How to Start a Wyoming LLC: Step-by-Step Guide

Create an operating agreement

While a operating agreement is not required when setting up an LLC in Wyoming, it is strongly suggested that your LLC set one up. The Operating Agreement is a contract between all members of the LLC that includes details essential to the smooth running of your business operations. Some common details included in this agreement are:

  • Voting protocols
  • Member Responsibilities
  • Initiation of new members
  • Daily activities
  • Company mission statement
  • Dates of annual meetings
  • Terms of dissolution

This agreement also functions as a written record of verbal agreements and decisions between members. For example, a group of four friends from Utah decided that forming an LLC in Wyoming was the best way to start their brewery in Jackson Hole, Wyoming. One of the most important decisions the LLC makes after its formation is that each member move to Wyoming within five years of the brewery opening to take turns serving as interim director.

After three of the four members buy houses and move to Jackson Hole, one member decides to stay in Oregon and denies ever making the deal. Without a document in place recording this decision, other members have no recourse to resolve the issue.

Scoop preview: Although a single Wyoming LLC member may be tempted to skip the operating agreement because it only binds the creator of the agreement, this document plays an important role in protecting your liability.

To retain its liability benefits, LLC business to have to be separate from the Member’s personal business. If your business is facing a lawsuit for mixing funds, an operating agreement detailing accounting protocol can help establish a separation between personal and business finances.

Get an EIN

After forming an LLC in Wyoming with more than one member or employees, the business must obtain an Employer Identification Number (“EIN”) tax. This number is essential for tax filing requirements and other important business activities such as opening a business bank account, applying for an LLC line of credit, or dealing with vendors. .

Scoop preview: If you are a single-member Wyoming LLC with no employees, you are not required to have an EIN. However, without it, you’ll have to use your social security number for applications and vendor dealings, putting you at risk of identity theft. Obtaining an EIN is easy, free, and can protect your personal information.

File your LLC’s annual report

Each year, on the first of the month in which the LLC was incorporated, you must file your annual report and pay the license fee. For example, after forming an LLC in Wyoming on December 15, 2022, your first annual return will be due on December 1, 2023.

The annual license tax is $60 or 0.0002% of the value of all LLC assets located and employed in Wyoming. If your LLC holds $300,000 or less in assets, your license fee will be $60. Although there are no late fees if you do not file the annual return or pay the tax by the due date, your LLC may be dissolved if you do not file within 60 days.

Wyoming LLC Tax Filing Requirements

Wyoming has no state income tax, but LLCs are still required to report income to the IRS. Single-member LLCs will file a Form 1040 (personal income tax form). Multi-member LLCs will file a Form 1065 on behalf of the society and each member will file a Appendix K-1 declaring their individual share of income.

In addition to the license tax due with the annual return, there are additional taxes for LLCs that sell physical products or hire employees. If you are selling a product, you will need to request a sales/use tax license and pay the $60 fee using Wyoming Online Portal or by submitting a paper application. This will allow your LLC to collect sales tax on qualifying items.

If your LLC has employees in the state, you will also need to register your business with the Wyoming Department of Workforce Services and pay unemployment taxes. This helps the state to provide unemployment insurance to eligible persons. The tax rate varies each year and is reduced for new businesses. To get your exact rate, you will need to call the Unemployment Tax Hotline at 307-235-3217.

Local resources

The Wyoming Business Council offers many opportunities for networking and connecting with government initiatives and other businesses. Here are some helpful resources:

Back To Top