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Wyoming
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May 17, 2012

Wyoming LLC Formation

A fiercely independent state, Wyoming still feels like the wild west. Wyoming is ‘the Old USA’ before there were huge government programs and indiscriminate spending. When the government feared the people, and not the other way around.

Wyoming is cowboy country. In fact, every day on main street in Jackson Hole, they have a mock shootout. Wyoming recently voted on provisions to be able to activate a militia if there was a significant breakdown at the national level.

Wyoming: A Pro-Business State

Wyoming has always had a pro-business policy. The state was actually the pioneer of the LLC – when it allowed a combination of a partnership and a corporation to create a hybrid legal entity in the 80s called a Limited Liability company – whereby the owners of the LLC would be limited in risk (like a corporation) but still be partners in the business (like a partnership). This allowed business to flourish because owners were able to act without personal risk in the new business venture.

Wyoming has the lowest state debt in the entire US, and it does not have a state income tax.

The state has a history of a pro-business regulating environment, which means it’s a great place to start a company and do business.

Wyoming doesn’t charge ridiculous fees every time you need a corporate document. In fact, they have one of the only systems in the USA where you can go and print out your documents online for free.

A Wyoming LLC is becoming an increasingly attractive entity to use, particularly for internet start ups, and is inline to surpass Delaware for several reasons.

In our experience, we’ve never seen a Wyoming LLC formation take more than 48 hours to file. In times where the client needed a quick filing, our secretary has just walked the file into the state office, waited there, and 15 minutes later walked out.

As opposed to a huge bureaucratic undertaking with multiple levels of waste, Wyoming has a simple, clear system.

A Wyoming entity is one of the most private filings in the entire world. That may be hard to believe, but its actually true. In fact, you can set up an LLC in Wyoming without your name having to be on the State Register and not disclosed to the public, which is advantageous from an Asset Protection standpoint.

A Wyoming LLC is the very best US State for Asset Protection, particularly for real estate assets.

Wyoming is the only state with specific laws protecting the interests of the members of Single-Member LLCs. Wyoming has spent time to consider the rights and protections of their Limited Liability Companies, and reflects this by having the strongest legislative law in the nation.
Wyoming lawmakers have a vested interest in making their state the most attractive, pro-business environment they can. The state collects an annual fee of $50 or $0.0002  per dollar of business assets located in Wyoming (included as part of the organization annual report) per person, and does not levy income tax; this adds up over the thousands of Wyoming corporations and Wyoming LLCs being incorporated each year.
Wyoming provides single member LLCs ownership and charging order protection. If you are going into business by yourself, and you want to start a LLC – you should consider incorporating in Wyoming, even if you don’t live there. There is no personal income tax and state income tax in Wyoming levied on an organization (only an annual fee of $50) – and if necessary, you can easily qualify as a foreign entity.

Wyoming LLC and Bank Account

Before we talk about cost, lets talk about what’s included. Using our Incorporate in Wyoming package will provide full incorporation, registration services and registered agent / office address.

After setting up a Wyoming LLC, your official corporate documents and articles of incorporation will be mailed directly to any address you specify. Whenever you get any documents from the state, they will be forwarded to your address, or viewable online. It is not a mailing address – this is a registered agent address, which is required by law. We can provide you with a mailing address, with a phone number and fax – essentially a virtual office – at a cost of $50 per month.

Our One Year LLC Service is available for a total of $297. This includes full filing, everything you need, and all state fees included. We can also help you obtain Wyoming Bank Accounts for a one-time fee of USD 2,000. The Wyoming bank account can be opened remotely. The bank account package includes drafting the operating agreement, drafting the bank account opening resolutions and obtaining an EIN, which are required by the bank.