One of the first requirements when forming a Non-Profit in Wyoming is picking out a name for your corporation. A corporate name should be a distinct name not closely resembling any existing business registered in the Secretary of State.
Make sure to have a few selection of names and run it through this business name search tool to check if the name is already existing or in use.
When you’ve decided on the name of your Non-Profit Corporation and checked it that it has no duplicate, it’s now time to choose your Wyoming Non-Profit officers and directors.
A minimum of one director is required when starting a Wyoming Non-Profit for you to be compliant. If you want, you can add more directors and officers now or at a later date.
A Wyoming Registered Agent is required even for a Wyoming Non-Profit Corporation. A Registered Agent is your corporation’s appointed representative to receive legal documentations sent by the Secretary of State.
As this is a crucial responsibility, the Registered Agent in Wyoming position should be filled by someone who is a resident of the state and can be relied on to be always present during regular working hours.
That said, you can hire a Registered Agent service and pay up to $160/year, or get a Wyoming Registered Agent free of charge when you incorporate your Non-Profit with IncFile.
After the third step, you can now incorporate by filing your Non-Profit Articles of Incorporation to the Secretary of State of Wyoming. An articles of incorporation form for a Non-Profit Corporation is available at the website of the Wyoming Secretary of State.
All basic information about your Non-Profit organization is required. Make sure that all entries in the form are correctly filled out. As there is no online application available, the completed form should be mailed as per instructions provided on the form.
The first meeting is called the board’s organizational meeting, and at this time, several agenda are discussed, which include:
Make sure that all agenda of the meeting is recorded, signed by the individuals who attended the meeting, and stored in the Corporate Records Binder.
Every document, paper, form, and other important file that is relevant to your Wyoming Non-Profit should be stored inside a Corporate Records binder.
Although this is not a mandatory state rule for Wyoming Non-Profit registration, it is a must for Corporations to place all important documents in one file where it can be easily accessed. A Corporate Records binder is available at your local office supplies store or on Amazon.
A Wyoming Non-Profit EIN is necessary for a Non-Profit organization such as yours. It is your lifeline to every business transaction you do, and it is your organization’s unique identifier. The Employer Identification Number for your non-profit also keeps track of your tax obligations and exemptions.
An EIN can be obtained for free at the website of the IRS. You only need to follow the instructions, and you can immediately receive an EIN by the time it’s done.
To monitor the ins and outs of your Wyoming Non-Profit finances, put the profits and assets where they belong. The best way to do this is to open a separate account from your personal bank account.
For a quick look at some of our favorite places to bank with, see this review. Keep in mind that you can also use the bank you keep your personal account with, just be sure all transactions separate.
The next step after you have filed your Articles of Incorporation, obtained your EIN, among other important steps, you can now apply for federal and state tax exemptions.
To obtain these exemptions, you need to file a Wyoming Non-Profit tax registration using IRS Form 1023 for regular-sized non-profits or Form 1023-EZ for small non-profits.
For more information on other tax exemptions that your Non-Profit organization may be qualified for or registering for Non-Profit taxes, visit the Wyoming Department of Revenue website.
Your business licenses and regulations are part of the requirements for starting a business in Wyoming. To learn more about the business licenses and permits you will need visit the SBA website.
Note that to operate your business legally, adherence to all licenses and permits are a must. If you need help and would like professionals to do the research on your behalf, here is a reliable service.
Now that you have followed the steps above, you are an official Non-Profit organization in the state of Wyoming. Other than those 10 steps that are based on state guidelines, here are 2 additional steps based on best practices for starting a successful organization. Not required, but highly recommended.
Regardless of the nature of your organization, I know you want to see it succeed. As a Non-Profit, a business plan is one of the key ingredients for the recipe of success.
A well written and clear business plan can help you follow through with business mission and goals. A business plan is also an effective way to attract benefactors for your Non-Profit and raise the necessary funds to get started.
If you want your Non-Profit to be taken seriously, build a professional website. WordPress is the platform for the non-tech savvy entrepreneurs.
WordPress is easier to build and install compared with other content management platforms. It is best partnered with Bluehost, a reliable web hosting service that has 1-click to install option for WordPress and has 24/7 online customer service.
See how to start a website through this step-by-step guide.
Please note that this guide is not legal instruction or assume that it is. You should to talk to your lawyer in detailed matters of starting a Non-Profit organization in Wyoming (or starting a new business) as this guide is only for informational purposes.