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.
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
- 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
- Big Horn
- Hot Springs
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.
- 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
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.