Hot springs. The Equality State. Wild horses and winter sports. Wyoming is known for many things including its scenic byways through untouched national forests. Many business owners choose the state to launch their LLC with Wyoming with the state having a strong tourism, mining and agricultural economy.
You’ve made the decision to create a Limited Liability Company (LLC) in Wyoming and are now wondering what steps to take and what the costs will be. This information is outlined for you below, including the necessary steps to follow and the required documents and fees.
Summary
In addition to its many other advantages, a limited liability corporation (LLC) provides small enterprises with protection from legal responsibility and favorable tax treatment.
Follow these easy steps for getting your Wyoming limited liability company up and going after you’ve decided that a Limited liability company is the most suitable form of business organization for your requirements.
Note that you have the option of forming the limited liability company (LLC) yourself, or you may contract a reputable company formation firm to do all of the legwork on your behalf.
1. Provide a Name for Your Wyoming LLC
When choosing a name for a limited liability company (LLC) in the jurisdiction of Wyoming, there are two primary rules that must be followed:
- The name of a limited liability company (LLC) must be distinct from the names of other commercial organizations already registered with the Wyoming Secretary of State.
- The name of a limited liability company (also known as an LLC) has to include one of the following terms or abbreviations: “Limited Liability Company,” “Limited Company,” “LLC,” or “L.L.C.,” “LC,” or “L.C.” It is possible to use the abbreviations “Co.” and “Ltd.” in place of the full-length terms “Company” and “Limited,” respectively.
Verify that the desired name is not used by another company.
Verify using the Business Search tool of the Secretary of State’s website that the name you’ve chosen for your limited liability company is not already in use in Wyoming.
Make a name reservation for your LLC with the Secretary of State
When you reserve the name of your limited liability company (LLC), you prohibit another business organization in Wyoming from using that name before you are able to officially form your company in the state.
There is no online filing option available, thus if you want to reserve a name for up to 120 days, you must file your Application for Reservation of Name to the Wyoming Secretary of State by mail. The filing cost is fifty dollars.
2. Pick your Registered Agent
A registered agent in Wyoming is required of every limited liability company operating in the state. If the limited liability company (LLC) is taken to court, this refers to a person or company that has agreed to accept service of process on its behalf.
It is acceptable for the Registered Agent to either be a resident of Wyoming or a business organization that is permitted to conduct operations in Wyoming. It is required that the Registered Agent have a real, physical address in the state of Wyoming.
What exactly is the role of a Registered Agent?
A Registered Agent is an agent (individual person) or corporate organization that is tasked with the responsibility of receiving essential tax forms, legal papers, notice of lawsuits, and official communication from the government on behalf of your firm. Consider the role of your registered agent as that of the point of contact for your company with the state.
Who is eligible to serve as a Registered Agent?
A Registered Agent in Wyoming has to be either a person who lives in the state on a permanent basis or a company that is permitted to operate in Wyoming and acts in the capacity of a Registered Agent service. You have the option of selecting anybody who works for the organization, including yourself.
3. Publish the Articles of Organization for your Wyoming Limited Liability Company
In Wyoming, the process of formally forming your limited liability company (LLC) is accomplished by filing a document known as Articles of Organization. You must use the state’s online filing system in order to submit your Articles; no other method is acceptable.
You have the option to submit your documents via the web portal; but, if you want to submit digital files, you will be required to pay a fee of one hundred dollars using a Mastercard or Visa. When sending papers over the mail, be sure that cheques or money orders are made out to the Wyoming State Secretary.
It is possible for companies based in other states to register with the Wyoming Department of Commerce in order to carry on business in Wyoming by submitting a Certificate of Authority to the department.
When the paperwork for the L.L.C are filed, the request has to be supported by a statement of good standing and operating that is less than two months old. This is required in order for the application to be processed. Organizations headquartered in other states are required to submit a fee in the amount of $150.
There is no fast service available, and the whole process for hardcopy submissions might take up to 15 days to complete. After you have completed the online registration process, your business will be able to begin operations as soon as the necessary paperwork has been submitted.
In order for your Articles of Organization to be valid, you will need to contain the following information:
- Your company’s name in its entirety: Include an identifying mark such as “LLC.”
- Close LLC: If you wish to establish a limited liability company in the Wyoming Close jurisdiction, please indicate your intent below (LLC’s with tighter regulations on member transfer). Please visit our website devoted to Wyoming Close Limited Liability Companies for details.
- Information about the registered agent: Include the name and street address of your registered agent in your document. Post Office Boxes are only allowed to be used in conjunction with a traditional street address.
- Address for postal mail: This might be a post office box.
- The following constitutes consent to receive legal documents by email: This is the email address that the Secretary of State will use to send legal notifications to your organization in the event that your registered agent cannot be contacted.
- Signature of the organizer of your LLC: whomever is responsible for preparing and filing this document
- Principal address: This is presumably a street address in Wyoming.
- Form of permission for the registered agent: The Articles of Organization include this form, which has to be signed by your registered agent and is then attached to the document.
- Individual to contact: This individual will be notified by the Secretary of State if there is a problem with the Articles of Organization for your company. You are required to include a name, a phone number, and an email address.
4. Obtain a Certificate first from Relevant State Agency
After the formation paperwork of the limited liability company has been submitted with the state and been given its approval, the state will offer you a document that verifies the LLC’s official existence.
You will get a receipt, a Letter of Acknowledgement, and a copy of your Articles of Organization that has been postmarked by the Wyoming Secretary of State after submitting your documents.
It is probable that these papers will be sent to the postal address that is recorded for the registered agent by the Secretary of State.
5. Draft an Operating Agreement for Your Company
Even while establishing a detailed LLC operating agreement is not a legally required step for founding a limited liability company in Wyoming, it is highly suggested for all new limited liability firms to do so.
The following items should be included in the operating agreement:
- Describe the business structure of the limited liability company.
- Determine the sp