How to Form an LLC in Wyoming: A Simple Guide

When you decide to start a new LLC in Wyoming you will need to ensure you are aware of certain guidelines that are set by the state to correctly form and file your new business. To be sure you are correctly going through this process, it can be helpful to make a checklist so you do not forget any important steps and start your business the right way. This list will include:

1. Choosing a Business Name

2. Appoint a Registered Agent

3. Submit Your Articles of Organization

4. Draft an operating agreement

5. Obtain an EIN

6. Maintain ongoing compliance

Wyoming is one of the more popular states to form an LLC in due to the privacy protection enjoyed by owners of LLCs in the state. Wyoming does not require any of the name of members or managers to be filed with your documents, which is useful for those who would like to not be very public about who owns their LLC.

Step 1: Choosing a Business Name

The first step of forming a new LLC in Wyoming will be to choose a business name that is available. Your name will need to be unique and distinguishable enough from other businesses in the state. Be sure to check to see if businesses with similar names have been administratively or voluntarily dissolved. Wyoming will hold names of businesses that have been administratively dissolved for up to 2 years, however they do not hold names of businesses that voluntarily dissolved. If it has been past the timeframe for the hold or if the business voluntarily dissolved, then you can choose that name or something very similar for your LLC.

Be sure to avoid using certain terms in your business name that will cause issues, such as "bank", "insurance", or anything suggesting you are affiliated with the government. Use of these terms might cause your business to need to be approved by the state before, and supplying the corresponding paperwork that proves you are qualified to have these terms in your name.

Step 2: Appoint a Registered Agent

All LLCs that register in Wyoming will need to have a registered agent assigned to their business. This person will be responsible for receiving service of process for your LLC, such as notice of any lawsuit against your business or important information sent to your business by the state. You are able to appoint anyone as your registered agent, whether that be yourself, a trusted friend or family member, or you can hire a registered agent service to handle this for you.

It's important to ensure whoever you appoint is reliable and meets the requirements for acting as a registered agent. The requirements of a registered agent include being at least 18 years or older, having an active address in the state of Wyoming, and being available during regular business hours which are Monday through Friday 9am-5pm. Be aware that if you choose to be your own registered agent, your address will be listed on your Articles of Organization which will be public information. Hiring a registered agent service can help avoid this by listing their business address instead of your personal address on these documents.

Step 3: Submit Your Articles of Organization

With your business name chosen and your registered agent in place, you can now file your Articles of Organization with Wyoming to officially form your LLC. To do this, you will need to go to the Wyoming business site, and choose the first line which says file your Wyoming LLC. If you are confused or do not want to go through this process on your own, Firstep is able to file your new LLC for you and ensure all documents are filled out correctly which allows you to focus on your business operations instead of the paperwork.

Once you have navigated to the Articles of Organization form, you will need to enter in your business information. This will include having to provide:

• Your business structure

• Business name with designators (LLC, L.L.C., or Limited Liability Company)

• The effective date

• Registered agent information including the name, email, and Wyoming address

• The principal office address, phone number, email address, and mailing address for the business

• Organizers of the business and their information

• A signature to authorize the submission

With this information entered, you will then be taken to a payment screen where the cost of forming a new LLC in Wyoming will be $100, with a $2 online processing fee, for a total of $102. The process for approval will be instant, and you will be able to download your certified documents after your payment has been processed.

Step 4: Draft an Operating Agreement

Now that your LLC has officially been formed with the state of Wyoming, a suggested next step will be to draft an operating agreement for your business. Operating agreements will detail the roles, responsibilities, and processes for decision making within your business. In Wyoming, operating agreements are not legally required but they are highly recommended. This is because operating agreements will outline the ownership roles, responsibilities, voting rights of members, and the processes for how your business will make major decisions.

As your business grows it can be very useful to have these processes detailed in writing to avoid disputes between members of the business. Also, your operating agreement will be able to outline how members will join and leave your business. This is helpful for you as you gain new investors in the business, or members decide to leave, as this will be a standardized process that you follow.

Step 5: Obtain an EIN

Along with the operating agreement, you will also need to file for an EIN as well. An EIN, or employer identification number, will be issued to your business by the IRS. This number will be required for filing taxes, hiring employees, or opening a business bank account. You may also be asked to provide your EIN when submitting for certain business licenses as well. Each business will only be issued an EIN one time, and these are not required to be renewed at all.

You can either choose to obtain the EIN on your own, or you can have a service like Firstep get this for you as well. Even if you have gotten an EIN for your business before and have lost the documentation or forgotten your number, you can still retrieve this through the IRS. This process can take a long time due to the IRS processing times, and these can vary from anywhere from a few weeks to months depending on how busy they are. It's important to get this process started early before tax season or hiring employees so you are not waiting to complete these tasks for a prolonged time.

Step 6: Maintain Ongoing Compliance

With your business formed and all your required documents obtained, the last step of the process will be to maintain the ongoing compliance and good standing of your LLC. This will include filing annual reports each year as well as registering for business licenses that may be required for your business industry.

Annual Reports

LLCs in Wyoming will be required to submit annual reports each year to renew their business registration with the state. These reports will ask you to enter your current and updated business information to ensure the state has the correct addresses and information to list for your LLC. To submit your annual report, you will need to go to the business annual report page and you will need your state filing ID to file this.

The due date for Wyoming LLC annual reports will be the first day of your original filing month. For example, if you formed your business on July 20th, your annual report due date will be July 1st. Be sure to submit these reports on or before your due date to avoid falling out of compliance, which can lead to your business not being legally able to conduct business. Annual reports will be processed instantly and will cost around $60 per business.

Business Licenses

Depending on the industry your business is in, you may be required to register for specific business licenses. These typically will be filed with local level government, and are required by certain industries. The industries that will typically need to register for a business license will be construction, restaurants, healthcare, law, and other specialized professional industries. Your business license may need to be renewed, and you will need to verify your renewal date with your local government that you submit this filing with.

FAQs on Wyoming LLCs

Where do I go to file a new LLC or submit annual reports for an LLC in Wyoming

To form a new LLC in Wyoming you will need to go to the Wyoming business page and then you will navigate to the file a new LLC link. This takes you to a new page that will be the form to file your Articles of Organization. For your annual reports, you will go to the same Wyoming business page and select the tab on the left side that says annual report online filing. This will bring you to a new page and all you need to do is click on start your report, and have your business name and state filing ID ready.

Is having an operating agreement legally required for my Wyoming LLC

No, an operating agreement is not a legal requirement for an LLC in Wyoming. However, these are extremely helpful in detailing the operations and processes of the business regarding the ownerships roles, responsibilities, and settling disputes between members.

What if I don't have a registered agent with an active Wyoming address

If you do not have someone to appoint as your registered agent that has an active Wyoming address, you will need to either find someone else or hire a registered agent service to meet the registered agent requirements. Each LLC in the state will need to have an active physical address in the state of Wyoming. Hiring a service can make forming an LLC in Wyoming much easier, as you do not need to have an office address in the state to get your Articles of Organization approved.

When are annual reports due for LLCs in Wyoming

Annual reports in Wyoming are due on the LLCs original filing month on the first day of the month. For example, if you formed your business on March 15th your due date will be March 1st each year. These reports will cost $60 if filing on time.

Do I need to live in Wyoming to be able to form an LLC in the state

No, you do not need to live in Wyoming to be able to form a new LLC in the state. As long as you have a registered agent with an active address in the state you are able to form your LLC. This is an advantage of Wyoming LLCs because they do not publicly list the owners of the business, or require you to list an office address in the state.