The first LLC statutes in the US were founded in Wyoming back in 1977. The statutes were updated in 2010 to keep up with the current times.
With the stringent laws in place to protect LLC officers, Wyoming is one of the best states to start an LLC. Furthermore, there are few liability companies in this State compared to other states, which increases the chance of growth for any LLC that establishes itself here.
Unlike in most States, members or managers of an LLC in Wyoming don’t have to be listed on a public database. This limits the exposure of personal data. Furthermore, the process of acquiring a business license isn’t tedious as compared to other states. For example, in Nevada, to get a state business license, you will need a personal guarantee and a tax ID number.
This makes it complicated to get form an LLC or Corporation in such a State. All these factors make it favourable to start an LLC or Corporation in Wyoming.
Even when you want to transfer your Corporation from another state to Wyoming, the process is smooth. You will not have to go through a complicated process that may make you give up along the way. Another thing with Wyoming is that it has special companies called Close Corporations. These companies are authorised by Wyoming Legislature for small business owners and require less paperwork to run them. This is something that you will not get in many other States. The size of Close Corporations makes it easy to manage them and even run by a family.
Benefits of Company Formation in Wyoming
1. Easy registering
Here at our company, we make it easier for you to establish an LLC formation in Wyoming. When you place your order to get your documents certified, we ensure they are approved and returned to us within a single business day. We have that option for extra services in the order form, which you can use to get your documents processed fast.
2. High business privacy
Officers and directors of a Wyoming LLC or Corporation enjoy various benefits, which include being protected from lawsuits filed by creditors who aren’t satisfied or obsessive plaintiff attorneys. When you conduct business as a Wyoming Corporation or LLC, you will enjoy business privacy and asset protection, among other benefits.
3. Remote management
You don’t need to be a US citizen or living in Wyoming to run a Corporation in Wyoming. However, you need to have your presence felt in the Corporation to ensure things flow smoothly. For this, we have an Office Service Contract that you can use to run operations smoothly remotely.
4. Zero state tax
In Wyoming, there are no State taxes for LLCs. This means you will not incur more expenses in running your Corporation because you will pay zero State taxes. If you are wondering how this is different from Nevada, you should bear in mind that Nevada passed a bill that installed a corporate gross receipts tax. Also, in this bill, the yearly fee for Corporations in Nevada was increased to 150%. In the past nine years, Nevada has increased rates on Corporations by approximately 400%. Now, that is what makes Wyoming different and friendly to Corporations. Wyoming was rated the most BUSINESS-FRIENDLY STATE IN TERMS OF THE TAX SYSTEM BY THE NEW 2020 EDITION OF THE TAX FOUNDATION’S STATE BUSINESS TAX CLIMATE INDEX.
If you are thinking of starting a Wyoming Corporation or LLC and don’t know where to start, we have got you covered. Our Corporation Services can guide you through establishing and running your LLC or Corporation smoothly. Get in touch with us today to help you set up a Corporation or LLC in Wyoming.