Wyoming makes starting a company easy. The state’s strong privacy laws, lack of taxes and low fees have allowed us to supplant Nevada as the go-to state for incorporating a company. Everything can usually be handled online, and service providers like us take care of the small details.
What will you find on this page? There are three primary sections which detail which corporate you may choose from, how to incorporate in Wyoming and then How-To-Guides designed to make your life easy. Scroll through everything or click the link to jump to what you want.
Wyoming offers a number of unique corporate structures, but for the uninitiated it can seem like wading through alphabet soup. Wyoming offers the traditional C-Corps and S-Corps, but has a few extra options. For example, a popular alternative is the Close-Corp because it has reduced corporate formalities and is ideal for small intimate groups such as families, i.e. people who are...close! Read on to find which your preferred incorporation.
Most of these benefits are unavailable to sole proprietorships and general partnerships. Creating a Wyoming LLC provides the following advantages:
Our Wyoming LLC Articles:
One common purpose for forming a corporation is that it’s a separate legal entity, formed under state law, which protects owners from creditor claims. It can be viewed as a basic form of asset protection. Incorporating a business automatically makes a “C” or “regular” corporation. A C corp is considered a separate taxpayer, with taxation occurring at the corporate level, independently of the owners.
Corporate profits may then be distributed to owners as dividends. Many small businesses do not opt for C corporations because of this tax feature. This feature, along with limited privacy compared to a Wyoming LLC, make C-Corps significantly less popular. Nonetheless, we will cover them here in the interest of being thorough.
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The Wyoming Close Corporation was created by specifically for small companies which have few stock holders, generally with ties to another, such as family, friends or business partners. Close corporations are regular business corporations which have elected to operate in an informal manner similar to partnerships.
Traditional business corporations must hold regular shareholder/director meetings, elect directors, and provide proposals for significant corporate actions. Family corporations do not generally hold annual meetings given a family often makes decisions around a dinner table etc. A board of directors is also not required for a close corporation. The result being there is significantly less paperwork required. In short, a Wyoming Close Corporation allows small corporations to bypass more traditional corporate formalities.
A “Close Corporation” is a highly advantageous and flexible structure for small to medium businesses. Though, possible disadvantages are:
Close corporations are considered the same as regular corporations. See IRS Publication 542 along with instructions for Form 2553.
These are the simplest and most straight forward type of corporation allowed. The corporation doesn’t exist in the eyes of the IRS and is viewed as a disregarded entity. The benefits of an S-corp versus forming a different type of corporation are:
The benefits of an S-corp versus operating without a license are:
A “doing business as” (DBA) filing enables a business to operate under an assumed name, fictitious business name or trade name. This is useful for when you wish to use multiple names for one business, or for sole-proprietors who wish to operate under a name which isn’t their own without having to file for a formal corporation. Though, incorporating a Wyoming company online is so easy there’s little reason to avoid it.
Once approved, the business is allowed to use the name as its official name for:
We hope you enjoyed our section on incorporating in Wyoming. You may fill out our online forms to have us handle it for you, or you can file the necessary paperwork yourself. We also have a glossary of basic terms here.