When you first started thinking about starting your own business, you probably did not put much thought into legal structures. Instead, you considered your target market, sourced vendors, hired a rockstar team, and devised a business plan that put you in a position to succeed.
Understandably, that makes up a solid foundation for any organization, but there are always other details to consider. For many entrepreneurs, forming a Limited Liability Company (LLC) makes a lot of sense. Between the tax incentives and liability protections, LLCs are often a go-to legal structure for business owners of all stripes. With this in mind, you may want to learn a bit about how to start a Wyoming LLC.
Wyoming, nicknamed the Cowboy State, may not evoke thoughts of commerce and industry. Instead, you probably associate Wyoming with mountains and wide open spaces. In truth, however, Wyoming presents a favorable climate for business owners. Personal and corporate incomes are not taxed in Wyoming, and they do not impose a franchise tax either. The state also has a very low sales tax, which can appeal to entrepreneurs in the retail space.
What Are the Benefits of Creating a Limited Liability Company?
An LLC, in brief, is a way of legally structuring a business. In this setup, members of the LLC experience limited liability protection. This means that should costly lawsuits or bankruptcies envelop the business, the members (owners) will be able to protect their personal assets. That means you do not need to fret about potentially losing your home or savings accounts.
In a Limited Liability Company, the Internal Revenue Service (IRS) also grants you what is called “pass-through” status. Profits (and losses) incurred by your business are not taxed until they pass through to the members of the LLC. As you can probably imagine, this is a considerable financial perk.
LLCs are also fairly easy to set up and do not require much in the way of maintenance. In fact, Wyoming does not have an annual reporting requirement, so you can pretty much forget about completing superfluous paperwork.
How to Start a Wyoming LLC Online
You can start your LLC in Wyoming by working with us at Corporation Center. To get started, you will need to select a unique name for your business that is clearly distinguishable from other LLCs on record with the state. Next, you will want to select a registered agent for your organization. The role of this individual is to receive all legal, tax, and government correspondence on behalf of your business.
With those items in place, you can move forward with drafting your Articles of Organization with our easy-to-fill online template. You will just need a small collection of details about yourself and your business, and with just a few clicks, you can submit your documents for processing. We have online forms for LLCs, LLPs, corporations, and much more. Take a moment or two to browse our website, or contact one of our customer service representatives by phone or email to learn more.