Forming a Wyoming LLC with us is simple and fast. We have a twenty four hour guarantee for new companies and keep your information private. Our LLC formation service is only $199. This includes us creating your Articles and operating agreement, free mail forwarding, providing a business address and us acting as your registered agent the first year.
We form your LLC anonymously with only our details appearing in the public record. Other formation companies take longer and charge extra for an operating agreement. We file your company within twenty for hours. This guarantee has led us to become the most popular Wyoming LLC attorney.
We have helped thousands and can help you too. Please contact us if you have any questions - we love special requests.
Using us ensures your personal information is protected. There's no risk of an error and things are done correctly the first time. We have streamlined our administrative tasks and passed the savings on.
The Turn-Key LLC $199: Everything you need to start. We handle all Wyoming Secretary of State fees and filings. You will receive:
The process to set up a company is as follows:
Our law firm has a reputation to stand by. We handle everything, with no surprises, and you will be on your way in less than a day. That's our professional promise to you.
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 docs and is not asked for after. Don't worry, desiring anonymity is not wrong. You have a right to keep your affairs private and have nothing to gain by displaying your wealth. When you elect for our service you receive an additional layer of protecting due to attorney-client privilege. Follow this link for a fuller explanation of Wyoming LLC privacy.
Wyoming Limited Liability Companies have the best asset protection laws, no taxes and allow for anonymous ownership. Benefits such as these, combined with our low fees, have made Wyoming the best state for doing business. These benefits and advantages are available whether you run an online store or have operations in another state. This is the art of corporate structuring and it's our passion.
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 elsehwere. 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.
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. Learn about our various corporate services in Wyoming here.
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.
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.
Frequently Asked Questions
This section covers various topics relating to creating your company and operating it. From operating agreements, to EINs and bank accounts. Don't see a question or answer you're looking for? Then please contact us today.
A properly formed company is recognized as a separate legal entity with its own Federal tax ID Number. Undergoing this process bringd several asset protection benefits. 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. Your will also enjoy charging order protection. This protects the company's assets from being seized by creditors, even when you are a single-member LLC. This can act as a serious deterrent to creditors.
A company's EIN/TIN is the equivalent of a person's Social Security Number. 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.
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 springing member 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.
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.
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.
Filing with us costs $199 the first year, this includes the $102 we pay the State. Every year after, your business will only pay $50 to the Wyoming Secretary of State when you file your Annual Report. Add our $49 Wyoming registered agent fee and your annual maintenance costs are $99.
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. Add in NV's new business license fee and revenue tax on large companies. The trend is clear. Wyoming is one of the least expensive for doing business. Already have a Nevada LLC? Then consider moving your company to Wyoming.
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 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 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 point to touch on is 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.
Still wondering whether our Wyoming corporate services differ from “similar” incorporation providers? The short story is our Wyoming LLC formation service offers among the lowest fees and 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, domestic trusts and estate planning are just a few of our additional services. Our partnership doesn’t end when you pay, it’s merely the beginning.
2018 Wyoming Scholarship Details
The scholarship this year will be available to part and full time students at the following Wyoming colleges:
The amount of the scholarship is $500. The recipient's funds will be forwarded to the individual student, or the school if required. To qualify, please do the following:
Write a 750 word essay on how your experiences in college thus far have shaped your views regarding the importance of national unity. We decided on this topic because of recent political discourse being so divided.
Please don't forget to include your contact information, or school, so we may know how to inform you
should you be selected. Thanks for your interest. Needs to be posted marked by August 31st,
Cloud Peak Law Group 203 S. Main St. Ste 3000 Sheridan, WY 82801
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