- [Narrator] How to form an LLC in Wyoming.
Wyoming is an excellent place to form a new LLC.
It has the lowest income taxes
and the lowest corporate taxes in the nation.
Every state has slightly different requirements
for forming an LLC.
Follow along closely to learn the required steps
for creating your own limited liability company
in the state of Wyoming.
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There are two ways to form an LLC in Wyoming.
You can form one yourself
or you can hire a service to do it for you.
Let's start by looking at the five basic requirements
to form an LLC in Wyoming on your own.
You can also find these steps and more detail
on our website
linked in the description below.
One, name your LLC.
Every state has its own rules about what kind of names
are allowed for LLCs.
In general, you will need to observe these naming guidelines
Your name must include the phrase Limited Liability Company
or one of its abbreviations, LLC or L.L.C.
With a period following each letter.
Restricted words such as bank, attorney,
law office, et cetera
may require additional paperwork and may also need
a licensed professional to be part of the LLC.
Your name cannot include words that could confuse your LLC
with a government agency such as FBI, Treasury,
State Department, et cetera.
You cannot use a name that has already been registered.
To see if your name is available in your state,
you'll need to do a name search.
This free service is available
on your State Secretary of State website.
Check out our free guide for finding the direct link
to your state.
We also recommend that you check to see
if your business name is available as a web domain
even if you don't plan to make a business website today.
You may want to buy the URL
in order to prevent others from acquiring it.
Two, choose a registered agent.
Wyoming requires that you nominate a registered agent
for your LLC
who is your business's point of contact with the state.
The registered agent can be an individual within the company
including yourself
or you can hire a professional service
authorized to do business in Wyoming.
They will send and receive legal papers on your behalf.
These documents include official correspondence
like legal summons and document filings
which a registered agent will receive and forward to you.
Your registered agent will help remind you
to file the necessary reports.
Failure to properly maintain your LLC
can result in fines and dissolution.
So this assistance is valuable.
Three, file the Articles of Organization.
To register your Wyoming LLC,
you'll need to file the Articles of Organization
with the State of Wyoming.
This can be done online or by mail.
You should also state whether your LLC
will be member-managed
or manager-managed.
Member-managed means all members of the LLC
managed the company.
This is good for small organizations
where everyone is involved in the day-to-day operations.
The second option is manager-managed
where individuals are appointed to manage the LLC.
This is appropriate for larger organizations
where not everyone is involved in the day-to-day affairs
of the business.
Four, create an Operating Agreement.
Although not every state requires it,
you should always create an Operating Agreement
to establish ownership terms and member roles for your LLC.
This foundational document is the core of your LLC
and will help you maintain your organization
as well as further establish your LLC
as a separate legal entity.
There are six main sections of an Operating Agreement.
Organization outlines when and where the company was created
who the members are and how the ownership is structured.
Management and voting addresses how the company is managed
as well as how the members vote.
Capital contributions covers
which members financially support the LLC
and how more funds will be raised in the future.
Distributions outlines how the company's profits and losses
are shared among members.
Membership changes describes the process
for adding or removing members
as well as if and when members can transfer
their ownership shares.
And dissolution, which explains the circumstances
in which the LLC may be dissolved.
An Operating Agreement is an internal document.
It does not need to be filed with the state.
However, it should be updated every time
there's a change in membership or management at the company.
You can download a free sample Operating Agreement
or create a custom one
using our free Operating Agreement tool
at howtostartanllc.com.
Five, obtain an EIN.
Lastly, you'll need to get
an employer identification number or EIN from the IRS.
Also known as a Federal Tax Identification Number,
your EIN is like a Social Security Number for your LLC
and it is how the IRS tracks your business for tax purposes.
An EIN is also necessary to open a business banking account
and legally hire employees.
EINs are free of charge and can be obtained
from the IRS online or through the mail.
And with that, you'll have formed a Wyoming LLC on your own.
Option Two.
Hire a professional service.
The second way to create a Wyoming LLC
is to hire a professional service to create your LLC for you
Hiring a professional service to file your forms
and act as your registered agent for the LLC
will cost you an additional $50 to $150.
However, there are several benefits to working with a pro.
A hired registered agent helps with getting your reports
filed on time,
helps you stay organized
by keeping your business mail separate
and is available at all regular business hours
to accept official mail and legal papers
on your LLC's behalf.
A final and important additional benefit
of using a service is privacy.
A professional service will provide a level of privacy
by withholding your personal name and home address
from the LLC's contact information.
There are many reasons why you might not want
your personal information easily accessible
and associated with your business.
Hiring your professional LLC formation service
is an easy way to accomplish this.
Now that you have seen the different requirements and ways
you can form an LLC in Wyoming,
visit our site and take some time to research your options
and establish a solid foundation
for your business activities.
Click on the links in the description below
to research the top five professional formation services
or get more information on how to form a Wyoming LLC
on your own.
Now you know all the steps to form an LLC in your state.
For a more detailed guide,
go to Howtostartanllc.com.
You can also create an Operating Agreement
and use our Business Plan tool free of charge.
Give the video a like if you found it useful
and subscribe if you'd like to see more.
And if you have questions or encounter any roadblocks,
leave a comment below.
Good luck in starting your small business.
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