Transfer Your Company to Wyoming
Do you own a business in Nevada or Delaware? Do you end up paying more fees for one thing or the other? Then, maybe it’s the right time to move your business to another state and what better state than Wyoming? You can file for Continuation (transfer) to move your company to Wyoming for less than what you are being charged this year for your annual renewal fees. Currently the Nevada Annual list and Business License renewal fees can range anywhere from $400-$600 depending on your entity type. However, the Wyoming state annual renew cost is currently $45, plus the filing fee if you go through a filing service such as Incparadise. If you want to transfer your company from the current state you are doing business in to a different state, you are required to go through the process of changing company domicile, also known as a domestication.
Note: You can move a company from any state or country to Wyoming.
- Same Company Retention: You will retain the original formation date of the company and will get the benefit of dealing with a company that has been doing this for over 14 years.
Also, there is no corporate or state income tax return in Wyoming to file for every year!
- No business tax: Wyoming doesn’t ask you to register your business with the State and pay a fee just to be a business in Wyoming. (For example, Nevada requires a business registration fee of $20.)
- One person corporation: The same person can be the President and Secretary of a limited liability company in Wyoming.
- Limitation of liability: When you move to Wyoming, your company is under the best asset protection laws in the nation.
- Information privacy: Wyoming doesn’t share taxpayer information with the Internal Revenue Service (IRS).
- Member privacy: In Wyoming, the business member’s information is never on public record.
The annual report in Wyoming requires only one persons name on record for the assets. Also, with a Wyoming limited liability company, you can anonymously own your LLC.
- Unlimited membership certificates: You can issue an unlimited number of member certificates.
- Low fees: There are no “hidden fees” for registering members or changing your address. The yearly renewal fee to the State of Wyoming is $50, assuming that you have no assets located inside the state.
- Retain same Tax Id: By transferring your company to Wyoming, you will retain the same tax id number. Also, you will not have to move assets to a newly formed company, risking federal taxes.
Steps to Move Your Company to Wyoming
- Request a Certified Copy of Your Formation Documents: It’s mandatory to request your certified copies from your home state’s Secretary of State or Corporations Division. The Wyoming Secretary of State will ask you for these documents as a proof of your company’s existence and registration in that state.
- Get Wyoming Articles of Continuance: With Wyoming Articles of Continuance, you can move your company to Wyoming and keep the original company formation date. This way your business won’t lose any of its history.
- Find a Wyoming Registered Agent: If you move your company to Wyoming, it’s mandatory to have a registered agent as their address would be part of the public record. It’s where official messages are sent. If you are looking for privacy, then avoid being your own registered agent. You can always choose a professional Wyoming Registered Agent Service to avoid this.
- Write a Resolution Authorizing Continuance: It is required to provide evidence that the owner(s) of the company has approved to move the company from the home state to Wyoming. It is done by writing a Resolution Authorizing Continuance. You can either write it or type it; it doesn’t need to be anything fancy. It must state that the owner(s) of the company is authorizing the dissolution of the company in its home state and moving to Wyoming. It must be signed in ink by the company owners or the ones authorized to make the decision. For Corporations, either the Board of Directors or the Shareholders must sign, and for LLC the members need to sign.
- Fill Out Dissolution Documents From Your Home State: For domestication approval, you need to send a copy of your unfiled dissolution documents to the Wyoming Secretary of State. It will be filed with your home state’s Secretary of State or Corporations Division. This document will dissolve your company in your home state.
Please remember not to file dissolution documents initially. This is the very last document to be filed. Just fill this document, make a copy of it for the Wyoming Secretary of State and keep it aside.
File Documents in Wyoming: Once your paperwork is done, and you are ready to go, you can then send it to the Wyoming Secretary of State. Include the $100 filing fee. Make the checks and money orders payable to the Wyoming Secretary of State.
- What to File in Wyoming?
– Wyoming Articles of Continuance along with Signed Registered Agent Consent Form
– Certified Copy of Your Formation Document From Your Home State
– Signed Resolution Authorizing Continuance
– Unfiled Copy of Articles of Dissolution From Your Home State
- Get Continuance Approval in Wyoming: Once you are certain that your paperwork has been approved by the Wyoming Secretary of State, you can then, file your dissolution documents. In a worst-case scenario, your company could be dissolved in both your home state as well as in Wyoming; in case your filing in Wyoming is rejected, your company would no longer exist anywhere. Hence, it is recommended that you get the approval from Wyoming initially.
When all your paperwork gets approved by the Wyoming Secretary of State, it will then receive a confirmation.
- File Dissolution Documents in Your Home State: After receiving the confirmation that your dissolution documents have been accepted in Wyoming, it is now the right time to file your dissolution paperwork in your home state and pay any fees associated with it. Dissolution procedures and fees vary from state to state. You can consult a professional and ask them about your state’s dissolution procedures and fees.
Why move out of Nevada?
It is much cheaper in the first year to move your corporation or LLC from Nevada to Wyoming. Yes, it’s true! Also, after the first year, you save at least $300 every year by simply moving your company to Wyoming. Wyoming is very pro-business and has not raised its fees like Nevada, and other states to cover budget deficits. You have to file a tax return with Nevada, even if you are under the gross receipts tax limit. This is going to provide Nevada with inside information about your company. Wyoming does not ask for this information. Your minimum State fee to Nevada for a corporation will be at least $650. If you move to a Wyoming corporation, in most cases this fee would be $50. You are required to list owners with Nevada. Wyoming does not ask you to do this.
How to Move Your Company from Nevada to Wyoming
To dissolve your company in Nevada, you must file dissolution documents with the Secretary of State. The documents you will file depend on whether or not you’ve begun any business in the state.
Forms to Submit
LLC: Articles of Dissolution before Commencement of Business
LLC: Articles of Dissolution
Corporation: Certificate of Dissolution before Payment of Capital and Beginning of Business
Corporation: Certificate of Dissolution
The filing fee for both LLCs and Corporations is $100.
The filings above include forms to indicate where and how you want the Secretary of State to send you all the documents back, forms to request certified copies, and forms to request any expedite options. You can hand-deliver, mail or fax the dissolution paperwork to the Secretary of State.
Why Move Out of Delaware?
The restrictions that apply to corporate dividends in Delaware are not included in the provision of Wyoming law, as it authorizes stock buy-backs. The legal confidence provided by Wyoming law on this point is a definite benefit over the present state of Delaware corporate and case law. Moreover, there are abundant savings on state franchise tax. Many public companies save over $250,000 per year in state fees, by re-domiciling to Wyoming.
Forms to Submit
LLC: Certificate of Cancellation of a LLC
Corporation: Certificate of Dissolution (or Certificate of Dissolution Short Form)
The cancellation fee for a Delaware LLC is $200 including all the annual taxes. In case of Corporations, they are required to pay one of the two fees.
- If your Corporation is paying more than the minimum annual franchise tax, you need to file a Certificate of Dissolution, pay a filing fee of $204, and pay all the taxes.
- If your Corporation meets all of the below requirements, you can file the Short Form and pay only the $10 as your filing fee:
– The corporation has paid all the franchise taxes and fees throughout the current year.
– The corporation has no assets and has discontinued all business
– The corporation, for every year of its incorporation, has paid the minimum franchise tax
Hence, there are many perks of moving your company to Wyoming. It keeps your original organization date which is a big deal if you’ve been in the business for a long time along with the lowest fees for yearly maintenance.
If you have made your mind to move your company to Wyoming, check with a professional attorney to see if your company is doing anything that would require it to be registered in the state you are moving from.
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