How to Start an LLC in Wyoming

For 2024, Wyoming claims the top spot in The Tax Foundation’s annual State Business Tax Climate Index. This is no new feat—Wyoming has consistently ranked as one of the most business-friendly states. Its dedicated business court system and 0% personal and corporate income tax rates highlight its commitment to being a pro-business location and a haven for entrepreneurs. For anyone looking to quickly start a business, now is a great time to form an LLC in Wyoming. 

LLCs in Wyoming are affordable and easy to form. And as with other states, Wyoming has some specific LLC formation requirements that are unique to the state.

How to form a Wyoming LLC in 7 steps

These steps will guide you through the LLC registration process with the Wyoming Secretary of State (SOS).

Step 1: Choose your business name

The first step to forming a Wyoming LLC is picking a memorable, on-brand, and available business name. As per W.S. 17-29-108, you can choose any name for your LLC as long as it ends with “limited liability company,” “limited company,” or any variation of its abbreviation—e.g., LLC, L.L.C., LC, L.C. or Ltd. Co. The name should also be distinguishable from any existing Wyoming business name and not imply association with a government agency.

You can check your preferred name’s availability by accessing the Secretary of State website. LegalZoom has a comprehensive guide to doing a Wyoming business name search to walk you through the process.

A name may be reserved for up to 120 days before you must officially start your business. To reserve a name, you must file a name reservation application with the Wyoming Secretary of State. This may be done by mail or online. All requests must be accompanied by a filing fee of $60. Be sure to include the name to be reserved, a contact person’s name and daytime number, and the applicant’s name, address, email address, and dated signature.

Step 2: Appoint a Wyoming registered agent

Any business entity looking to file Wyoming LLC paperwork with the Secretary of State office must list a registered agent. A registered agent is required to receive process service and other essential government communication.

An individual or business entity can serve as a registered agent if they meet some basic requirements:

• The individual is older than 18.
• The individual is a state resident with a physical street address.
• The business entity has a physical business address and is authorized to conduct business in the state.

Using a P.O. box, drop box, or mail forwarding service address in your Wyoming articles of organization will result in your LLC documents being rejected. Also, failure to maintain a Wyoming registered agent can cause the state to shut down your operations. 

Step 3: File Wyoming LLC articles of organization

Registrants must file articles of organization with the Wyoming Secretary of State online or via mail. An email address must be indicated for electronic certificates sent by the Secretary of State. The articles must include pertinent information such as:

• LLC name, principal office address, and mailing address
• Registered agent’s name and address
• Organizer’s name, daytime phone number, email, and dated signature
• An original signed Consent to Appointment by Registered Agent form

All documents must be submitted with the filing fee of $100. There is a standard turn-around time of 15 business days for processing of mailed-in business forms and files. You can check the state’s Business Center page to see what day is currently being processed. Online filings are processed immediately.  No expedited services are available.

Step 4: Create a Wyoming LLC operating agreement

Although LLCs in Wyoming are not required to have a limited liability company operating agreement, it is wise to have one in place, regardless of whether you are a multi- or single-member LLC. An operating agreement demonstrates professionalism and keeps conflicts at bay. It lays the groundwork for how you'll conduct business and handle issues like transferring ownership, dissolving the LLC, and other operational decisions.

Wyoming recognizes limited liability company operating agreements as governing documents. Therefore, in cases of legal disputes, the Wyoming court will make its decision based on what the LLC operating agreement states. If there is no operating agreement, state laws will determine the outcome.

Step 5: Obtain an employer identification number (EIN) and open a business bank account

A federal employer identification number is a unique nine-digit tax identifier issued by the Internal Revenue Service (IRS). Your company will need to obtain an EIN from the IRS if it meets any of the following criteria:

• There are two or more members in your LLC
• You want to hire employees
• You plan to select S corp tax filing status for your LLC

You can get your EIN directly from the IRS or hire LegalZoom to take care of the details and file the paperwork.

An EIN is usually required to open a business bank account. This clean bookkeeping practice helps maintain a distinction between your business and personal assets, simplifying profit tracking and tax filings. A business bank account makes it easier to secure a business credit card, an easy and quick way to fund your Wyoming LLC.

Step 6: Register for state taxes

Wyoming has no state franchise, inventory, or income taxes, but this doesn't mean you are completely off the hook. There are a few tax obligations you still have to meet. After LLC formation, you need to register for any applicable state taxes with the Department of Revenue. Depending on your business activities, you may need to register for the following taxes:

• License tax. LLCs in Wyoming are required to pay an annual license tax based on the total assets the LLC has and employs in the state. LLCs with $300,000 or less in assets are required to pay a minimum license tax of $60.
• Sales and use tax. Most tangible goods (bakery/food items, clothes, electronics, and books) and services are taxed at a rate of 4%. Local and county governments may add up to 3% in additional sales taxes. LLCs need a sales tax license to collect the state sales and use tax. This state license costs $60 and can be applied for online.
• State unemployment insurance (UI) tax. If your LLC hires employees, you are liable for paying state unemployment insurance taxes to the Wyoming Department of Workforce Services. The tax rates vary by industry and "experience" of the business. Rates are assigned as per W.S. 27-3 Article 5.

Wyoming LLCs are also subjected to federal income, payroll, and self-employment taxes of 15.3%.

Step 7: File the Beneficial Ownership Information Report (BOIR)

As of Jan. 1, 2024, certain kinds of Wyoming LLC must report information about its beneficial owners—the persons who own or have substantial control over the company—to the U.S. Dept. of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This is commonly known as the Beneficial Ownership Information Report, BOI report, or BOIR.

The filing deadline for LLCs formed in 2024 is 90 days after you receive your official LLC formation documents or confirmation from the Wyoming Secretary of State. So if your Wyoming company was registered with the state on Aug. 15, 2024, your BOIR is due on November 14, 2024. Beginning Jan. 1, 2025, any newly-formed business entity will have only 30 days to file their information.

What to do after forming your Wyoming LLC

After you form your Wyoming LLC, there’s still work to be done to set yourself up for success.

Register a domain name

A well-crafted website instantly builds trust and prevents customers from questioning your business’ credibility. Your online journey begins by choosing the perfect domain name—one that matches your business name and is available. You can find available domain names through websites like Bluehost or Wix (which also has website design templates).

Get business licenses and permits

Securing the proper business licenses and permits is part and parcel of running a business. Not having the correct licenses leaves your business vulnerable to legal trouble. Common licenses and permits that may be required for your Wyoming LLC include:

• Seller's permit or license. In Wyoming, a seller's permit is called a sales and use license. It’s a must-have if you're selling tangible products. Registration for a new license can be done through the state’s official WYIFS website.
• Professional license. Should your LLC offer professional services, you may have to obtain certain licenses and permits from the state’s professional licensing boards. Wyoming's Department of Workforce Services has a detailed list of all the occupations that require a state license.
• Zoning permit. If you plan to operate your business from a physical location, you may need zoning permits to ensure compliance with local zoning regulations.
• Alcohol license. Suppose you're opening a bar—you need an alcohol beverage license from the Wyoming Liquor Division.

Obtain certificate of good standing

A certificate of good standing shows customers, vendors, investors, and employees that you're running a legal and complaint business. The Secretary of State's online business services portal allows you to generate and validate a certificate of good standing. There's no filing fee for this form.

Consider a foreign LLC

Perhaps your business takes off and you decide to open a second location in Colorado. In order to conduct business in another state, you will need to register as a foreign LLC in the new state.

A certificate of authority will be required before you can register your Wyoming LLC in another state. The cost of a certificate of authority is $150. Establishing a foreign LLC in another state generally requires completing applications and paying filing fees in each new state, but each state can have its own specific requirements.

A business formation company like LegalZoom is up-to-date on these processes. We can get your foreign LLC registration done quickly and painlessly.

Trademark your business name

Trademarking your business name protects you from imitation. To trademark your business name in Wyoming, you must file an Application for Registration of Trademark or Service Mark with the state's SOS office. The fee for this is $150. Approved trademarks are valid for five years, but it's your responsibility to protect your trademark rights. You can also consider trademarking your business name nationally through the United States Patent and Trademark Office (USPTO).

Annual filing requirements for Wyoming LLCs

To stay compliant with state law, Wyoming LLCs must file an annual report. These reports are due every year on the first day of the anniversary month of the LLC formation. So, if your company formation documents were stamped on Jun. 15, 2024, your annual reports will be due on Jun. 1, 2025, Jun. 1, 2026, and so forth.

Reports are filed with the Secretary of State either online or by mail. Online filings are subject to additional fees and a convenience charge based on license tax. Late filings and payments may result in LLC dissolution or revocation.

The annual report fee is $60 or two-tenths of one mill on the dollar ($.0002), whichever is greater, based on assets located and employed in the state. If your Wyoming annual report fee is more than $500, you will not be allowed to file your report online.

If paperwork is not your strong suit or you would rather focus your energies on running and growing your own LLC, this is something LegalZoom can handle for you. 

The cost of forming an LLC in Wyoming

Getting your Wyoming limited liability company off the ground will cost you a minimum of $100 (to file your articles of organization). Beyond that, costs go up depending on your industry, licensing and permit requirements, support needs, and day-to-day functions

• Articles of organization filing fee: $100 for a domestic Wyoming LLC and $150 for a foreign LLC. 
• Name reservation: $60
• Doing business as (DBA) certificate (if desired): $100
• Sales tax license: $60. 
• Business bank account: Usually free, but most banks require a minimum deposit of at least $100. There might be a monthly maintenance fee or additional service charges if you fail to keep a minimum business checking account balance. 
• Wyoming registered agent service: Can run between $50–$300. 
• Insurance: At the very minimum, your Wyoming LLC should get general liability insurance. This typically costs around $44 per month.
• Certificate of authority: $150 

How to start your Wyoming LLC with LegalZoom

As easy as these seven steps may appear, working with the business experts can streamline the Wyoming LLC formation process even further. LegalZoom’s LLC formation services start at $0 + state filing fees, with additional packages available based on how much support you’d like in starting and managing your business.

Wyoming LLC FAQs

What are the benefits of forming an LLC in Wyoming?

There are several advantages beyond a favorable tax climate and the protection of personal assets when forming a Wyoming LLC. Wyoming places no residency restrictions on who can own or serve as a member of an LLC. Wyoming is also one of the few states that allows you to form an anonymous LLC, meaning you don't need to list owner and member information in your Wyoming articles of organization, increasing your privacy.

Per the Wyoming Limited Liability Act, you can also form a Wyoming close LLC—a designation that reduces administrative burdens and, therefore, is ideal for single-member LLCs or small family businesses.

Do I need a business license for my Wyoming LLC?

Wyoming doesn't have a state-based general business license requirement. But, depending on your industry, business size, and location, you may be required to get a state or local license or permit to operate. For instance, if you're running a childcare center for more than 20 kids, you will need a permit from the Wyoming State Fire Marshal.

How long does it take to form a limited liability company in WI?

The Wyoming Secretary of State processes LLC formation documents on a rolling basis. Online filings are approved immediately. Currently, all LLC business documents sent by mail take around 15 business days from the date of receipt. You can always visit the state's website to check the current processing date. 

How do I correct filing errors in WI?

It’s possible to fix any filing errors made in your Wyoming articles of organization. Mail a Statement of Correction form to:

Wyoming Secretary of State
Herschler Building East, Suite 101
122 W 25th Street
Cheyenne, WY 82002-0020.

The cost for filing a correction is $60. It takes around 15 days for the change to reflect in state records.

You can email the Update Form to SOSRequest@wyo.gov to inform the SOS of any changes to your principal office address or mailing address.

How do I dissolve a Wyoming LLC?

The process of formally closing your Wyoming LLC starts with settling all financial obligations. You then need to inform the Secretary of State of your decision by filing articles of dissolution, for which there is a $60 processing fee. 

Failure to do this may result in a financial penalty for failing to file an annual report, or you may be unable to reinstate the business. LegalZoom can save your Wyoming LLC from fines and late fees by filing your dissolution papers for you.

How do you do a Wyoming LLC search?

It's pretty straightforward to conduct a Wyoming business entity search. The state provides a free database search as part of its online services. They also provide an informative name search guide that will generate thorough results.

Michael H. Cohen, Esq. contributed to this article.