When starting a business in Wyoming, the first milestone to accomplish is your corporate name. Select an appropriate and distinguishable name and run it through the Wyoming business name search tool. This is to ensure that you won’t have any duplicate name with another business in the state.
Keep in mind that when you name your corporation, the words ‘Company’, ‘Corporation’, ‘Incorporated’, or ‘Limited’ should also appear in the name of your business.
To make your corporation legal, you now need to file the Articles of Incorporation to the Secretary of State of Wyoming. When incorporating in Wyoming, you must fill out the form correctly and double check the entries.
Here are the basic information needed when filing a Corporation in Wyoming:
As there is no online filing available for the Articles of Incorporation in Wyoming, mail your application to:
Wyoming Secretary of State, Capitol Building, Room 110, 200 West 24th Street, Cheyenne, WY 82002-0020
Filing fee: $100
As part of compliance regulations when incorporating your business, you need to find a qualified Wyoming Registered Agent.
This individual is responsible for receiving all service of process and other legal document in behalf of your business. A Registered Agent in Wyoming not only be an individual who resides in the state, they should have a physical address too.
That said, you can hire a Registered Agent service and pay up to $160/year, or get a Registered Agent in Wyoming free of charge when you form your Corporation with IncFile – which is $100 less than other online incorporation services.
A Corporate Records book is a repository of your Wyoming Corporation registration documents as well as other important corporate papers that need to be kept all together for any purpose it might serve now or in the future.
A Corporate Records book can be likely bought in your local supply store. It can also be directly bought through Amazon.
Another requirement for your Wyoming Corporation is to elect the initial directors. As per Wyoming state law provisions, one or more directors can be selected.
When forming a Corporation in Wyoming, it’s it the duty of the incorporator to select the initial directors who will be part of the board pending the annual first meeting of shareholders. The minimum number of directors you need to elect is one, but you can opt for more.
After you have chosen the Corporation’s initial directors, you can now hold your first board of director’s meeting. When starting a Wyoming Corporation, the first board of director’s meeting is crucial for you need to decide on the following:
Note: Should the Corporation be an S Corp, this will also have to be approved during the first board of director’s meeting. When the meeting closes, make sure that the minutes are recorded and the directors’ signatures are affixed to the minutes too.
Wyoming business taxes are a necessity in any corporate business especially if you want to be compliant at all times and not encounter any problems with the IRS during the duration of your business operations.
Here are the things that must be done to get started on your tax requirements:
Aside from business tax requirements, Wyoming business licenses are also a necessity when operating your business in Wyoming.
You can operate a business without a license, but I guarantee that it will be short lived. So if you’re ready to take care of those business license obligations, head on to our Wyoming business licenses and regulations guide.
To avoid any tax, asset, or financial confusion as a Corporation, you should open a separate checking account for your business. This will keep all personal and business assets separate for when it is time to pay your taxes.
From CitiBank to Chase, there are many options for you to choose from. For a quick look at some of our favorites, see this review.
Now that you have followed the steps above, you are officially a Wyoming Corporation. Other than those 8 steps that are based on state guidelines, here are 3 additional steps based on best practices for starting a successful Corporation. Not required, but highly recommended.
A business plan is a statement of your business’ goals and how to reach those goals. It gives your business the direction and push it needs to be able to succeed. And it gives your business a sense of direction and purpose to achieve success.
LivePlan (25% off discount) is a great tool to write your business plan no matter if it is your first time doing it. It provides a comprehensive tutorials through videos and real business plan examples.
In the internet age, it is important to have an online presence for your Wyoming Corporation. This builds credibility and allows your customers to learn more about your business – which is good!
Although building a website was extremely difficult to do in the early 2000’s, nowadays you can use a simple tool like WordPress to build a customizable website. No need to spend thousands on a custom designer and you can learn how to do it yourself through this guide.
Wyoming Corporation bylaws are not a requirement, but it is still a must as it sets the ground rules for operations within your Corporation. A bylaw is an internal document that sets the Corporation’s operation rules, and is a proof of your company’s legitimacy.
Note: Corporation bylaws are not a state requirement when forming a corporation in Wyoming, but it comes highly recommended to have one.
Please be aware that Startup Savant does not mean for this guide to be a legal advice. It is solely an informational guide. For details on how to form a Corporation in Wyoming or starting a business in Wyoming, a lawyer has the best answers for you.