If you want to set up an LLC in Wyoming, learn more about the process of completing an LLC operating agreement.
If you’re considering opening a business in Wyoming, you’ll want to know how to start an LLC in Wyoming. There are laws, protocols, and regulations on how to register an LLC in Wyoming, and we’ve outlined everything you need to know.
Is an LLC Operating Agreement Required in Wyoming?
To do business in Wyoming, you do not need a Wyoming LLC operating agreement, but it is often suggested to have one.
Wyoming Operating Agreement Laws
Although you do not need an operating agreement in Wyoming, there are still operating agreement laws you need to abide by if you do make the wise decision to make one anyway. You can read the laws in § 17-29-110.
Some of the more notable laws include that the operating agreement governs the activities of the company and the conduct of those activities, management rights and voting rights of members, transferability of membership interests, and distributions to members prior to dissolution.
How Much Does It Cost to Form an LLC in Wyoming?
Now that you’ve decided to move forward, you may be wondering how much is an LLC in Wyoming? There are multiple costs associated with forming an LLC in Wyoming:
- Filing Fee – There are two ways to file. You can pay $100 to the Wyoming Secretary of State, or $102 if you file online.
- Annual License Tax – Every year, the LLC must file an annual report with the Secretary of State of either $50 or 0.0002% of the value of the LLC’s assets.
- Registered Agent Fee – The registered agent may be a Wyoming resident or business entity authorized to do business in Wyoming. The registered agent must have a physical street address in Wyoming. The business owner can elect to be their own company’s registered agent. If using a registered agent service, the fee varies from $49 to $100.
How to Form an LLC in Wyoming
The process of applying for an LLC in Wyoming isn’t difficult once you have the pieces in place. When figuring out how to create an LLC in Wyoming, following these steps will point you in the right direction on how to get an LLC in Wyoming:
Step 1 – Naming the LLC
You need a name for your business entity. The first thing is to do a search with the Secretary of State to make sure the name is available and meets the naming requirements in Wyoming. These requirements include having ‘limited liability company’ or the abbreviation of LLC or L.L.C. in the formal name. Additionally, there are restrictive words you cannot use that may give the illusion that your business is a governmental entity such as Treasury, etc. There are additional restrictive words that when used may require a license or additional paperwork.
Step 2 – Solidifying the Registered Agent
As an LLC, you must have an appointed registered agent. This person (or service) will receive any important legal documents served to the LLC. In Wyoming, the registered agent must have a physical address in Wyoming. This address cannot be a dropbox, mail forwarding service, PO box, or box at a store location (UPS Store).
The person must be at least 18 years of age and resides in Wyoming. As a new filing, a consent to Appointment by Registered Agent form must be signed by the agent and submitted along with the filing. If the filing is done online, the company must certify they have written consent and have it available if requested.
If you need to find a registered agent, there is a roster of Wyoming Commercial Registered Agents provided on the Wyoming Secretary of State website.
Step 3 – Filing the Articles of Organization
This document is needed to form an LLC and is filed with the Wyoming Secretary of State. There are four main sections, or “Articles” in this process.
Step 4 – Pay the Filing Fee
Once the paperwork is filed, you will pay the filing fee. If done online, you will be able to pay it immediately with one of the options listed. If filing manually, you will print out the paperwork and send it with a check to the Wyoming Secretary of State. Your LLC won’t be registered if you do not pay this fee. Filing online may expedite the process.
Step 5 – Create your Operating Agreement
Again, while operating agreements are not required in Wyoming, it is a good idea to have one and keep it with your organization’s records.
Step 6 – Obtain an EIN
An Employer Identification Number (EIN) is needed to open a bank account and hire employees. This can be obtained for free by mail, fax, or on the IRS website.
Step 7 – Open a Bank Account for Business
Having a bank account for your business is key in protecting your assets. It is very important to keep your personal and business assets separate.
Step 8 – Obtain all Permits and Licenses
You may need additional permits and licenses based on the type of business your LLC operates to maintain your status. You may find out more about this on the Secretary of State’s website.
Wyoming LLC Operating Agreement Template
Use this Wyoming LLC Operating Agreement Template to get started:
LLC Operating Agreeement