Why Form an LLC in Wyoming?
Mark Pierce, Esq.
Forming a Wyoming LLC with us is simple and fast. We have a twenty four hour guarantee for new companies, keep your information anonymous and charge $199. This includes an operating agreement, free mail forwarding, business address, name search, $100 Secretary of State filing fee and registered agent.
We also offer online bank account openings for free, this applies for US citizens and non-residents.
Other LLC formation services take longer, disclose your information and charge extra for little things. We have helped thousands and our Wyoming LLC attorney can help you too. Please contact us if you have any questions - we love special requests.
The Turn-Key LLC $199
This includes everything you need to start. You receive:
- 1 Year of Registered Agent Service
- Free Mail Forwarding - 5 Pieces
- Use Our Address for Everything
- Single & Multi-Member Operating Agreements
- Organizational Meeting Minutes
- Articles of Organization
- Certificate of Formation
- Resolution To Open A Bank Account
- Operations Manual
- Attorney Client Privilege
Using us ensures your personal information is protected. There's no risk of an error and things are done correctly the first time. Simply click the order button at the top of this page. Then we handle everything, with no surprises, and you are on your way in less than a day. That's our professional promise to you.
Wyoming Limited Liability Companies have the best asset protection laws, low fees, no taxes and allow for anonymous ownership. Online stores, real estate investors, and holding companies are just some industries which see benefits from forming LLCs in Wyoming.
- Private & Anonymous: Owners and Managers are not listed. Only we know who you are. Your identity is protected by attorney-client privilege.
- Simple Requirements: Everything is online. There is no need to visit, no wait time and no residency requirement. You only need to complete our order form.
- Low Annual Fees: We charge $199 the first year. Future years cost only $109 which breaks down as $60 for the annual report plus $49 for our registered agent service. If you want us to file the report on your behalf, then we charge $50 extra for a total of $159.
- No Taxes: This is a strong draw for not only foreign investors, but those living in other states can benefit via utilizing a C-Corp tax election for example.
- Asset Protection: Personal creditors cannot seize your LLC, and LLC creditors cannot seize your personal assets.
- Single-Member LLCs are allowed.
- No operating agreement is required.
- Close/Closed Limited Liability Company is allowed.
- No additional fees for extra members.
- No minimum capital contribution.
- You can elect to be taxed as an S-Corp.
- Form your LLC online.
Wyoming LLCs are advantageous because of the strict privacy laws governing them. The Secretary only knows who organizes the company which is us. Your name does not appear on the formation documents and is not asked for after, unlike Nevada. Your information does not go into any public database
Don't worry, desiring anonymity is not wrong. You have a right to keep your affairs private and nothing to gain by displaying your wealth. When you elect for our service you receive an additional layer of privacy due to attorney-client privilege.
For those desiring anonymity in other states, your anonymous Wyoming LLC may be used as the publicly listed owner of another LLC. For example, Florida's LLC publicly lists the owner, but the owner may be a private Wyoming company. Thus, if someone searches the Florida LLC they only "discover" the Wyoming LLC which is anonymous.
This double LLC setup can be used in many but not all states. Follow this link for a fuller explanation of Wyoming LLC privacy.
Holding companies provide asset protection, privacy and potentially lower taxes. Forming a single LLC brings these same benefits, but the formation of a holding company helps to enhance them. This done through forming two companies which act in concert with each other. A holding company is not formed any differently than another company. Rather, they simply hold and control other assets such as real estate, intellectual property, cash and other companies. It is the operations of the company that are different.
An LLC may act as a holding company and it can own other LLCs and Corporations. The holding company may be owned by you, other investors, other LLCs or other Corporations. Wyoming law is flexible and there are many ways to structure your business affairs.
Follow this link to see where we discuss how real estate investors, e-commerce sellers, investors and privacy minded individuals can use a Wyoming LLC as a holding company to their benefit.
Wyoming LLCs enjoy two forms of asset protection whereas most other states provide at best a limited version of one form. These laws were designed to protect debtors, be anti-creditor and to attract business.
The form other states offer is called the corporate veil. The business is responsible for its liabilities and its debts, not the owners. This means, the creditors of a Wyoming Limited Liability Company cannot pierce the corporate veil and seize the owner's assets.
For additional protection, Wyoming wrote specific statutes extending the corporate veil to single-member LLCs. Other states may disregard your company if you are the only owner, thus leaving you liable for business debts. Wyoming's laws are written to help prevent this. This is also beneficial for holding companies and subsidiaries because each subsidiary has one member, the holding company.
The second form of asset protection protects LLC assets from personal creditors. This prevents personal credit problems from shutting down your business. A personal creditor cannot seize or vote your membership interest. Your company may continue making money safely inside the company.
The creditor may attempt to attach to distributions, but you are not obligated to make distributions, or you may make distributions to nominees or other companies. This serves to minimize what your creditor has access to and strengthens your hand during negotiations. This is frequently called charging order protection. Learn more about Wyoming limited liability companies and asset protection here.
Many do business in Wyoming due to the relatively minimal requirements and fees. To set up the company you are only required to pay a $100 filing fee to the Secretary of State and to hire a registered agent in Wyoming.
There are no additional business licenses or filing fees the first year. Note, if we create your Wyoming LLC, then we charge $199 which includes the filing fee and your first year of Wyoming registered agent service.
Maintaining the company in future years is simple. You are only required to file a $60 annual report with the Secretary of State. The annual report is due the first day of the month in which you formed your LLC. There are no other state filings, e.g. there are no state tax returns to file. Wyoming also provides a free Certificate of Good Standing!
For a comparison consider Nevada's LLC. Nevada's Secretary of State fees are $200 the first year and $150 every year thereafter. That is before finding an incorporation and registered agent service. Then consider Nevada has a new business license fee along with a revenue tax on large companies.
The trend is clear. Wyoming is considerably less expensive for doing business. Already have a Florida or Nevada LLC? Then consider moving your company to Wyoming with a continuance. Learn more about Wyoming limited liability company fees and requirements here.
We offer free online bank account opening as part of our service, and provide all the necessary forms such as the EIN, operating agreement, resolution to open a bank account, etc.
Any bank can open a "Wyoming bank account". The bank does not require locations in WY either. Neither Chase or Bank of America have locations here, but both can open a business checking account for a Wyoming company. What is important is the bank you want offers a business checking account.
Banks will generally request your Articles of Organization, operating agreement, and employer identification number. Either a member or a manager may open the bank account.
Banks have come under stricter laws to know their clients. For this reason, it is often easier to visit a local bank branch than it is to call one in Wyoming over the phone. This is because the one you call cannot physically see you and thus has a harder time verifying your identity and thus opening your bank account. Learn more about opening an LLC's bank account here
Please note, while we can open bank accounts for clients crypto is one of the industries we are unable to assist with.
Wyoming does not require an operating agreement. This thus begs the question of whether you should "bother" with one? The answer is yes. Though the reasons are different for single member as opposed to multi-member companies.
Single Member LLCs: The operating agreement is just an agreement between you and yourself. However, we have included a transfer on death provision. This means when you pass away your company will be given to whomever is named. Failing to name someone either means your company is dissolved or is forced through probate when you die. From our estate planning roots we know probate is public record, expensive and time consuming.
Multi Member LLCs: The operating agreement will define ownership percentages, declare what managers can and cannot do, act as a non-disclosure agreement, and prevent shareholders from selling to outsiders. Failing to sign an operating agreement amounts to a free for all. For example, do you want your partners to be able to invest in crypto? There is no right or wrong answer, but if you don't detail this in the agreement, then you open yourself to unintended outcomes.
Whether you have one or multiple members we advise completing the operating agreement as soon as possible. We include a free copy as part of your new company formation documents.
Employer Identification Number
A company's EIN/TIN is the equivalent of a person's SSN. It is unique to your company. If you intend on opening a bank account, having employees, generating revenue or engaging in taxable activities, then you will need one. If you will only be using the LLC to anonymously title assets, but not to earn income, then an employer identification number is not required.
We will happily assist you with obtaining an Employer Identification Number / Taxpayer Identification Number from the IRS. Simply choose the option at checkout and we will take care of the rest. Or, you may obtain yours for free using our EIN guide.
Limited Liability Companies offer the ability to be taxed as partnerships, corporations or s-corporations. Each designation maintains the limited liability benefits. This hybrid structure is partly what drives the popularity of LLCs. If you choose the partnership designation, then you will be taxed according to your personal tax rate.
Wyoming has no corporate income tax. Working with us, you can invest those savings directly into your business, rather than giving them to the State. Companies operating in other states stand to benefit the most from forming a WY LLC to act as a holding company. Through loans, leases, royalties and management contracts you can divert revenue to Wyoming tax free. Consider the savings from what you paid last year in your home state. Learn more about LLC taxes here.
LLC For Non-Residents
Wyoming is a popular state for non-residents and those living overseas. This is due to the simplicity of forming and maintaining an LLC in Wyoming. There are no state taxes or tax returns to file. You only have to file a federal return, which is the same for all limited liability companies. Everything can be handled online. There is no need to visit.
One benefit of forming a Wyoming LLC is lower transaction costs. Establishing a US account and accepting checks and debit cards can reduce your transaction costs to below 1%, rather than paying 3-10% for other payment processing options.
You will require an EIN if you want to open a bank account. An EIN takes approximately 7 business days to obtain for a non-resident and we charge $175. We cannot assist with opening a bank account. We recommend one of three options:
1) If you have family, friends or business partners in the US, they can open the bank account for you.
2) Open an account with an multinational bank near to you. For example, Citi Bank, HSBC, Santander and Chase Bank can open accounts for Wyoming companies.
3) There are online banks which allow remote account openings. We do not keep an up to date list however.
The last points to touch on are federal filings and a resellers certificate. Many mistakenly believe they need one to purchase wholesale. Many vendors will accept an EIN and a certificate is not necessary. If you desire more details please contact the Wyoming Department of Revenue. While Wyoming has no state income taxes, you may still be subject to Federal income taxes by the IRS if your income is sourced in the US. Generally, income sourced outside the US is not taxable. Further, regardless of your income, you will need to file a form 5472 to remain in compliance. This is a new requirement and carries stiff penalties if not filed in a timely manner.
Case Study #1
You live in Virginia and run a business not tied to a location, e.g. an online company. The business generates a profit of $30,000 and is unlikely to face a lawsuit or creditor problem.
Scenario 1: Form a company in your home state. Why is this a bad idea?
- Everyone can see what you own. Nosy neighbors, aggressive creditors and needy family members. All your information is just a google search away from being used against you.
- Personal creditors can seize your company, its bank account and other assets.
- If you elect to be taxed as a corporation then you will pay an extra 6% in taxes.
- If you have a single member LLC, a judge may decide to pierce the corporate veil and make you PERSONALLY responsible for company debts. Thus eliminating the benefit of an LLC altogether.
Scenario 2: Form an LLC in Wyoming for $199.
- Nobody knows who owns your company.
- Even if a creditor finds out what you own, they cannot break into the company and seize your assets.
- Wyoming respects single member LLCs (SMLLCs). There is no need to worry about becoming liable for business debts.
- No Wyoming income taxes or reports to file.
The choice in this example is clear. While we use VA, the same concepts apply to limited liability companies in Florida, New York, California and elsewhere. Forming a Wyoming LLC is preferable due to stronger asset protection laws, anonymous ownership, lower fees and no taxes. Combine your LLC with our virtual office and book keeping services so you can focus on what's important... running your company.
Corporate Services for WY Companies
A single LLC separates personal assets from business liabilities. Forming Multiple LLCs separate business assets from business liabilities. Consider the setting up extra LLCs as a one-time insurance payment against bad employee decisions, aggressive creditors and bad luck. Certain industries can also shift income to Wyoming where it will pay no state taxes. These benefits make forming a Wyoming LLC ideal for holding companies regardless of where your business operates.
Companies with significant assets and revenue, or in high risk industries, should discuss additional options with us. These options include:
Asset Protection Trusts: Placing assets into a trust changes the ownership of the assets. You still benefit and control them, but the trust owns them. This alters the economic analysis for creditors. No longer do you own the assets and thus no longer can they seize them. Learn about establishing a Wyoming Trust here.
Solo 401k LLC: Did you know you can set up a 401k for yourself? Your company's contributions are tax-deductible and they grow tax-deferred. Once funds are inside the 401k you may then make any investment you wish - including loaning money to yourself, buying rental properties or investing in tax liens. Learn more about Self-Directed 401k LLCs here.
Contact us for additional strategies, including information on our nominee services and assistance with opening a bank account for your 401k LLC or Wyoming Trust.
Case Study #2
Consider a fitness center in Chicago, IL. The center owns equipment, furniture and a trademarkable name, among other things. These assets exceed $100,000 and present a liability. Liability waivers won't matter if a jury finds you didn't "properly" maintain or "adequately" disclose something.
Scenario 1: Form an Illinois LLC in Illinois. The gym earns $50,000 and is taxed as a corporation at 7.75% or $3,875.
Scenario 2: Form an IL LLC. A foolish customer or bad employee leads to a lawsuit. All the LLC's assets are at risk. Alternatively, your company fails to pay rent. Your landlord seizes equipment and liquidates it.
Scenario 3: Form a double LLC. One in Wyoming for assets and the other in Illinois for operations. The operating company leases equipment, borrows operating cash and pays royalties for the trademark. Your company in Chicago is sued, but it owns nothing. The opposing side drops the lawsuit since there's no pot at the end of the rainbow, or you lose the lawsuit but the company owns no assets and thus nothing is lost.
This diverts $30,000 of the $50,000 in profits to Wyoming. Thus saving $2,235 in taxes. Further, lawsuits and creditors cannot seize the Wyoming LLC's assets because they are held in a separate entity.
This example holds for many industries. From equipment leasing to restaurants and real-estate. Allow us to craft a solution particular to your situation.
No citizenship requirements
You do not need to be a U.S. citizen to start a business in WY. You are not even required to visit the USA. You may live anywhere in the world and operate your business remotely. We have many international clients and are happy to assist with your LLC formation.
Wyoming has made it easy for you to move your existing LLC to Wyoming. The method is called continuance. Essentially, Wyoming will allow you to maintain your same start date so you don't have a "brand-new" company. This is great for securing credit etc. and maintaining trust with clients. This service is something that you cannot do in many other states, including Nevada.
Cheaply form your LLC online
Everything is handled online and done within twenty four hours.
Perpetual life - unlimited duration
An LLC is a separate legal entity, which has its own existence and perpetual life. In other words, the business can continue beyond this lifetime - long into future generations. An LLC, continues indefinitely until it is formally dissolved. Specifically, memberships in a Wyoming LLC can generally be sold, gifted or bequeathed to others. LLCs stand in contrast to Sole proprietorships, which typically end upon the death of the owner.
Transferability of ownership
Unlike a Sole Proprietorship, which does not have a life apart from its owner and cannot be transferred to a third party, Wyoming LLCs provide an excellent vehicle for transferring ownership through a straightforward exchange of membership.
Wyoming vs. Delaware LLCs
Delaware is popular for investors and those raising funds to go public. As a result the DE Division of Corporations has significantly higher fees than most states, e.g. The LLC renewal fee is $300 vs. Wyoming's $60, and most corporations pay a minimum of $450.
DE Limited Liability Companies do not have charging order protection for single-member LLCs and the corporate veil is not as strongly written by the legislature. For those reasons, WY continues to be an asset protection haven. Our Chauncery Court is less likely rule against your interests when being sued.
These do not mean it's a bad state to do business, just that you should do your research before proceeding. We're happy to say we have a physical office in Wilmington and can be your Delaware registered agent if you so desire.
You can learn more about forming an LLC in Delaware vs. Wyoming using our link, there we also discuss Delaware Corporations and whether an LLC or Corporation is better for your situation.
The agent you choose plays an important role in filing your Secretary of State forms and keeping you private. Their address will be listed as your principal place of business and mailing address, so they are the company's point of contact when someone wants to reach out.
Your first year of service is free and we charge $49 in future years. This includes a free business address and 5 pieces of mail scanning. Want to know more? Our Wyoming Registered Agent has it all!
Wyoming LLC Formations
Still wondering whether our corporate services for Wyoming companies differ from “similar” incorporation providers? The short story is our Wyoming LLC formation service offers low fees and we have been in the business for 30+ years. We have accomplished this by providing more value than merely forming your Wyoming LLC and dropping it in your lap. Asset protection trusts, registered agent services and estate planning are just a few of our additional services. Our partnership doesn’t end when you pay, it’s merely the beginning.
Frequently Asked Questions
Wyoming LLCs are popular for small and family businesses because of their simplicity, anonymity, asset protection and low fees. These benefits stand in stark contrast to the "mythical" Delaware company that in truth is good for very few.
A Wyoming LLC costs $100 to file with the Secretary of State, plus any registered agent and handling charges. We charge $199 which includes the Secretary's fee.
An LLC in Wyoming is taxed the same as every other state. The default is for a single-member is a sole-proprietorship, and a multi-member as a partnership. Owners may elect S-Corporation or Corporate to reduce taxes as well, but this generally done after advising an accountant.
A Wyoming LLC can use an out of state address on the Secretary of State filing or if operating in another state. There are no Wyoming laws against using a Non-WY address for the company.