with the application

Converting Partnership to Limited Partnership in Wyoming

How does the process work when you want to convert a partnership entity into a Limited Partnership (LP) in Wyoming? The process is almost similar to that of conversion of llc to corp in Wyoming except for the documents to be submitted. The following steps will help you convert from a partnership to a Limited Partnership (LP) business entity conversion in Wyoming.

  • Step#1: You have to first get approval from all the existing partners of the partnership business entity or the percentage as specified for Wyoming entity conversion in the partnership agreement pursuant to WY Stat § 17-21-901 (1997 through Reg Sess).
  • Step#2: Once this Wyoming business conversion has been approved by the partners of the concerned entity; the partnership will be required to file a “certificate of limited partnership” pursuant to Wyoming Statutes Title 17. Corporations, Partnerships and Associations § 17-14-301. You have to include the following information for Wyoming entity conversion:
    • A statement confirming the fact that your partnership entity is being converted to a limited partnership business
    • The former name of the partnership
    • The state and date of formation of the partnership entity
    • A statement confirming that this Wyoming business conversion has been adopted through the unanimous vote of all the partners. If the votes are less than unanimous then you will have to mention the percentage or number required for approving this business entity conversion in Wyoming and also provide information pertaining to the number of partner votes for and against this conversion.
    • A filing fee of $100.00

Converting Limited Partnership to Partnership in Wyoming

If you are already operating as a Limited Partnership (LP) business in Wyoming, how do you convert it into a partnership entity? The process is almost similar to that of conversion of corp to llc in Wyoming except for business specific documents that need to be submitted. The following steps will help you with a Limited Partnership (LP) to a partnership business entity conversion in Wyoming.

  • Step#1: Notwithstanding specific provisions mentioned in a limited partnership agreement; the terms and conditions pertaining to this Wyoming entity conversion of a limited partnership (LP) to a partnership has to be approved by all its partners pursuant to WY Stat § 17-21-902 (1997 through Reg Sess).
  • Step#2: Once this Wyoming business conversion has been approved by all the partners; the limited partnership (LP) will have to cancel their “certificate of limited partnership” pursuant to WY Stat § 17-14-303 (through 2012). The conversion from Limited Partnership to Partnership in Wyoming can take effect only after the certificate of limited partnership (LP) has been canceled
  • Step#3: There is a fee of $50.00 for cancellation of “certificate of limited partnership”

Converting Profit Corporation to Non Profit Corporation in Wyoming

There are circumstances and requirements that may drive a profit corporation to convert to a non-profit corporation but what is the process for this type of Wyoming entity conversion? The process is simple and as follows:

  • Step#1: A profit corporation will be able to convert to a nonprofit corporation by simply filing amended articles of incorporation pursuant to WY Stat § 17-19-1806 (through 2012)
  • Step#2: While preparing the amendment, it is important to ensure that the amendment indicates this Wyoming business conversion or change from profit to non-profit. It should also include nonprofit requirements like whether the said corporation will be a religious, mutual or public benefit corporation.
  • Step#3: Provide information on whether the non-profit corporation will have members and how its assets will be distributed post dissolution
  • Step#4: Submit the amendment along with a filing fee of $50.00. Once the status is changed or the business entity conversion in Wyoming takes place, nonprofit formation fees will be applicable.

Note: You will not require any approval from the office of the attorney general for this type of Wyoming business conversion.

Converting Non Profit Corporation to a Profit Corporation in Wyoming

If you are operating a non-profit corporation and intend to convert to a profit corporation, what is the process? The process of Wyoming entity conversion for the same is simple and the requirements are as follows:

  • Step#1: A mutual benefit nonprofit corporation will be able to apply for and undergo the process of Wyoming business conversion by filing the “articles of amendment” pursuant to WY Stat § 17-19-1807 (through 2012)
  • Step#2: While preparing the amendment, ensure it highlights information pertaining to this Wyoming business conversion or change from nonprofit to for profit.
  • Step#3: Provide information on the number of authorized sharesthe converted corporation has the authority to issue
  • Step#4: Submit the amendment along with a filing fee of $75.00. Once the status is changed or the business entity conversion in Wyoming takes place, the profit corporation fees will be applicable.

Note: You will not require any approval from the office of the attorney generalfor this type of Wyoming entity conversion.

How does IncParadise help you?

There may be several reasons for business entity conversion in Wyoming although different business types have different conversion requirements governed by Wyoming statutes. We at IncParadise can provide meaningful assistance in the process for changing your Wyoming business entity.

IncParadise has a physical presence in Wyoming to cater to requirements of different types of businesses. Our team of expert and experienced professionals based out of our office in Casper, WY are equipped to handle any of your business queries.

We also provide an array of additional services for your Wyoming business including amendment of Articles necessary for conversion, Wyoming Dissolution if required, and foreign qualification among others. You can take advantage of our Wyoming virtual office as well as mail forwarding services in Wyoming.

Do you want to expand or move your business to Wyoming?

Introduction to Wyoming Small Business Grants

Date: | Category: | Author: developers

Introduction to Wyoming Small Business Grants

When you start a small business there may be unexpected expenditures and this may disturb your budget. In such a scenario, you may require financial assistance like small business grants in Wyoming. Small business grants are a type of Wyoming small business loans specifically created for businesses that need financial or monetary assistance. This is a guide providing an overview on different grants or grant programs available for small businesses in the state of Wyoming.

Small Business in Wyoming

One of the best locations for starting a small business is Wyoming because it has been voted to have one of the best business climates in the USA. Your business can also take advantage of Wyoming startup grants and the lack of corporate or individual income tax. There are several other advantages and benefits ranging from a strong economy and infrastructure to business incentive programs.

Why start a small business in Wyoming?

Wyoming is one of the most preferred states for starting a new business. There are several reasons why small businesses or startups find the state attractive including tax shelters, a wide variety of business incentive programs by the Wyoming small business development, a robust economy, and Wyoming startup grants among others. Let us take a look at some of the advantages or benefits of starting a new business in this state.

  • Save on Taxes: One of highlights of Wyoming being a favored destination for new businesses is that you can save on taxes. Whether you plan to form an LLC or incorporate, you can benefit from the following:
    • No Personal Income Tax
    • No Corporate Tax for business entities
    • No Excise Tax or state taxes on specific items
    • No Estate or Inheritance Tax
    • No taxes on intangible assets
  • Robust Economy: The state of Wyoming offers new businesses a robust economy and plenty of opportunities right from Wyoming small business assistance to Wyoming startup grants. The real GDP of Wyoming in 2019 was $39.31 billion with strong business growth witnessed in tourist-oriented regions like Teton County. The primary drivers of Wyoming’s economy include the travel and tourism sector, mineral extraction industry, finance, insurance, real estate, manufacturing, transportation and warehousing, retail trade, and agriculture among others.
  • Small Business Development Programs: One of the advantages of starting Wyoming women’s small business is the wide variety of programs that provide meaningful assistance to women entrepreneurs as well as all types of startups. These programs vary from small business grants in Wyoming to manufacturing assistance, business-ready community grants, Workforce Development Grants, and other incentive programs.

Wyoming Small Business Grants

Small business grants in Wyoming play a key role in ensuring startups are able to get the much needed financial assistance. Business grants are considered to be a type of Wyoming small business loans where a specified sum of money is provided to a startup business to help them manage the initial cost of setting it up. These grants are normally distributed by foundations, corporations, federal, state, or local governments, and trusts. The salient advantage of grants is that you don’t have to pay it back.

There are different types of Wyoming startup grants made available through Wyoming small business development center programs.

Wyoming Business Council Programs

One of the top organizations that provide assistance to small businesses in the form of small business grants in Wyoming is the Wyoming Business Council which participates with banks and financial institutions to enable business financing. The organization was founded by the State of Wyoming in 1998 and its primary task is to focus on making available grants for Wyoming women’s small business, creating new opportunities for businesses and prospective employees as well as ensuring a diverse and lasting growth in the state. Some of the top programs offered by the Wyoming Business Council are:

SBIR Matching Program

The SBIR Matching Program stands for Small Business Innovation Research Matching Program and it is administered by the Wyoming Business Council pursuant to Wyoming Statute § 9-12-105(d). SBIR is a Wyoming startup grant program also known as the SBIR Phase I and II matching program. The primary objective of this Wyoming small business assistance program is to provide matching funds for startups and small businesses, who receive federal funds through the SBIR or STTR programs.

You will be able to benefit from this Wyoming startup grant program only after you apply for the same. The applications are normally reviewed in September and October, each year. The SBIR Matching Grants for Wyoming small business assistance provides the following amounts:

Phase-1 Matches

  • Grant of a maximum of $100,000 for any first-time SBIR Phase 1 applicants
  • Grant of a maximum of $70,000 for repeating SBIR Phase 1 awardees

Phase-2 Matches

  • Grant of a maximum of $200,000

The Wyoming Business Council can award a grant amount of up to five million Dollars ($5,000,000) in total SBIR grants each fiscal year at its sole discretion.

The Regional Startup Challenge Sponsorship

The Regional Startup Challenge Sponsorship program is intended at leveraging regional successes. The Wyoming Business Council makes funds available as a part of their Wyoming startup grant programs to initiate the startup challenge. According to the Wyoming Business Council, eligible applicants include educational institutions, towns, cities, counties, nonprofit organizations, joint powers boards, and local economic development organizations.

Other recent funding opportunities published in local state

There are several different small business grants in Wyoming that you or your business can benefit from. Wyoming is home to almost 17,716 business entities in a variety of industries. A new business may require financial assistance if not initially then over a period of time. The Wyoming small business loans or grants can help businesses manage their initial and post startup costs in a variety of industries. Some of the most common funding opportunities administered by the Department of the Interior, Bureau of Land Management that a Wyoming small business will be eligible for include:

  • Public funding opportunity known as “Wyoming Wildlife Resource Management”
  • Funding opportunity known as Notice of Intent to Award: Wyoming State Forestry Division for BLM-WY, Wyoming Good Neighbor Agreement
  • Funding opportunity known as BLM Wyoming Recreation and Visitors Services
  • Funding opportunity titled “Head Start and/or Early Head Start Grantee – Laramie County, Wyoming”
  • Funding opportunity titled “BLM WY State of Wyoming, Abandoned Mine Land Coordination AML”

Apart from the above, some of the other grants or Wyoming small business loans programs include:

  • Business Ready Community Grant and Loan Program
  • Managed Data Center Cost Reduction Grant Program
  • Workforce Development Training Fund

Small Business Grants for Women in Wyoming

The world of business is seeing more and more women entrepreneurs and they are playing a key role in contributing to the overall growth of the Wyoming and U.S. economy. Businesses started by women entrepreneurs also require financial assistance and hence Wyoming startup grants are also available for such businesses. One of the most popular Wyoming women’s small business grants is known as the Amber Grant.

Amber Grants

Since there has been an increase in women entrepreneurs or women run businesses, the Amber Grants have been created specifically for businesswomen in Wyoming and all across the US. This is a Wyoming startup grant that is administered by WomensNet and was first launched in 1998. It is targeted at women who want to fulfill their business dreams. This Wyoming women’s small business grant amount can vary from $10,000 to a maximum of $25,000.

How can IncParadise help you?

One of the most important steps towards applying for small business grants in Wyoming is forming a new business or incorporation. IncParadise is an expert incorporation service provider in Wyoming and we can help you with the entire process of establishing your new business in this state.

We at IncParadise have a team of specialists and professionals who will not only help you to incorporate or form a new business but also help with any business related query you may have. We also offer a wide variety of additional services to new and existing Wyoming businesses including assistance with annual filings.

Form your new Wyoming business today!

Filing Doing Business As (DBA) in Wyoming

Date: | Category: | Author: developers

Filing Doing Business As (DBA) in Wyoming

A partnership company or a sole proprietorship business is known to opt for a doing business as (DBA) as it helps such a business to operate the company under a name that is different from their legal or registered name. How do you apply for and register a Wyoming DBA especially if you are planning to start a new business in the state? Do you have to fulfill any Wyoming dba requirements? These are some of the many questions that this DBA article guide will try and answer.

Doing Business As (DBA) in Wyoming

If you are planning to establish your startup or business in the state of Wyoming then you may be required to register a dba in Wyoming. There are several aspects you need to consider in order to file a DBA in Wyoming but let us try and understand what is a DBA and whether you require it or not.

What is Doing Business As or DBA?

When you start a new business, you have to register the name of the business. In the simplest of words, a Wyoming DBA is a legal name that needs to be registered with the Secretary of State. A “Doing Business As” (DBA) name is also sometimes known as a trade name especially for partnerships and sole proprietorships. In other words when a company or person conducts their business under another name then that name is considered to be a DBA name.

For example: An entrepreneur named Jack Wills wants to start a fashion business in Wyoming. He can name it as Jack Wills or as Fashion Frontier wherein, “Fashion Frontier” would be the DBA name. As a result, Jack Willis would have to register a dba in Wyoming under this name.

When do you need a DBA?

A Wyoming DBA or ‘Doing Business As’ is a term used in the majority of states although different states may have different technical names for the same. Some of the most common terms include:

  • Assumed Name
  • Trade Name
  • Fictious Name
  • Trading As

The question is when do you need a DBA or when do you register a dba in Wyoming? According to the office of the Wyoming Secretary of State, all types of business entities including general partnerships, sole proprietorships, limited liability companies (LLCs), corporations, limited liability partnerships (LLPs), limited partnerships (LPs), and any out of state or foreign businesses that are transacting or planning to transact business in the state under a name different from their legal name will be required to file a DBA in Wyoming.
It is important to identify the circumstances where your business may need to register a dba in Wyoming. The circumstances are:

  • If you have a general partnership firm or are a sole proprietor and plan to conduct business using a name other than your own name then you will have to file a DBA in Wyoming.
  • If you have formed an LLC (Limited Liability Company) or a business corporation and are planning to operate your company under a name different from the name of the LLC or company then you will be required to file for DBA after conducting a Wyoming dba search.

For example: let’s say that Johns Trekking Equipment Inc., wants to expand into Sports Clothing then Johns Trekking Equipment Inc. will need to file for a Wyoming DBA to conduct business as Johns Sports Clothing.

File Doing Business As (DBA) in Wyoming

You can operate your LLC, Inc., or any form of business in Wyoming under several DBA names as there are no specified limits but you will be required to file a DBA in Wyoming for each of those names. The process of filing a DBA (doing business as), which is also known as a trade name consists of a few steps as mentioned below.

Wyoming DBA name search

There are specific Wyoming dba requirements that you need to fulfill or be compliant with in order to register a DBA in the state. One of the first steps towards this is a dba name search as this will help you to identify a trade name that you can register for your business in this state.

One of the important aspects of Wyoming DBA name search is that you can browse through an extensive list of existing business names in the state. It is also important to know that Wyoming dba requirements specify that the trade name be distinguishable from other existing names or should be unique. Your trade name should include a proper suffix as mentioned by the Secretary of State like LLC, Incorporated, Corp., etc if your business is actually a corporation or LLC. You can check DBA name guidelines for Wyoming State here.

Register DBA with Wyoming SOS

Once you have identified a trade name for your business and if it is available then the next important step in Wyoming dba requirements is to register the name. You will be required to file DBA in Wyoming with the office of the Secretary of State.

The normal procedure is to complete the “Application for Registration of Trade Name” form, sign and notarize it, and then submit it with the Wyoming Secretary of State along with a filing fee of $100. Alternatively, we at IncParadise can help you register a Wyoming DBA with the office of the Secretary of State. Our process for DBA or trade name registration is quick and efficient and will help you save time.

Managing your Wyoming DBA

A Wyoming DBA is an important aspect of any business as it helps in creating a brand and can be used to serve several purposes including opening of business bank accounts. There is an initial filing fee for registering DBA and once it is registered there will be a Wyoming dba cost for renewal or changing the trade name. Let us look at the three important aspects of DBA or trade name.

Renew Wyoming DBA

After you register a dba in Wyoming, you can apply for business registration. However, it is important to remember that a Wyoming DBA has to be renewed once every ten years. There is a renewal fee of $50 to be submitted along with the renewal form to the office of the Wyoming Secretary of State.

Change Wyoming DBA

Businesses expand in their existing markets or diversify into other markets and in such scenarios you may have to file a DBA in Wyoming. But if you have already filed a trade name and want to change it, what is the process? The process is similar to that of applying for a new DBA, which is:

  • Conduct a Wyoming dba search for determining the availability of your new DBA.
  • Obtain the DBA name change form also known as the amendment to DBA name-registration form.
  • Complete the DBA name change form and submit it along with the Wyoming dba cost or fee for name change.

Cancel Wyoming DBA

At any given point in time, if you want to cancel your Wyoming DBA or trade name then you will be required to complete and submit a Cancellation of Trade Name form. The accompanying fee for cancellation is $10 and the form has to be submitted with the office of the Wyoming Secretary of State.

How IncParadise can help you!

The process to file a DBA in Wyoming requires you to fulfill certain state and legal requirements. This can be quite disconcerting but a professional service provider like IncParadise can handle all your DBA filing requirements in Wyoming on your behalf. This will allow you to focus on other aspects and requirements of your new business.

IncParadise cannot only help you to register a dba in Wyoming but also provide a wide variety of additional services to Wyoming’s new and existing businesses. Our services include getting tax id, corporation status, dissolutions, reinstatement, and foreign qualification among others. You can also enjoy the benefits of our virtual office and mail forwarding services.

Do you need help filing your Wyoming DBA?

Start a business in Wyoming

Date: | Category: | Author: developers

Start a business in Wyoming

Wyoming is ranked right at the top of the “State Business Tax Climate Index” by the Tax Foundation and the state has maintained this spot for almost 5 years now. Many entrepreneurs prefer to start a business in Wyoming due to the many benefits and incentives the state offers. The state also boasts of strong infrastructure, which along with deep financial reserves provide business owners and entrepreneurs with a strong collaborative environment that promotes future growth and expansion.

Entrepreneur’s guide to starting a business in Wyoming

Wyoming is quite the favored state for new business formation. Although you can choose a variety of business structures; the process to form or register a business in Wyoming is different for each business. A new business also needs to be in compliance with Secretary of State annual requirements. It is never easy for new businesses to completely understand the requirements of the formation process like conducting a Wyoming business name search prior to name reservation. Hence we have created this detailed guide to provide an insight into how you can start a business in Wyoming.

The objective of this guide is to provide first time entrepreneurs or new business owners with information pertaining to important aspects of business formation like advantages of starting a business in Wyoming, preparing a business plan, registration process, tax information, annual and ongoing business requirements, and choosing the right business structure among others.

Why choose Wyoming to start a business?

Wyoming, the 10th largest state has a strong economy driven by tourism, mineral extraction, and agricultural commodities. The real GDP of Wyoming in 2019 was $39.31 billion and the economy grew at an annual rate of 1.8%. According to the 2019 small business profile by U.S. Small Business Administration, it is home to more than 66,000 small businesses. Entrepreneurs prefer to start a business in Wyoming as it offers several advantages to all forms of businesses. Some of the top benefits that businesses can enjoy are:

  • No State Taxes: When you register a business in Wyoming, one of the salient advantages is that there are no State taxes like corporate and personal income taxes. It is also important to note that property, sales, and inheritance taxes in the state are among the lowest in the nation. Wyoming also doesn’t have:
    • Inventory tax
    • Franchise tax
    • Business or “per-capita” tax
    • Gross receipts tax
    • Excise tax
  • Non-US citizens can form a business: One of the reasons why first time business owners or entrepreneurs start a business in Wyoming is that you are not required to be a U.S. citizen in order to start your company. You will require a Wyoming registered agent to help you form a business and you can live anywhere in the world and operate your Limited Liability Company (LLC) or Business Corporation. It is also important to note that there are no extra fees required for forming a new business even if you are a non-US citizen.
  • Lower startup costs: A new business has to register with the Wyoming secretary of state in order to operate their business. There are no hidden costs and the initial business formation or incorporation fee is also lower than several other states like Massachusetts or Texas. The overall startup costs as well as ongoing costs are also comparatively lower.
  • Strong Asset Protection and Privacy Laws: Whether you form a limited-liability company or a business corporation in Wyoming, you will be able to benefit from asset protection and privacy laws in the state. When you register an LLC with the Wyoming secretary of state, information pertaining to LLC members or managers are not made available through public databases as a result, businesses enjoy privacy.
  • Easy to move: This is a benefit for entrepreneurs who have formed a business in their home state and want to move the business to Wyoming. The state ensures you are able to start a business in Wyoming with ease as it is one of the few states that allow moving of an established business from another state.
  • Business Incentives: When you register a business in Wyoming, you will be able to take advantage of a variety of state incentive programs. These incentive programs can vary from grants and loan programs to tax exemptions, direct financial incentives, workforce development training incentives, and industrial development bonds among others.

Steps to start a business in Wyoming

Wyoming is one of the few states that have been consistently voted as one of the best business friendly environments in the country. The state enjoys a high rate of economic growth with the biggest contributor being mining. Some of the top industries that attract entrepreneurs to start a business in Wyoming include travel and tourism, manufacturing, real estate, logistics, consumer services, and technology. The question is, how do you start a business in the state or what is the process for registering and obtaining a Wyoming business license? The following steps will provide an insight into the important requirements towards making a business fully operational.
steps to start a Wyoming business

Prepare a Wyoming business plan

A business plan is like a roadmap of a business and hence critical to its formation, operation, growth and expansion. A business plan is essential before you start a business in Wyoming as a well-written plan contains strategies and takes into consideration everything from startup costs to competition, employees, market advantages, short-term goals, and long-term objectives. A strong business plan will serve several purposes like:

  • Help in making better business decisions
  • Help in avoiding any big mistakes like underscoring competition
  • Ensure that market research is conducted in a way that provides an insight into your competitors, customers, and industry
  • Provide an insight into how to find and hire skilled employees and employ a Wyoming registered agent
  • Help in setting long-term objectives and strategy enabled benchmarks
  • Provide help in communicating these benchmarks and objectives to employees and investors
  • Help secure financing or loans from banks and other financial institutions
  • Help formulate better marketing plans along with operations, logistics and cash flow projections

Attend Entrepreneurial Training or Development Programs in Wyoming

Whether you are an entrepreneur planning to start a business in Wyoming or a business owner operating a startup, entrepreneurial training and development programs can be beneficial to you and the business in terms of creating a stable and sustainable business. The importance of these programs lies in their objective, which is to strengthen your business by focusing on key business areas like marketing, finance, strategy, and human resources. You can also find relevant information pertaining to new business or entrepreneurship development programs with the office of the Wyoming secretary of state. There are several advantages or benefits of such entrepreneurship training and development programs such as:

  • Entrepreneurial training and development programs in Wyoming play a key role in developing entrepreneurial skills in those who are interested or planning to start a new business. These skills will help you to start a business in Wyoming and run them successfully.
  • This type of programs can play the key role of a catalyst, which can help businesses achieve their social and economic development objectives, including innovation, growth, equity, and employment.
  • This type of program will help you determine the primary and secondary objectives and goals of your business
  • These programs will enhance your managerial capabilities and employee handling skills
  • The training and development programs for entrepreneurs provide knowledge and impart skills related to implementing modern technology in daily business affairs

You are probably wondering how you can be a part of any of the training events or development programs. You can look for this type of training in different Wyoming networks focusing on small businesses as they offer entrepreneurship and small business training opportunities online and offline as well. The training covers an array of topics right from how to successfully start a business in Wyoming to creating expertise in social media marketing, finding and attracting investors, and mastering day-to-day business operations among others.

Choose Business Structure for Wyoming Business

Choosing a business structure is as important as registering a business in Wyoming. A business structure is basically a legal structure of your company and has to be mentioned when filing for registration in the office of the Wyoming secretary of state. The type of business structure you choose will not only define how much tax you will pay but also highlight the personal liability you may face. The business structures you can choose to form in Wyoming are:

  • Sole Proprietorship
  • General Partnership
  • Limited Partnership
  • Corporation
  • Close Corporation
  • Limited Liability Company
  • Close Limited Liability Supplement
  • Statutory Trust
  • Limited Liability Partnerships

Generally, when you start a business in Wyoming, the business structure you choose will be governed by three primary factors, which are taxation, liability and record-keeping. Apart from these, each business structure has its own benefits and limitations.

For example: If you form a business corporation then one of the key benefits is personal liability protection. Similarly, if you form an S corporation or a partnership, you will enjoy “pass through taxation” where-in, the income or loss is passed through to your individual tax return. Some of the other factors that govern the type of business structure include cost of formation and flexibility of ownership structure like in a Limited Liability Company (LLC).

Naming Your Wyoming Business

A name is integral to a business as it plays a key role in different areas associated with the business itself like advertising and branding. A business name helps in communicating business strategy to prospective consumers, media, investors, and even employees. Even the process to register a business in Wyoming requires you to first conduct a Wyoming business name search and then reserve the name. There are some important aspects to consider when naming your business and they are

  • Think of an appropriate name: You need to ideate or think of a name that goes with your business, products, or services.
  • Follow Wyoming SOS guidelines: The Wyoming secretary of state has several guidelines pertaining to choosing a business name. There are certain words and characters that are not considered as distinguishable like Limited Liability Company, Ltd, Liability Co., LC, or LLC. It is important to note that without a proper business name, you will not be able to register a business in Wyoming.
  • Check SOS database for chosen business name availability: You need to conduct Wyoming business name search and also compare the distinguishable words and characters as mentioned in Secretary of State Guidelines.
  • Reserving/Registration of Name: Once you have chosen your business name, you will be required to apply for reservation of business name or registration of trade name.

    Note: If you are submitting Articles of Incorporation or Articles of Organization then at that time, name reservation will not be required pursuant to W.S. 17-16-402(a) and W.S. 17-29-109.

Choose Your Location for Wyoming Business

If Wyoming is your chosen state for starting a business then it is important to identify the perfect location to launch the business. There are several factors that determine the location to start a business in Wyoming like transportation infrastructure, proximity to the local markets, distribution network, competition, accessibility, and security among others.

There are 23 counties in the state of Wyoming where you can start your new business after obtaining a Wyoming business license. The counties are

  • Albany
  • Big Horn
  • Campbell
  • Carbon
  • Converse
  • Crook
  • Fremont
  • Goshen
  • Hot Springs
  • Johnson
  • Laramie
  • Lincoln
  • Natrona
  • Niobrara
  • Park
  • Platte
  • Sheridan
  • Sublette
  • Sweetwater
  • Teton
  • Uinta
  • Washakie
  • Weston

Once you register a business in Wyoming, you can operate from any of the above counties although it is important to note that each county has its own local business laws, zoning laws and requirements, and licensing requirements including business license inspections.

Register Your Business with Wyoming SOS

If you are planning to register a business in Wyoming then its formation will be governed by 2015 Wyoming Code, Title 17 – Corporations, Partnerships and Associations. Depending on the type of business entity you are planning to register like Sole Proprietorship, LLC, or Corporation, you will be required to submit the corresponding application with the office of the Wyoming secretary of state.

For example: you will be required to file articles of organization for an LLC and articles of incorporation for profit corporations. It is important to remember that the articles should be in compliance with Wyoming Statutes.

You register a business in Wyoming online or by submitting the applications through mail along with the filing fee. As one of the most reputable Wyoming registered agents, we provide a wide variety of new business formation and maintenance services in all 50 states including Wyoming. We can help you to form your business in the state by assisting with services like drafting of custom incorporation articles or filing the new business formation application.

Start your new business in Wyoming today!

Get Your EIN

An Employer Identification Number (EIN) is required mostly by businesses that have employees or multiple members, partners etc. If you are planning to start a business in Wyoming, which is an LLC or a business corporation then you may be required to apply for an EIN. This is a unique nine-digit tax ID number also known as the Federal Tax Identification Number and is issued by the Internal Revenue Service(IRS).

The benefit of having an EIN number is many as it will aid a business in filing tax returns, applying for a Wyoming business license and opening a business bank account. You can apply for an EIN before or after you start a business in Wyoming. One of the most important resources for information pertaining to this Federal Tax ID number is IRS. You will find information on applying for tax ID online, eligibility requirements, Employer Tax Responsibilities, organizations exempt from EIN, and Tax Obligations of different types of businesses.

Want to apply for a new EIN for your business?

Open a Business Bank Account for Wyoming Business

One of the important elements of establishing sound business practices is opening a business bank account. Ideally, you should open a bank account before you register a business in Wyoming but you can do this after forming your business as well. The requirements for opening a business bank account can vary from one bank to another. The common general requirements are:

  • Articles of Organization/Incorporation
  • Operating Agreement or Corporate Bylaws
  • Employer Identification Number (EIN)

You can speak with the local city or county branch where you are planning to open a business bank account as they will be able to provide you with a comprehensive list of requirements.

Obtain Wyoming State Business Licenses and Permits

Once you register a business in Wyoming, you will need to apply for a business license. It is important to note that every business may not require a license but at the same time some businesses may require multiple licenses. If your business falls under any of the following categories then a Wyoming business license will be issued by concerned state agencies.

The industries are:

  • Food: If your business activity revolves around food processing, distribution, storage, and preparation for retail or wholesale then you will have to obtain a Wyoming business license from the department of agriculture.
  • Banking: If you start a business in Wyoming in the banking industry then the business license for the same will be issued by the Division of Banking, Wyoming Department of Audit.
  • Insurance: If your business activity revolves around selling insurance then the Wyoming business license will be issued by the Wyoming Insurance Department.
  • Transportation: If you are planning to start a business in Wyoming in the transportation industry like a trucking business then you may require licenses and/or permits issued by the Wyoming Department of Transportation.
  • Wildlife: According to the Wyoming State Statutes, Title 23, Game and Fish and Wyoming Game and Fish Commission Regulation: Chapter 44, a variety of Wyoming business licenses are issued by the Wyoming Game and Fish Department.

Do you want to know which business licenses your business requires?

Apply for Unemployment & Workers Compensation Wyoming

Once you have registered your business with the Wyoming secretary of state, you need to apply for Unemployment & Workers Compensation. The Wyoming Workers Compensation Insurance provides protection to employers as well as employees especially in cases related to work injury, disability benefits, or illness. It is administered by the Workers Safety and Compensation Division of the Wyoming Department of Employment. The Wyoming Department of Workforce Services collects unemployment tax from businesses or employers in order to provide unemployment insurance to employees or individuals qualifying for the benefits. You can apply for unemployment and workers compensation insurance online or by submitting an application for the same.

You can download the application or file online at the Wyoming Department of Workforce Services website. You will be able to access information, find other related forms & documents from the website. You can contact for report of injury directly at the:

  • Wyoming Department of Workforce Services, Workers’ Compensation Division
    5221 Yellowstone Road, Cheyenne, WY 82002Map
    Send mail to this address: P.O. Box 20207, Cheyenne WY 82003
    Phone -(307) 777-7441
    Fax -(307) 777-6552
    Fraud Hotline -(888) 996-9226

Some of the other important office locations & contacts are:

  • CASPER Field Office
    851 Werner Court, #120, Casper, WY 82601
    Phone -(307) 235-3664
    Fax – (307) 235-3699
  • CASPER Safety & Risk
    851 Werner Court, #121, Casper, WY 82601
    Mailing address: P.O. Box 2760, Casper, WY 82601
    Phone -(307) 212-2222, Robert C. Salinas, Jr., Safety Specialist
    Phone -(307) 235-3265, Todd Condelario, Safety Specialist
    Fax -(307) 235-3688
  • CHEYENNE Employer Services
    5221 Yellowstone Road, Cheyenne, WY 82002
    Phone -(307) 777-6763
    Fax -(307) 777-5298
    Fraud Hotline – (888) 996-9226
  • CHEYENNE Claims
    5221 Yellowstone Road, Cheyenne, WY 82002
    Mailing address: P.O. Box 20207, Cheyenne WY 82003
    Phone -(307) 777-7441
    Fax -(307) 777-6552
    Fraud Hotline -(888) 996-9226

Register with Wyoming Department of Revenue

Although there are no corporate or income taxes in the state of Wyoming, most businesses are required to register with the Wyoming secretary of state as well as the Department of Revenue. The state of Wyoming has excise and sales taxes and these have to be paid through the revenue department. Once you start a business in Wyoming, you can download the excise (sales & use) tax forms/applications including the Sales/Use Tax License Application directly from the website of the Wyoming Department of Revenue.

You can mail forms or applications to:

  • Wyoming Department of Revenue
    122 West 25th Street, Suite E301
    Herschler Building East
    Cheyenne, Wyoming 82002
    Telephone: (307) 777-5200
    Fax: (307) 777-3632
    Website: http://revenue.wyo.gov
    Email: dor@wyo.gov

It is important to note that Wyoming counties are categorized under 4 Excise Regions and you will be required to coordinate with the office in the region where your business has been formed. This means that if you register a business in Wyoming in Lincoln then it will fall under Excise Region #4 and if you have formed a business in Campbell County then it will fall under Excise Region #2.

Annual and Ongoing Requirements

If you register a business in Wyoming there are some annual and ongoing requirements that you or your business will be required to fulfill. Although businesses are not required to file any annual franchise tax they are required to file an annual report and this is especially true for LLC’s and business corporations. The annual report can be filed online or submitted through mail to the Wyoming secretary of state along with the fee.

Some Important Quick Resources for Wyoming Business

When you start a business in Wyoming, there are several aspects that you will have to consider right from hiring a Wyoming registered agent to filing a variety of business documents. Here is a list of some of the most important resources for Wyoming startups that will aid in setting up your business in the state.

Wyoming Secretary of state

The Wyoming secretary of state is a constitutional office that consists of several divisions like the Administrative Services Division, Business Division, and Compliance Division etc. When you start a business in Wyoming, you will be dealing with the Business Division as it is responsible for filing information regarding businesses and includes charters of business corporations and other entities. This division is also responsible for registering trademarks as well as trade names. The contact information for Wyoming secretary of state, Business Division is:

Wyoming Business Council

Founded in 1998, the Wyoming Business Council is tasked with the responsibility of providing a variety of business resources and builds a strong job creation platform in the state. The primary function of the Business Council is acting as an economic development agency for the state of Wyoming. The Wyoming Business Council also administers a Community Development Block Grant Program along with Planning Only Grants, Job Training Grants, Convertible Loans, Technical Assistance Grants, Section 108 Loans and Float Loans, which will be helpful if you start a business in Wyoming. The contact information for the Wyoming Business Council is:

Wyoming Department of Workforce Services

The Wyoming Department of Workforce Services (DWS) plays a key role in ensuring fair and legal employment and assists businesses through their three divisions, which are Standards and Compliance, Workforce Programs, and Research, Policy, and Communications. The department also facilitates the growth of businesses and employers by providing several resources in areas like Workforce Development Training, Workers’ Compensation, and Unemployment Insurance among others. They have branch offices situated in more than 30 cities. Important contact information for this department is:

  • Wyoming Department of Workforce Services
    851 Werner Court, #120, Casper, WY 82601
    Phone: (307) 235-3664 – Workers’ Compensation, (307) 234-4591 – Employment & Training (Workforce Center)
    Website – http://wyomingworkforce.org

Wyoming Department of Revenue

The primary objective of the Wyoming Department of Revenue is administration and collection of minerals as well as excise tax along with valuation of property and enforcement of liquor control laws. After you register your business with the Wyoming secretary of state, you will be required to register with the state department of revenue. The contact information for the Wyoming Department of Revenue is:

  • Wyoming Department of Revenue
    122 West 25th Street, Suite E301
    Herschler Building East
    Cheyenne, Wyoming 82002
    Phone: (307) 777-5200
    Fax: (307) 777-3632
    Email – dor@wyo.gov
    Website – http://revenue.wyo.gov

Wyoming Small Business Development Network

The Wyoming Small Business Development Center (SBDC) Network is a partnership formed between the Wyoming Business Council, the University of Wyoming, and the U.S. Small Business Administration (SBA). The primary objective of SBDC is to offer technical assistance as well as business expertise. If you start a business in Wyoming, SBDC can provide the tools and expertise necessary to help your business achieve growth. The contact information for Wyoming SBDC is:

Wyoming Technology Business Center

The Wyoming Technology Business Center (WTBC) is an innovation-driven business development program or incubator system that is situated in Laramie, Casper, and Sheridan. The programs will be beneficial after you register a business in Wyoming as it provides expertise, coaching as well as shared resources to start-ups to foster an environment for growth. The contact information for Wyoming WTBC is:

Wyoming Women’s Business Center

Founded in 1999, the Wyoming Women’s Business Center (WWBC) offers current and prospective women entrepreneurs or business owners with a variety of business assistance. WWBC has several programs that you can benefit from if you are planning to start a business in Wyoming. The assistance includes professional business counseling, start-up or expansion advice, access to training, and micro-loan or microfinance programs. The contact information for Wyoming WTBC is:

  • Wyoming Women’s Business Center
    13th & Lewis Streets, Education Annex Building,
    Rooms 155 &158
    Bosler, WY 82051
    Phone: (307) 460-3943
    Website – hhttps://www.wyomingwomen.org

Ready to start business in Wyoming?

Every business needs a good platform and a pro business environment to start and this is where the state of Wyoming provides an advantage. If you have wanted to register a business in Wyoming and are wondering how to go about it then IncParadise can provide you with valuable assistance. We are a reputable Wyoming registered agent with experience and expertise in new business formation. IncParadise has helped thousands of businesses in Wyoming to successfully form an LLC or a business corporation.

We are not only one of the top incorporation service providers in Wyoming but can also provide additional services to help start a business in Wyoming like EIN assistance, foreign qualification, Certificate of Good Standing (Certificate of Existence) in Wyoming etc.

Start a business in Wyoming with all its benefits!