It’s the last week of our 50 states of incorporation series and we’re focusing on the Cowboy State – Wyoming. Smack dab in the middle of the Rockies, Wyoming is America’s least populous state, but is easily one of the most beautiful. The vast majority of the land in Wyoming is owned and protected by the Federal Government, and Wyoming is home to the world’s first national park, Yellowstone. Wyoming’s natural beauty has ensured the state’s tourism industry would flourish, and today it generates two billion dollars in state revenue. Along with tourism, Wyoming’s historic agricultural and mining industries continue to drive the state’s economy – Wyoming is the number one producer of coal in the country. Though largely rural, Wyoming is a great state for a small business, thanks largely to the low cost of doing business. So what does it take to get started there? And how do you incorporate in Wyoming?
How do you start a business in Wyoming?
It’s pretty easy to start a sole-proprietorship in Wyoming. All you need to do is apply for the business licenses and permits applicable to your industry and, if you plan to do business under a name other than your own, a trade name. Trade names effectively link you to the business and you’ll need a trade name if you hope to advertise, open a bank account, or sell under your business’s name.
Is Wyoming business-friendly?
Yes! According to the Tax Foundation, Wyoming has the best business-tax climate in the USA. There is no corporate or personal income tax at the state level, and the state has a tax burden that’s well below the national average. Since Wyoming has no income tax, there aren’t any state tax breaks, but there are plenty of credits and loan programs offered by the Wyoming Business Council – of note are renewable energy credits, low-interest loans, and state-run training programs.
How do you form an LLC or incorporate in Wyoming
First, you need a name for your new business entity. Corporations in Wyoming have to include a designator like ‘Incorporated’, ‘Corporation’, or ‘Limited’ in their name. They can also choose to use an abbreviation, like ‘Inc.’ or ‘Corp.’, if they wish. Limited Liability Companies also have to designate themselves by including ‘Limited Liability Company,’ or a shortened version or abbreviation of the designator, like ‘LLC’ or ‘Ltd. Liability Co.’, in their entity name.
Once you figure out a name for your new business entity, you either fill out and file the Articles of Incorporation (Corporation) or the Articles of Organization (LLC) with Wyoming’s Secretary of State. These forms ask you to disclose the names and physical addresses of the business and its registered agent. If you plan to incorporate in Wyoming, you will also have to give them the names and addresses of the incorporators, and disclose how many shares to corporation will be authorized to issue. The registered agent, in both cases, is also required to fill out and sign a form agreeing to act as the entity’s RA.
Are the great, open plains of the Cowboy State calling out you? Are you ready to start a business or incorporate in Wyoming? Just give us a call at 1 (877) 692-6772, or leave a comment below, and we’ll be happy to help you out!