Register a Business in Wyoming
When you choose to start a business in Wyoming, you will need to follow a set process to ensure the formation goes smoothly.
Choose Your Structure
Your very first course of action should be to determine the structure that you want for your business. The most common options among entrepreneurs are corporations and limited liability companies. You will also require a Wyoming registered agent.
LLCs tend to be easier to manage, have reduced compliance regulations, and avoid double-taxation since they follow the pass-through model of taxation. By contrast, corporations tend to come with greater prestige, have a longer legal precedent, and include built-in management for reinvestments.
There are also other types of entities that you can select for your business. This is not a decision to take lightly so spend sufficient time comparing options before settling on your chosen entity structure.
Select a Business Name
After you have chosen your business structure, it is time to choose the name for your Wyoming business. Remember that legally, the name must feature an identifier of the entity, such as LLC or Corp. You must also confirm that there is not a registered business in Wyoming with the name you select. Luckily, the Wyoming Secretary of State has a convenient search function for business names on its website.
Write the Operating Agreement or Bylaws
You will also have to create the governing document for your WY business. This document will indicate the company’s management and ownership. If you form a Corp, you will create Corporate Bylaws. If you form an LLC, you will create an Operating Agreement. Although you cannot skip this step when registering a business, you will not need to file the document.
File Your Articles
An official requirement for registering your Wyoming business is to file a document for formation. You submit Articles of Organization or of Incorporation to the WY Secretary of State, depending on whether you will form an LLC or Corporation, respectively.
You can file these articles yourself or hire a professional service to take care of it for you. Regardless, your Articles must include the appointment of a WY registered agent. This agent will be responsible for accepting any services of process for your business. Keep in mind that you will have to pay $100 in the form of a filing fee.
Get a Business License
Depending on your business, you may not require a business license. Many industries, however, do require them. Some of the professions and industries that require a business license due to regulation by either state agencies or licensing boards include:
- Fire Prevention plus Electricians.
- Athletic Training.
Confirm whether this is a requirement for your business before proceeding.
Register With the State Revenue Department
Another key element of your business registration is to register your business with the state’s Department of Revenue. Despite this registration, there is no need to pay corporate or income taxes in Wyoming. There are, however, excise and sales taxes.
Registration requires filling out a form for the state’s Excise Tax Division. You will need to mail in the document as it requires original signatures. You will also pay a $60 fee. The application must include proof of your registration.
Other Required Steps
In addition to the above steps in registering your business in Wyoming, you will also have to:
- Apply for an Employer Identification Number (EIN).
- Open a company bank account.
- Apply for insurance, including Workers Safety and Compensation as well as Unemployment.
- Hold a meeting.
- File your Annual Report.
- Obtain a DBA (if needed).
For those who feel that registering a business in Wyoming is too overwhelming to do yourself, there are experts that can guide you through the process.