Wyoming Corporations enjoy a long-standing reputation of stability and business success thanks to several distinct advantages they offer individuals and businesses. There are many reasons why you may choose to form a corporation in Wyoming. Here are a few common reasons why businesses choose to incorporate:
Limited Liability: Corporations provide their owners with limited liability protection. This protection separates any personal assets from those of the corporation, so creditors are unable to pursue owners in the event of any business debts.
Greater Credibility: Corporations tend to have greater prestige and credibility when it comes to building relationships with potential clients, customers, vendors, and partners.
Unlimited Lifespan: Because corporations are legally separate entities, their lifespans are not dependent on the owners. A corporation can continue on indefinitely while ownership turns over and operations continue.
Raising Capital: Besides the tendency for banks to prefer lending to incorporated businesses, corporations also have the ability to raise capital through issuing company stock.
Incorporation Process for Wyoming
If you are interested in forming a corporation, these are the steps you must follow to successfully incorporate in the state of Wyoming:
Articles of Incorporation
Complete and file your corporation’s articles of incorporation. Once these articles are filed with the Secretary of State and you have paid the $100 filing fee for corporations, your corporation will officially exist and be recognized by the state of Wyoming.
Wyoming requires the following information for your articles of incorporation:
Choose a name for your corporation that is unique and available to use in Wyoming. In order to be sure your corporation’s name is available, perform a corporation name search which is available to you on the Secretary of State website. In Wyoming, it isn’t necessary that your corporation include an identifier like “inc.” or “corp.”. However, make sure that it does not include any deceptive terminology or is too similar to other already registered service marks or trademarks.
Specify the name and other necessary information of the incorporator (the individual filing the articles of incorporation). If your articles of incorporation list directors for your corporation, then the incorporator’s responsibilities end with the filing of the articles. If there are no directors listed, then the incorporator is responsible for electing directors. Also, it is important to note that either an individual or an entity can serve as your incorporator, the name and address of the incorporator must be included, and there must be at least one incorporator for your corporation.
Specify the directors of your corporation. A corporation must have at least one director, though commonly have more. Wyoming does not impose a limit on number of directors. The directors oversee the corporation’s strategy, business operations, policies, and more. It is not necessary that your directors be Wyoming residents or shareholders in the corporation, unless this is expressly stated in your bylaws.
Designate Registered Agent
Your corporation must designate and maintain a qualifying registered agent. The job of a registered agent is to receive legal notices and official documents on behalf of your corporation and ensure their delivery in a timely manner. Your registered agent must have a physical address in Wyoming and maintain regular business hours. This address can be the address of your corporation’s place of business, though some choose to separate the two. The registered agent must also sign consent to act as agent and be willing to list their name and address information on the publicly available articles of incorporation.
While not a necessary step for incorporation, drafting bylaws for your corporation is a safe and smart practice. Bylaws offer organizational structure and direction for your business operations. Your bylaws must be drafted by your company’s board of directors. They are not public and can be amended as your board of directors sees fit.
If you would like assistance with forming your Wyoming corporation, our formation service ensures that each of these steps are completed accurately and in a timely fashion. Additionally, we can serve as your registered agent in Wyoming and provide ongoing expert support, e.g. creating a Close Corporation or S-Corp.