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Wyoming
Wyoming Corporation & LLC total only $189
Are you planning to start a new business? Incorporate in Wyoming! Wyoming is the most preferred one-stop destination for start-up businesses as well as big corporations. Corporations and businesses find Wyoming a state that offers several benefits that will aid in the growth of their business. There are no personal income taxes, no corporate income taxes and privacy of company owners is guaranteed.
Incorporate in Wyoming Online
You can form a Wyoming Corporation by filing The Articles of Incorporation with the Wyoming Secretary of State. If you hire us to form your Wyoming corporation (we do so every day), your total cost will be $189. That’s it.
You will need to search and choose a company name prior to filing your application. The applicable fee for a for-profit Corporation is $100 while that of a nonprofit Corporation is $25.
If you are thinking of forming a Wyoming Corporation online then incparadise.net, a registered agent in the state of Wyoming, can provide the following services:
- Drafting of custom incorporation articles for Wyoming Corporation
- Filing of Wyoming Profit Corporation registration form
- Receipt of filed documents within a period of 3 to 6 business days from the date of filing
Time to set up a company
The time for processing the Wyoming Corporation formation can vary from one state to another, although the routine procedure takes anywhere between 4 – 6 weeks. You can always opt for “Expedited” processing, which will reduce time considerably. Under Expedited processing, we will ensure the necessary documents are filed with the Wyoming Secretary of State’s office electronically or through an overnight dispatch service.
Expedited processing will ensure formation of Wyoming Corporation within 2 or 3 business days.
Note: State fees may apply for expedited services
Advantages
Wyoming is one of the best states to incorporate a business as there are numerous benefits that corporations can enjoy. First things first, a Wyoming corporation does not require:
- Corporate income tax
- Personal income tax
- Gross receipts tax
- Inventory tax
- Franchise tax
- Disclosure of shareholders
- Citizenship Requirements
- Over-burdening regulations
- Per-capita tax
Property, sales, and inheritance taxes in Wyoming are also amongst the lowest in the USA.
Some of the other advantages include:
- Privacy – As a Wyoming Corporation, you have the right to privacy. Wyoming doesn’t require Corporations to divulge information regarding their shareholders or owners. This ensures protection from lawsuits.
- Corporate formalities and restrictions on business operation is minimal in the state of Wyoming
- Annual Fees – Wyoming Corporations can benefit from low annual fees, which is based on the value of corporate assets within the state. The minimum fee is $50. If you have assets worth one million dollars, then the fee in Wyoming would be approximately $200.
LLC, Corporation S or C
When a corporation is formed in Wyoming, it exists in the form of a C Corporation. It will remain as a C Corporation unless you apply for a change in status. A C Corporation can be changed to a S Corporation only when proper consent is given by existing shareholders. Apart from this, Form 2553 has to be filed with the IRS for special tax treatment (“pass-through taxation”) in accordance with Subchapter S of the Internal Revenue Code.
You can file for S Corporation at any point in time after the formation of C Corporation.
Yearly requirements
Registered business entities or corporations that have “active status” in the state of Wyoming will need to maintain yearly requirements to keep their business in compliance. The yearly requirements are as follows:
- Annual report: Corporations are required to file an annual report on or prior to the first day of the anniversary month of the incorporation.
- Business license or permit: A business license or permit is required for operating businesses in the state of Wyoming and needs to be renewed annually.
- Federal tax identification number (EIN): EIN is required for Corporations that have employees. Additionally, it is required by banks for opening a business account.
Cost to incorporate in Wyoming
The cost of forming a Corporation in Wyoming is $189. The fee takes into account state filing fees, corporation name check, filing of Wyoming State Certified Articles of incorporation, initial list of directors, and business license.
Wyoming additional services
Form LLC in Wyoming online
Wyoming LLC articles can be filed online as well as by mail to the Secretary of State along with a filing fee of $100. If you are thinking of forming a Wyoming LLC online then incparadise.net, a registered agent for LLC formation services in Wyoming, can provide you the following services:
- Drafting of custom NV incorporation articles for Wyoming LLC
- Filling of Wyoming LLC registration form
- Receipt of filed LLC documents within a period of 3 to 6 business days from the date of filing
Time to set up a company
The time for processing a LLC formation varies from one state to another and the manual procedure for filing documents will increase the formation time to 4 – 6 weeks.
The second option is “Priority” or “Expedited” processing. Under Expedited processing, we will ensure the necessary documents are filed with the Wyoming Secretary of State’s office electronically or through an overnight dispatch service.
Expedited processing will ensure an LLC can be formed within 2 or 3 business days.
Note: State fees may apply for expedited services
Advantages
Wyoming LLCs can be formed through filing articles of organization with the Secretary of State and are governed by Wyoming Statutes: Title 17, and Chapter 29 Wyoming Limited Liability Company Act.
Unparalleled limited liability protection is one of the top benefits that LLCs can derive in Wyoming. Some of the advantages it has over other states include:
Limited liability and Asset Protection
- An LLC is considered to be a separate legal entity that has a unique Federal tax ID Number. It is responsible for its debts as well as liabilities, but this responsibility is not shifted to the owners.
- Forming a Wyoming LLC means that managers and members can benefit from the high degree of protection against lawsuits. LLCs in Wyoming are a preferred option for many, as you can maintain your privacy while safeguarding your assets.
Unparalleled Privacy
As the owner of Wyoming LLC, you can enjoy unparalleled privacy. This is because:
- In Wyoming, there is minimal reporting and disclosure obligations
- Ownership information of a Wyoming Limited Liability Company is not listed with Wyoming state
- It is not mandatory to list members or managers of your LLC
Other
- No State taxes – Forming a Wyoming LLC means your business or company will not be liable for state taxes
- Citizenship requirements not mandatory – You don’t need to be a US citizen to form an LLC in the state of Wyoming.
- Moving existing LLC – Wyoming LLC laws have made it easier for you to move your existing LLC from any state to Wyoming.
- Start-up costs are lower – Forming a Wyoming LLC translates into lower start-up costs as LLC filing fees are affordable.
LLC, Corporation S or C
When a corporation is formed in Wyoming, it exists in the form of a C Corporation. It will remain as a C Corporation unless you apply for a change in status. A C Corporation or LLC can be changed to an S Corporation only when proper consent is given by existing shareholders. Apart from this, Form 2553 has to be filed with the IRS for special tax treatment (“pass-through taxation”) in accordance with Subchapter S of the Internal Revenue Code.
You can file for an S Corporation at any point in time after the formation of LLC or C Corporation.
Yearly requirements
Once a limited liability company (LLC) has been formed, you need to undertake specific steps to maintain compliance as a part of yearly requirements. These steps are necessary towards preserving the limited liability that an LLC provides its owners. The yearly requirements for Wyoming LLCs are:
- Annual report: LLCs are required to file an annual report on or prior to the first day of the anniversary month of the LLCs formation.
- Business license or permit: A business license or permit is required for operating LLCs in the state of Wyoming and needs to be renewed annually. Complete details and package is provided here.
- Federal tax identification number (EIN): An EIN is required for LLCs that have employees. Additionally, it is required by banks for opening a business account.
Cost to incorporate in Wyoming
The cost of formation of a Limited Liability Company (LLC) in Wyoming is $189. The fee takes into account state filing fees, LLC name check, filing of Wyoming State Certified Articles of Organization, initial list of managers or members, membership agreement, and business license.