How To Start a Wyoming LLC in 2024 - MarketWatch (2024)

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Starting an LLC in Wyoming has its advantages. Follow these simple steps to forming an LLC for your business in Wyoming.

Coming up with a name for your business is one of the most creative (and consequential) parts of forming an LLC in Wyoming. The name of your company will be the first connection potential customers and business partners make with your business.

Wyoming Business Name Search

Before falling too hard for the name you want for your company, you should run a Wyoming LLC search to confirm your name is still available for use. If you hire an LLC service, such as ZenBusiness or LegalZoom, to form your business, they can run a name search before filing to confirm your name is eligible. Not only should the name you choose be thoughtful and easy to remember, but it should also conform with the naming guidelines under Wyoming LLC laws, which are:

• Your name must include the phrase “Limited Liability Company”; or its abbreviations “LLC, ” “L.L.C., ” “Limited Company, ” “LC, ” “L.C., ” “Ltd. Liability Company, ” “Ltd. Liability Co.” or “Limited Liability Co.”
• It must be distinct from any other business entity’s name in Wyoming
• Your name can’t have words that may confuse your LLC with a government entity (for example, FBI or NSA)

Check Domain Availability

Even if you don’t plan to open a website anytime soon, you should still check to see whether your name would be available as a domain name down the road. If it is, you can purchase the name now to use for when you’re ready.

You don’t need to sell items online to open a website. Just having a site for potential customers to visit and learn more about your company can promote your company and build your client base. You should also check to see whether your name is available as a handle on popular social media platforms. Social media is a great way to advertise and build your brand.

One of the most underrated steps when forming an LLC in Wyoming is choosing a registered agent. A Wyoming registered agent is an individual or business entity responsible for accepting important documents on behalf of your company. Whether the documents contain service of process or correspondence from the state, you want to make sure you LLC gets important communications.

You should choose an agent that is responsive and reliable. Many LLCs choose a member to serve as the registered agent, while others choose an attorney or a third-party registered agent service. Either way, you’ll need consent from the registered agent to appoint them. The consent form is included in the articles of organization form. If you hire Bizee or Northwest Registered Agent to form your LLC, you get free registered agent services for the first year. After that they cost $119 and $125, respectively, per year.

The most important step in forming an LLC in Wyoming is filing the articles of organization with the Wyoming Secretary of State. The articles contain all the information the state needs to verify your Wyoming LLC and to register it in the database. The articles include:

• The name of your LLC
• Name and address of registered agent
• Mailing address of the LLC
• Office address of the LLC
• Signature of the LLC’s organizer
• Name, phone number and email of contact for the LLC
• Registered agent consent form (name signature and address of registered agent)

Create an Operating Agreement

While an operating agreement is not required when forming an LLC in Wyoming, it’s highly suggested that your LLC put one in place. The operating agreement is a contract between all members of the LLC that includes details essential to keeping your business operations running smoothly. You can choose to write this document yourself, hire an attorney to draft it on your behalf or you use a template from an LLC service. Bizee, ZenBusiness and other providers include an operating agreement in their middle and high-tier formation packages. Some common details included in this agreement are:

• Voting protocols
• Member responsibilities
• New member initiation
• Daily operations
• Company mission statement
• Annual meeting dates
• Dissolution requirements

This agreement also functions as a written record of verbal agreements and decisions between members. For example, a group of four friends from Utah decided that forming an LLC in Wyoming was the best way to start their brewery in Jackson Hole, Wyoming. One of the most important decisions the LLC makes after formation is that each member will move to Wyoming within five years of opening the brewery to take turns as acting manager.

After three of the four members purchase homes and relocate to Jackson Hole, one member decides to remain in Oregon and denies ever making the agreement. Without a document in place recording this decision, the other members have no recourse to resolve the issue.

Step 5: Get an EIN

After forming an LLC in Wyoming with more than one member or employees, the company must get an employer identification number (EIN) from the IRS. An EIN is similar to a person’s Social Security number. It is essential for tax filing requirements and other important business activities like opening a business banking account, applying for a line of credit for the LLC or doing business with vendors.

The application for an EIN is free and can be done online. Some LLC service providers, such as Swyft Filings, include this service in a bundle package, while others offer the EIN application as an add-on service for an additional fee.

The filing fee to register an LLC with the Wyoming Secretary of State is $100 plus an additional $2 if you file online. That is the minimum amount it costs to start a Wyoming LLC, though you may need to budget for additional expenses, such as hiring an attorney, getting a business license and leasing office space.

The main cost to be aware of when it comes to maintaining your LLC is the annual report fee, which starts at $60. Though Wyoming does not have state income tax, you may need to pay certain local taxes. You may have renewals for licenses, leases and legal services as well. In total, business owners can expect to spend a few hundred dollars annually to operate a fully compliant LLC in Wyoming.

What’s the Cheapest Way To Form an LLC in Wyoming?

For entrepreneurs looking to form an LLC in Wyoming, ZenBusiness provides the most cost-effective option with its $0 + state fee package. The state filing fee in Wyoming is $100, making the total cost $100 when using ZenBusiness. This represents substantial savings compared to other LLC formation services.

To form an LLC in Wyoming, you must file the Articles of Organization with the Wyoming Secretary of State. This document officially registers your business and includes key information about your LLC, such as its name, principal address, mailing address and the name and physical address of your registered agent in Wyoming. The state requires that the LLC name be distinguishable from other business entities already on file and must include an LLC identifier, such as “LLC,” “L.L.C.” or “Limited Liability Company.”

Wyoming does not require LLCs to have a written operating agreement, but it is highly recommended to create one to outline the structure and operating procedures of your business.

Before you start a Wyoming LLC, ensure you have the following information ready:

• LLC name: The unique name you’ve selected for your LLC, including the required LLC designation

• Registered agent information: The name and physical address in Wyoming of your registered agent (cannot be a P.O. Box)

• Mailing address: The address where your business will receive mail, if different from the principal address

• Principal office address: The primary location where your business activities are conducted

• Organizer’s signature: The signature of the person or entity forming the LLC, known as the organizer
• Optional provisions: Any other provisions you wish to include, such as the LLC’s duration, business purpose or management structure, although these are not mandatory for the Articles of Organization

Once these requirements are met and the filing fee is paid, the state will typically process the formation documents, granting legal recognition to the LLC as a business entity in Wyoming.

Forming an LLC in Wyoming is a fairly straightforward process that can be completed in just a few steps. The state provides ample resources like step-by-step guides and template forms to simplify the paperwork. Additionally, exploring leading LLC formation services can further streamline the process.

To provide consumers with objective and accurate information, our credentialed legal experts created a comprehensive rating system for Limited Liability Company (LLC) services. We researched five online LLC, registered agent and trademark registration services, including ZenBusiness, LegalZoom, Swyft Filings, Northwest Registered Agent and Bizee (formerly Incfile).

We conducted a survey in 2024 of 200 professionals who were currently using LLC services or had used LLC services within the past year. We analyzed the results of this survey to determine the following rating criteria:

• Features (20%)
• Value for Money (25%)
• Customer Service (20%)
• Usability (25%)
• Reputation and Credibility (10%)

Visit the full LLC methodology page for more details on our rating system.