Step 1) Verify & Secure Your Brand Name
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 website.
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
Remember, this isn’t optional in Wyoming-- it’s mandatory.
Quick Note: Before you commit 100% to a name, you may also want to check that there’s a decent URL available for your business. Use Weebly to search your options. If there’s a quality domain name for purchase, we advise buying it right away. Even if launching a business website isn’t on your radar right now, it’s going to be soon, and you might as well nail down a domain name that’ll make it easy for customers to find you!
Step 2) Appoint A Registered Agent
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 a qualified Registered Agent free of charge when you start an LLC through filing services like IncFile.
Step 3) File Articles Of Organization
Now that you've got a registered agent, when you're ready to transform this company into a legal business entity, file 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
Step 4) Get An EIN
In Wyoming, as in just about everywhere else in the nation, your company needs an EIN or FEIN (Federal Employer Identification Number) to 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.
Step 5) Setup A Business Bank Account
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.
Step 6) Draft An Operating Agreement
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.
Furthermore, it supersedes any state default rules in cases where there’s a misunderstanding or problems arising in your LLC. To get started, consider checking out an online Operating Agreement Tool which you can customize yourself.
Step 7) Handle LLC Taxes & Licensing
After becoming a legal entity registered to do business in Wyoming, your next step is setting up a tax account through the state and handling the proper licenses and permits. The simplicity or complexity of the process depends on a number of things, for example the nature of your business.
If you need additional help, there’s a Business License Service we recommend. They determine everything required on Federal, State, County and Municipal levels, get the forms, and provide step-by-step filing instructions.
Need Help Forming an LLC?
If you'd like help forming an LLC in Wyoming, feel free to read our reviews of the two most popular services available.