Start a Business in Wyoming

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

Wyoming business environment

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

10 Reasons of Incorporating Business in Wyoming

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

1. No Taxes

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

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

2. Favorable Tax Exemptions

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

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

3. Asset Protection & High Privacy

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

4. Minimum Corporate Formalities

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

5. No Minimum Capitalization

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

6. Unlimited Stock Issuance

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

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

7. US citizenship not required

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

8. Easy to move

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

9. Lower startup costs

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

10. Transferability of ownership

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

Ready to start a business in Wyoming?

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

Wyoming Annual Report for LLC and INC

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

What is Wyoming annual report?

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

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

Filing Your Wyoming Annual Report

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

Wyoming annual report due dates

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

Fees for filing annual report for LLC and INC

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

Filing your Wyoming annual report to Wyoming SOS

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

How does IncParadise help you?

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

Wyoming Business License

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

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

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

Want to know what Wyoming licenses your business requires?

Wyoming small business information

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

General Permit Requirements in Wyoming

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

Unemployment insurance & Employer registration

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

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

New hire reporting

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

Federal requirements

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

Local licensing requirements

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

Identify the Wyoming Licensing Requirements for your business!

Workers’ compensation

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

Occupational health and safety

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

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

Obtain Professional License

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

Wyoming Business License Fees

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

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

How does IncParadise help you?

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

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

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.

• 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.

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.

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.

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

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.

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.

• 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

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.

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.

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.

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

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.

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.

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.