Before forming an LLC you’ll need to ensure you are able to carry out the necessary legalities required by the state of Wyoming. The first step is to comply with the legal requirements and submit the articles of organisation. This will prove that you have formed a Limited Liability Company in Wyoming and give you the authority to start an LLC in Wyoming.
Wyoming is relatively straightforward when it comes to forming an LLC. Like most other states, Wyoming has a specific set of requirements that must be met in order to file the necessary paperwork and pay the filing fee. Once you’ve completed these steps, you’ll have what you need to register your business as an LLC in Wyoming.
Steps to Start an LLC in Wyoming
There are a number of steps required to form an LLC in Wyoming. These are:
Choose a business name. Submit the application for articles of organisation. Pay the filing fee. Ensure the completed documents are filed with the authorities (trustees).
1. Choose a Business Name
Before you register your LLC in Wyoming, it will be necessary to choose a business name for your LLC. When choosing a business name, it’s a good idea to make sure you’re not infringing on any trademarks or registered business names that are similar to it. You can do this by searching the Wyoming Secretary of State’s database before finalizing your LLC’s name.
Your business name can be any combination of letters and numbers, but it cannot include restricted government words like “credit,” “bank,” “insurance” or “trust.” It should also not include words that are already trademarked if you want to avoid trouble in the future.
If your LLC’s name passed the trademark search and is free from conflict, you can move on to the remaining steps. Otherwise, you will need to change your business name before completing all of the steps necessary to file your articles of organization.
2. Develop a Detailed Business Plan
Having a business plan prepared is a good idea for any new business, but it’s essential to have one prepared before you register your Wyoming LLC. The business plan is the document that outlines all of the important information related to your LLC, such as your company’s mission, long-term goals, and how you plan to achieve them.
The Wyoming law does not require you to have a business plan, but it is still a good idea to write one. Having a business plan will help you organize all of the information about your business and provide it to the government. It will also help you meet certain requirements that are outlined by the state and federal government for operating an LLC.
3. Choose a Registered Agent to work with
You will need to have a registered agent to work with when forming your Wyoming LLC. A registered agent is an official representative that will ensure the state of Wyoming knows who owns your business.
It’s their responsibility to receive all legal documents and communications on behalf of the business and ensure they are handled accordingly. No matter where you are in the world, your registered agent should be able to receive mail and other communications from the state and act accordingly, which may include responding to questions and concerns.
You will want to make sure the registered agent you work with is reputable, professional, and available to do their job. You should ask for references from other business owners who have worked with them in the past to help ensure you are working with a quality company that can handle your needs.
4.File the Application for Articles of Organisation
The first step in the registration process is filing the articles of organization with the Wyoming Secretary of State’s office. This is the document that proves your business is legit and will allow the business to operate legally within Wyoming. The process of submitting the application is similar to that of other states, as you can use online forms or submit the paperwork by mail.
When filling out the articles of organisation, you’ll need to include information like the business name, address, and officers that will manage the internal operations of your business. If you plan to have more than one owner, you’ll need to indicate that as well.
If your articles of organisation are approved, the business name will be added to the Wyoming Secretary of State database and your organization will be deemed an active LLC in Wyoming.
5. Process your Employer Identification Number (EIN)
Once you’ve completed the necessary steps to set up your LLC, you will be asked to apply for an Employer Identification Number (EIN). This is a unique nine-digit number assigned by the IRS that will act as your business’s official identification number. You can use this number when filing your tax returns in addition to other legal forms that require a permit or license number.
You will need to apply for and receive an EIN from the IRS to operate a bank account for your Wyoming LLC. However, if you work with an accountant or another company that handles this process for you, you don’t have to worry about this.
When applying for your EIN, you will be asked to provide basic information about your business and the address where it is based. You may need to include additional information depending on the circumstance and what forms you’re filing.
6. Create an Operating Agreement
Your LLC’s operating agreement is a crucial document that will help you define your company’s structure and how owners and managers interact with each other.
An operating agreement is beneficial in a number of ways, including establishing how profits are shared, how the business should operate, and what happens if there is a major disagreement between owners.
You should have your operating agreement prepared before you register your LLC in order to avoid complications during the actual company formation process. The operating agreement can keep things simple when there are multiple owners involved in the business and help prevent disputes from arising.
This guide can help you navigate the process of starting an LLC in Wyoming so that your business can be fully set up before it begins operating in the state.
You will need to follow each step outlined above so that you’ll have a valid business structure in place before your LLC is up and running. Once you’ve completed the necessary steps, you should be able to move forward with your business plan and start to build a successful company.