Forming an LLC in Wyoming
Before your company is ready to open for business, you must first decide what type of business structure to use. If you've decided to create a limited liability company (LLC), then you can take advantage of the unique features of an LLC, such as limited personal liability and flow-through taxation. However, before you can start a Wyoming LLC, you should become familiar with the state requirements for formation. Read on to learn about the steps to follow when forming an LLC in Wyoming.
Forms for Wyoming LLC Formation
Forming an LLC involves the completion and filing of specific documents. Using FindLaw's Wyoming LLC Formation Package can help you complete the process with ease.
Types of Wyoming LLCs
In Wyoming you have the choice between a standard LLC, a low profit limited liability company (L3C) or a Close LLC, depending on your needs. Additionally, you can convert an existing LLC to an L3C.
Summary of Forming an LLC in Wyoming
Despite having basic similarities, each state handles LLC formation differently. The chart below describes the process for forming an LLC in Wyoming.
Statutes |
Wyoming Statutes Title 17: |
Name the LLC |
The name must include the words "Limited Liability Company" or approved abbreviations including: "LLC" or "L.L.C" or "LC" or "L.C." For a low profit limited liability company, the words "Low Profit Ltd. Limited Company", "Low Profit Limited Liability Co." or the abbreviations "L3C" or "I3C." The name must be different from businesses that are already registered with the state. Check with the Business Name Database for name availability. You can register a name for 120 days by paying a fee and filing an application with the Wyoming Secretary of State by regular mail. |
Select a Registered Agent |
Every Wyoming LLC must have an agent for service of process purposes if the company is sued. Requirements for the resident agent:
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Create an Operating Agreement |
Although Wyoming doesn't require it, it's a good idea to create an operating agreement. If you form a Close LLC, the operating agreement should outline the way that the LLC functions and clarifies the relationships between the owners and managers. Otherwise, the Close LLC will be regulated to the default status set by the state statutes. |
Comply with Tax Requirements |
If your LLC has more than one member, then you must apply for an employer identification number (EIN). If the LLC sells goods and collects sales tax, you must register with the Wyoming Department of Revenue (DOR). |
Determine Necessary Business Licenses |
You may have to obtain local and state business licenses, depending on the type of business and the location. |
Note: State laws are always subject to change through the passage of new legislation, rulings in the higher courts (including federal decisions), ballot initiatives, and other means. While we strive to provide the most current information available, please consult an attorney or conduct your own legal research to verify the state law(s) you are researching.
Forming a Wyoming LLC: Related Resources
Questions about Forming a Wyoming LLC? Contact an Attorney
Forming a Wyoming LLC is relatively easy after you've obtained the necessary paper work. However, you may be confronted with complex issues or you could have questions about what type of Wyoming LLC is best for you. An attorney understands the differences between LLCs and can answer your formation questions. Contact an experienced business organizations attorney near you for help.
Next Steps: Search for a Local Attorney
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