Being one of the first states that recognized and created statutes for the limited liability company (LLC) structure has made Wyoming a popular business location for many companies. Additionally, it does not impose a state tax. But first you will need to file the correct LLC paperwork.
Forming An LLC
Creating an LLC in Wyoming is one of the best options for a number of starting entrepreneurs. This business entity type is ideal, especially if you are a small- to medium-sized startup. The advantages it offers can help you focus more on business growth.
It separates and limits the personal liability of the owners from the debts and liabilities of the business. The filing, management, administration, and compliance factors are also easy to understand and learn.
Understanding LLC Paperwork And The Articles Of Organization
Forming your Wyoming business entity requires you to follow the process that the state has set. It includes the submission of formal LLC paperwork, such as the Articles of Organization, to the Secretary of State. You can file it by mail or online, and it comes with a $100 fee. If you file it online, you will have to add $2. Successfully filing this document results in the formal creation of your business.
What You Will Need
When you fill out the Articles of Organization form, you will have to disclose some necessary information related to your company.
- Business Entity Name – Your company name has to be unique. The Secretary of State can reject your LLC paperwork if the entity name indicated is similar to what another business entity is using. Conduct a name availability search beforehand to prevent this.Under state law, your company name also needs to have any of the following designators:
- Limited Liability Company
- LLC
- L.L.C.
- Limited Company
- LC
- L.C.
- Ltd. Liability Company
- Ltd. Liability Co.
- Limited Liability Co.
The state lets you reserve a name for up to 120 days. To do this, file an Application for Reservation of Name with the Secretary of State and pay the $50 filing fee.
If you do not want to use the official legal name you have registered in the Articles of Organization when you start conducting business, you can opt for a trade name or Doing Business As (DBA). You can register this fictitious name with the Secretary of State by filing an Application for Registration of Trade Name. The state does not mandate the registration of trade names. However, it may be a good idea to do so to prevent other business entities from using yours.
- Registered Agent and Office Address–Like in other states, Wyoming LLCs need to appoint a registered agent. It can be an individual or third-party organization like DoMyLLC. The role of this agent is to serve as the point of communication for legal documents from the state. Ask the agent to sign a Consent to Appointment by Registered Agent form. Additionally, you should also disclose the complete physical address of your registered agent in Wyoming. It cannot be a Drop Box. The state may accept a P.O. Box but only if it is in addition to a physical address.
- Principal Office Address – This address is for the main business office of your Wyoming company. It has to be a street address.
- The Organizer Of The LLC – You have to include the name and signature of the person in charge of organizing the business and filing the LLC paperwork. You can choose a member of your company or appoint a third-party representative.
- Contact Information – The phone number and email address that you indicate on the Articles of Organization form will be a part of your company’s permanent public record. You can choose a representative or a third-party organization for this section.
- Duration Period – If you want to set the date when your business entity will close or expire, you can include the date in this section. You may also choose to have perpetual existence. This way, your LLC will remain open until it files for dissolution.
- Effective Date – You can also mention the date when the LLC will start being active in the appropriate section. It cannot be more than 90 days after the filing date. If you want automatic activation upon the approval of the Secretary of State, then leave this part blank.
- Additional Information – There is a section in the form that allows you to add statements or articles. This part is optional, so you can leave it blank.
How To File
Wyoming has two options for filing the Articles of Organization. You can do it online to get immediate approval. You can also submit by mail and wait for the approval for 3 to 5 business days.
The distinguishability of your LLC name has a role here. If you file by mail and the Secretary of State rejects the name, you can expect a refund of your $100 filing fee. For online filings, you cannot get a refund if the state rejects your name. Instead, they will ask you to refile under a new company name.
Certain names require you to file by mail.
- It starts with A, followed by a space.
- Your company name has The, the, An, an, And, and, or &.
- It has special characters, except for apostrophes, commas, and periods. These include -, !, @, #, $, %, ^, *, |, /, or ().
How Long It Takes For The Approval
Your waiting time will depend on how you filed the paperwork. If you file online, the process and approval can be done immediately. You will receive an email within a few minutes, and you will see the stamped and approved copy of the Articles of Organization, a Certificate of Organization, and the filing receipt. If you submit by mail, the state will process it within 3 to 5 business days then they will have to mail it back to you.
Getting Help From Experts For LLC Paperwork
If you want to do business in Wyoming as an LLC, you will have to go through a registration process. While it may seem easy for some, it requires patience and attention to detail. If you find the whole ordeal overwhelming, do not hesitate to get help from a reliable third-party organization like DoMyLLC.