Filing a Wyoming Corporation
Many business owners elect to register their business as a Wyoming Corporation because of the benefits it offers. Owners not only receive tax breaks, but they also provide their company with instant credibility, boosting its standing with customers and clients. New business owners must be diligent when forming a Wyoming Corporation, however. There are many steps involved with doing so, and each requires careful consideration.
Steps To Filing a Corporation
Choose A Name
The first thing that those looking to form a new business must do is choose a name for their company. The state of Wyoming requires companies to include an indicator in their name. In this case, owners are going to want to add something like, “Corporation,” “Incorporated,” “Company,” or “Limited” to their name. They also have the option of adding an appropriate abbreviation, such as “Inc.” Owners will also want to make sure that the name they select is unique. Wyoming does not allow two Corporations to share a name. To prevent this from happening, owners can use the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After selecting a name, new owners will need to find a registered agent for their company. The registered agent is responsible for accepting all legal correspondence on behalf of the company. An agent’s role is more integral than many first-time business owners realize. Owners should consider hiring a professional third-party company, such as DoMyLLC, to serve as their agent.
File Articles Of Incorporation & Pay Filing Fees
Once new business owners have secured a name and registered agent, they can proceed with filing Incorporation Articles with the Business Division of the Secretary of State’s office. There is a $100 fee to do so. Information that owners will need to provide on these documents includes:
- The name of the company
- Whether the entity elects to be a statutory close corporation
- Whether the entity elects to be a statutory close corporation
- Name and physical address of the registered agent
- The mailing address of the Corporation
- Principal office address
- Number and class of shares the Corporation will issue
- Name, address, and signature of each incorporator
- Contact information
File Initial Report
The state of Wyoming does not require companies to file Initial Reports, but they may be necessary in the future when expanding across state lines.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Incorporation Articles, owners of the Wyoming Corporation will want to hold an initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the initial meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once the board is in place, directors can define the roles of members, elect officers, and draft corporate bylaws. Bylaws are a private document that serve as an internal operating manual. However, the Corporation cannot exist or conduct business until the board of directors has adopted a set of bylaws. Additionally, many banks and insurers will need to see proof of the bylaws before agreeing to work with a Corporation.
Issue Stock
While at the initial corporate meeting, the board of directors will also need to issue stock. The board is the only group with authority to issue stock, and they are responsible for doing so throughout the life cycle of the Wyoming Corporation. The amount of stock that they can release is defined in the Incorporation Articles. The board should also begin to maintain a stock ledger, which will support the corporate veil and provide transparency to future investors.
Obtain Employer Identification Number
The Wyoming Corporation will also need to secure an Employer Identification Numbers fro the IRS. This allows the company to hire new employees, file taxes, and open a business bank account.
File Wyoming Required Annual Reports
Officers will also need to submit an Annual Report each year. The cost to do so depends on how many assets the Corporation has in Wyoming. The minimum fee is $50. The report is due annually by the first day of the registration anniversary month. So, if a company’s incorporation date is February 18th, the Annual Report is due by February 1. Learn more at our Wyoming Annual Report page.
Ongoing Maintenance
Officers must also file state and federal taxes and renew all licenses and permits each year.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we aim to help owners create and maintain their Wyoming Corporation. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Wyoming’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Be sure to give us a call today to learn more about how we can help your business succeed.