How to Start an LLC in Wyoming – Wyoming LLC Filing Fees 2023
Do you feel it is time to set up your limited liability company in Wyoming? We all know that different states offer different opportunities. If that is something you want, it is vital to learn more about the cost to form an LLC in Wyoming.
It is expected that the Wyoming LLC fees will be different from what other states charge. So, it is vital to go through this guide to see what you need for LLC formation in Wyoming state. At least now, you would start the process knowing how much it will cost you eventually.
Filing Requirements & Overall Wyoming LLC Costs
There are several things you may have to deal with when forming an LLC in Wyoming. Below are some of them with their respective fees attached to them.
Wyoming LLC Annual Report
Filing an annual report is vital in Wyoming after you form an LLC. A business is supposed to pay an annual fee of $50 to the Wyoming Secretary of State. You will also have to add a convenience fee of $2 when paying online.
Since most clients want to clear these fees easily, they opt to pay online, thus translating to $52.
LLC Annual Fees
The LLC annual fees in Wyoming are $50 plus a convenience fee of $2 if you file online. As mentioned above, when you file the annual report, you would also need to pay for the LLC annual fees.
Registered Agent Fee
When forming an LLC as a business entity, you need to include the registered agent services as part of the cost of an LLC in Wyoming.
The cost can vary from one company to another. Some can charge as low as $49 while others more. With a bit of research, you can get the right companies to deliver quality services as a registered agent in Wyoming.
Application for Withdrawal (Foreign LLC)
If you want to form a foreign LLC in Wyoming, you have to pay $100 for the service. Forming an LLC business in Wyoming for foreigners also requires filling the Application for Certificate of Authority in the state.
If you get approval from the Wyoming Secretary of State for LLC formation, you can go ahead and seek business licenses and permits to operate in the state. The same applies to foreign LLCs after obtaining their certificate of authority.
Consider checking out the Wyoming Business website for more information about licensing and permits.
Other than registering your business with the Wyoming Secretary of State for LLC formation, you may also have to deal with taxes. A good example is the license tax.
That is not all, as tax structures are based on the type of LLC. The single-member LLC and multi-member LLCs are taxed differently. So, make sure to learn more about the different tax structures since they can be updated from time to time.
Also, you can get help from qualified accounting professionals with tax questions.
Other LLC Filing Costs
Below are some of the additional filing costs you may incur as part of the Wyoming LLC cost.
LLC Name Reservation Fee
LLC formation in Wyoming State requires that you reserve a business name. The name can be reserved for up to 12 months at a fee of $50.
“Doing Business As” (DBA) Name
LLC formation can sometimes require the Application for Reservation for Trade Name or ‘Doing Business As’ name. You will need to pay a $100 filing fee for this process.
Business Domain Name & Website
A business domain name will cost mostly around $9, depending on the hosting company and the domain name’s extension. A website will cost an average of $500 to over $1000 depending on the complexity and features of the website.
Articles of Organization Fee
The Wyoming Articles of Organization will have a filing fee of $100. This is when you file by mail. The cost can go up to $102 if you file online. There can be an additional charge when you involve a company offering the registered agent service.
Sometimes you may need an attorney when filing the Articles of Organization during an LLC formation. At this point, make sure that you check out the rates of different attorneys. Some can charge $500 while others more than $1500 for the same process.
Tax ID Number (EIN)
You can obtain an EIN free from the IRS website. No need to worry about a filing fee. However, some people prefer using some third-party agents to get an EIN. In this case, you will have to pay an additional processing fee.
The Top 2 Wyoming LLC Services
Most people who are in the process of forming a Wyoming limited liability company would consider ZenBusiness. This is a platform that can help you get the whole LLC formation process done fast.
Some of the company’s services include searching for the business name, registered agent service, EIN, Articles of Organization, and many others. All these services are grouped into different packages so that you can use a package that works best for you.
In case you also want a business website, Zenbusiness can provide that. Its prices are lower than what you may have to pay other companies to do the job. You can still get legal services from the same company to help keep the LLC in good standing with the law.
This is another option when looking to form a limited liability company in Wyoming. Many Wyoming LLCs that have been formed through this company have good standings. It simply shows that the company has a professional service to help with LLC formation.
One thing that stands out for the company should be that it offers a fast turnaround time. Its website claims to help you get approvals within 3 days, unlike others that might take even longer. It can still hook you up with a registered agent in Wyoming for more services you may need.
Once you use the company for a limited liability company formation, you will get some other freebies too. They include a free website or an online store vital for managing your inventory.
The company also offers free tax analysis so that you always remain tax compliant. This is vital if you want to keep the business running in Wyoming.
How to Start an LLC in Wyoming
- Name Your Wyoming LLC
- Choose Your Registered Agent
- File Articles of Organization
- Prepare an Operating Agreement
- Obtain an EIN
- File Annual Reports
Step 1: Name Your Wyoming LLC
Like most states, you need to have a name for your business. This is the name that would be vital for people associating it with your business.
Before starting a business, you need to find a name available for use in the Wyoming state. It should also meet the Wyoming business name requirements. One last thing is that the name should have a web domain availability.
As you can see, the cost to form a business in Wyoming will include buying a domain name and the state fee.
Many web hosting companies allow for searching a domain name and file online to reserve the business name domain.
Step 2: Choose Your Registered Agent
Still, as part of the cost to start your LLC, you still need to get a registered agent. Now that you have your business name, proceed to nominate a registered agent in the state of Wyoming.
The entity or person you choose as a registered agent should be a resident or a corporation allowed to operate in Wyoming. Such a person is allowed to transact on behalf of the company in the state.
If you opt for companies such as ZenBusiness, you are required to pay the registered agent service fee too.
Step 3: File Articles of Organization
Before you can form an LLC in the state of Wyoming, there is the need to file your Articles of Organization. This document is supposed to be filed with the Wyoming Secretary of State for approval.
The document contains important information vital to form your LLC. It can include the business name and address, LLC members, mailing address, nature of business, and so much more.
It is also during this time that you can specify whether the LLC is manager-managed or member-managed.
The cost of this process is $100 for the mailing option. You will have to add $2 for online filing.
Step 4: Prepare an Operating Agreement
At this point, you can go ahead to create an operating agreement. As much as operating agreements are not a must in Wyoming, it is always good practice to have one. It ensures that the business structure is handled correctly.
If you do it right, there will be fewer conflicts in the business later when it is now fully operational.
Step 5: Obtain an EIN
When filing your intent to form an LLC with the Wyoming Secretary of State, you should also start the process of getting an Employer Identification Number (EIN).
EIN is crucial to the IRS. It helps identify the business for tax purposes at the Wyoming Department of Revenue. The EIN is essential for opening a bank account and also hiring employees. So, you can see why it would be crucial to get it.
Step 6: File Annual Reports
All Wyoming LLCs are supposed to file annual reports on their operations. The business needs to pay an annual report license tax too, based on corporate income. So, make sure you liaise with your accountants to keep the company in good standing.
Wyoming state like most states will have many opportunities for different businesses. Once you have one idea in mind, it is best to follow the right steps for forming an LLC in the state.
For the most part, the process is straightforward. Once you get everything in order, you should have your LLC ready to operate in a few weeks. There might be some additional costs for forming an LLC not mentioned above, so talk to the attorneys and qualified accountants in the state to help you further.
Frequently Asked Questions (FAQs)
It will cost $100 as the filing fee to set up an LLC in the Wyoming state. If you file online, there is an additional $2 you pay as a convenience fee.
First, you need to get a name for your business, choose a registered agent, then proceed to file the Articles of Organization. When approved, you can now obtain an EIN to help you hire employees and also a business bank account.
There are a few benefits that come with having a Wyoming LLC. You do not have to pay state income tax; you get asset protection, the LLC assets are also safe from personal liabilities, and so much more.
It takes an average of 15 days from when you file your documents to get approval for your business. The online process is fast. It can take 24 hours to have your business documents processed.
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- Limited Liability Company Instructions (2021),RAConsent,Available at: https://sos.wyo.gov/Forms/Business/FLLC/FLLC-CertificateAuthority.pdf
- Business – State of Wyoming (2021). Business – State of Wyoming. [online] Wyo.gov. Available at: http://www.wyo.gov/business [Accessed 26 Jul. 2021].
- Limited Liability Company Application for Reservation of Name. (n.d.). [online] . Available at: https://sos.wyo.gov/Forms/Business/General/LLC/LLC-NameReservation.pdf [Accessed 26 Jul. 2021].
- Trade Name Instructions. (2021). [online] . Available at: https://sos.wyo.gov/Forms/Business/TN/TN-RegistrationApplication.pdf [Accessed 26 Jul. 2021].