Does Wyoming Have a Business License?
One of the most common questions clients have after they create their LLC is where to get their business license. Fortunately, there is no general Wyoming business license per se. For most businesses in the state of Wyoming, a business license isn't necessary, so there are no extra fees to pay or forms to file. You must only pay for an annual report and maintain a registered agent in Wyoming.
This should come as a pleasant surprise to clients used to doing business in other states. Other states, such as Nevada, charge exorbitant sums for a business license after the company has been created. Most of the time, other states' required business licenses are just an excuse to collect a fee from you. For instance, Nevada's license costs several hundred dollars per year. However, in Wyoming, since it's not necessary to obtain a business license, you're free to use that money for your business instead!
For most companies, simply filing articles of organization with the Wyoming secretary of state is sufficient to begin doing business. It's important to make sure that's all you need, though, as some industries are exceptions and do require a WY business license.
What Companies Need
a Wyoming Business License?
Some of the most common industries that require a business license include:
General Contracting: All contractors, with the exception of electrical contractors, have local licensing requirements. In Wyoming, a general contractor's license is issued by the local jurisdiction; the state government does not involve itself in this process.
Food Products: If you sell or manufacture food, then you need to contact the Department of Agriculture in Wyoming to secure a license.
Transportation: The Department of Transportation regulates businesses involving commercial vehicles.
Trust Companies: Public and private trust companies must register with the Wyoming Banking Division.
Companies Using Protected Terms: Particular words require approval to be used in a company's name. These include "education," "academy," "college," "institute," "bank," and "trust."
Other Requirements for Business Owners
Sales Tax: Sales tax is generally only owed on sales made in Wyoming. However, you should contact the Department of Revenue to determine your exact sales tax obligations. You will need a sales tax license if you sell taxable products or services in the state.
Unemployment Insurance: This is a required fund for Wyoming employees that pays out to eligible workers for job loss.
How to Get a Business License in Wyoming
If you're involved in an industry that will require a Wyoming business license, how to go about getting one will vary depending on the licensing rules for your specific type of business. For instance, if you're going to be a general contractor, you'll need to contact your local municipal officials for guidance on their requirements. If you plan to sell food, you must follow the Department of Agriculture's rules. And if your business will deal in bait, fur, taxidermy, or fisheries, you should contact the state Game and Fish Department.
Wyoming Business FAQ
How Do I Register a Wyoming LLC or Corporation?
Companies are registered by filing their articles of organization with the secretary of state. You may either do this yourself or hire a professional formation service such as ours. In either case, you must maintain a registered agent, whether it is you or a professional.
Are There Any Required Federal Filings?
You should obtain an EIN and file your taxes. Certain industries, such as gambling and alcohol, will be subject to additional federal regulations as well.
Do Sole Proprietorships Need to Register?
No, sole proprietorships are not required to register with the state. You may apply for a trade name (DBA) if you want to avoid doing business in your name. However, we strongly advise creating a company to limit your personal liability.
What Are the Wyoming LLC Fees?
The cost to run an LLC in Wyoming is $102 to file your articles of organization and $52 to file an annual report each subsequent year.
Where Can I Perform a Business Search?
You can search Wyoming businesses on the secretary of state's website to make sure that the name you choose for your business is unique before you file your articles of organization.
How Much Does
a Wyoming Business License Cost?
If your business is in an industry that requires a WY business license, the cost can vary widely. For instance, if you want to be a general contractor in Cheyenne, you'll pay between $250 and $650 for a business license depending on the specific class of work you'll be doing. Meanwhile, if you're opening a bakery in Laramie, you'll need a $100 food service license from the city plus a $200 food license from the state Department of Agriculture.
Keep in mind that if you're selling taxable goods or services, you'll need a sales tax license as well, which costs $60.
Set Up Your Wyoming Business Today
Wyoming works hard to keep its LLCs and corporations highly competitive, and one of the ways they do this is by not imposing onerous burdens on our companies, such as needless business licenses. Most companies will only ever need to file their articles of organization and their annual report. Doing business in Wyoming really is that easy. And it's even easier when you leave the details in the hands of the capable professionals at Cloud Peak Law Group.
Contact us today!