To secure and register your brand name it must be unique, not too similar to another registered name in WY, and shouldn’t contain any restricted wording. To check, conduct a Business Entity Search through the state and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.
Keep in mind your LLC name should contain the words ‘Limited Liability Company’ or ‘Limited Company’. Abbreviations for these words like ‘L.C.’ or ‘L.L.C.’ are also acceptable. If needed, file an LLC Application for Reservation of Name with the Sec. of State that’s good for 120 days.
Filing Fee: $50
A Wyoming Registered Agent is an individual or recognized business entity in the state with a street address (typically non-P.O. Box) responsible for receiving and helping to handle/process all official documents like state filings, legal notices, important tax forms, etc. One is required to legally conduct business.
That said, you can hire a third party service and pay up to $160 a year or get an qualified Registered Agent free of charge when you Incorporate with IncFile.
Now that you’ve got a registered agent, when you’re ready to transform this company into a legal business entity, file LLC Articles of Organization with the Sec. of State. Read the instructions at the top carefully and understand what it’s asking before you fill it out.
This is a declarative statement for the public record that discloses the basic details of your company including name, address, contact information, registered agent information, etc.
Filing Fee: $100
In Wyoming, as in just about everywhere else in the nation, your company needs an EIN or FEIN (Federal Employer Identification Number) to legally conduct business, process taxes, hire employees, set up business bank accounts, and so forth. It’s not optional in the same way it’s not optional for individuals to have a social security number.
While there are other ways to apply you can get your EIN free or charge, quick, and easy directly through the IRS Website.
Are you familiar with the perks, bonuses, incentives, and advantages to business banking vs personal banking? There are so many options with local, state, and national banks/credit unions so make sure to do your homework. Don’t just set up shop where you already conduct personal banking because they may not have the best deals by a long shot.
Furthermore, it’s absolutely critical that your brand’s finances are separated from any and all other accounts. It should be a single stream funneling into your accounting software. To start brushing up, check out this neat Checking Accounts article that breaks down some of the basics.
It’s not mandatory or a legal requirement, but what it does is add a layer of safety for everyone involved (including the company) and lays out duties/responsibilities. It also, “defines each member or manager’s rights, powers, and entitlements. This includes capital accounts, membership interest, distributions of profit and allocated tax responsibility, etc.” It’s about being professional and building structure into your goals.
To get started, consider checking out this savvy Operating Agreement Tool which you can customize yourself.
Ideally you should work with the best attorney you can afford for this step, or an incorporation provider who can quickly source all the right documents and forms and help to ensure your new LLC is (stays) compliant. The simplicity or complexity of the process depends on a number of things, for example the nature of your business.
To get started yourself, bookmark the Casper district office of the Small Business Administration, and the Wyoming SBDC because they’re likely going to be go-to sources. Also, consider professional Business License Research packages that handle the legwork for you.
If a serious investor approached you with interest in your business ideas, what kind of plan would you have to show them? Listen, when you just start out a good pitch is enough. In the startup phase it’s typically about rapid evolution and iteration.
But (ideally) sooner rather than later you’ll need to have a streamlined “plan” that’s really just a simple breakdown of your core fundamentals: marketing, competition, financials, forecasts, budgeting, etc. If you need a little help putting one together and optimizing over time, check out the links below.
QUICK LINKS TO BUSINESS PLANNING
No one’s insinuating you need to drop thousands on a website, or go into debt outsourcing a designer to put together an eCommerce store or agency site for your brand. With options like Wix, SquareSpace, Shopify, and WordPress the process is very different from what it was a mere four or five years ago for startups.
To see what we mean, check out what the developers over on WebsiteSetup.org have to say about it. Even if you already have one, the way they go through How to Make a Website is a mini-education most never get. Check it out!
Note that this article on how to form an LLC in Wyoming isn’t a legal document or legal advice. It’s for informational purposes and the information above is subject to change. For specific legal questions regarding how to form an LLC in Wyoming or business in general, please consult with a lawyer or other accredited professional.