When someone creates a limited liability company, many factors should be considered, including state law, business protection, and income tax.
In this article, we'll talk about Articles of Organization in Wyoming so that every aspiring entrepreneur can quickly and easily find information on how to get and file it with the Secretary of State. We have chosen this state since it's considered to have some of the most favorable conditions for opening an LLC. Read on to find out how you can successfully register a new business in Wyoming.
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Constituent documents are mandatory for those who want to open an LLC. Without such documents, the business cannot be officially established and, thus, will not be able to legally function. Thus, the approval of the State Secretary is required for every LLC, which confirms that the company is legitimate and is in good standing.
Articles of Organization in Wyoming is a set of forms that are filed with the state to officially run a business and are required by law everywhere across the U.S.
Each state has its own filing requirements and rules for new and existing businesses. If all the paperwork has been completed correctly, authorized individuals notify the business owner of the approved Certificate of Formation in Wyoming. Once done, the owner can officially operate and proceed further with their company.
Articles of Organization should not be confused with an Operating Agreement, as there are some significant differences between these documents. An operating agreement is mainly a set of rules and instructions that help define the roles and hierarchy inside the company and distribute the responsibilities of each member. Such an agreement can be drawn up orally or in writing, or it may not be created at all. However, in such a case, it will be difficult to resolve possible issues or disputes within the company.
Therefore, experts recommend all businesses to specify all the necessary rules and regulations in a single document that will have a legal basis and, in case of any management disputes/conflicts, everything can be easily solved. Combined with Articles of Organization, an Operating Agreement provides even more advantages to businesses, first of all, in terms of security and data privacy.
Articles of Organization LLC Wyoming are important and mandatory documents that are required by authorities of the state. Without them, no person can legally run a business.
Articles of Organization also have a protective function, helping business owners separate their personal assets from their company's debts. This is because registering a Certificate of Formation in Wyoming provides legal status to the firm, which means that the firm is now responsible for all of its business debts. From a legal point of view, such documents will protect the business owner from any possible penalties/fees associated with lawsuits.
In fact, any LLC owner can arrange and collect all the required documents, without the help of a third party. However, if you want to avoid routine paperwork, it's worth considering special services that can professionally handle business registration. Such services will on average cost you between $49 and $300 (excluding state fees).
Your filled-out Articles of Organization forms may be rejected by the Secretary of State if there's a good reason for that.
Here are some of them that can lead to rejection:
These are just a few common problems to be aware of and avoid if you don't want to get yourself into trouble with the Secretary of State.
Future business owners may notice a lot of offers associated with company registration services in the state. LLC formation and registered agent services can provide a whole range of solutions for each business, from filing services to legal support and consultations. However, since the incorporation process is not that complicated, you can try and do everything yourself. If you dare.
In fact, you are just three steps away from running a business as follows.
You can get everything you need at the Secretary of State's website. The logic of the site is quite simple - you need to follow the chain of actions: click on the "Get Started Now" button - choose the type of business (LLC) - agree to the terms of the portal (check the box) - and click on the "Next" button.
You can view the Articles of Organization template by clicking here.
You can also submit documents by mail, having previously downloaded a PDF file. We have provided the official address of the Wyoming Secretary of State's office in the following sections of this article.
Note that the portal has certain restrictions. That said, you will only have 30 minutes to fill out the paperwork (3 pages). Make sure you do that in a timely manner, otherwise, the session will be over, and you will have to start all over again. Therefore, you want to familiarize yourself with the template in advance and prepare the right answers.
Pay attention to detail. The first thing you need to remember is that paper documents must be filled out with black ink.
What information to prepare to fill out Articles of Organization in Wyoming?
The name of the company should indicate the structure of the business. If you have an LLC, then you should indicate it by putting the "LLC" or "L.L.C" abbreviation at the end of the name. Each designation has its own characteristics and features.
That said, for a low-profit limited liability company, you want to apply the "L3C" abbreviation to get social benefits. This can also be “l3c,” “low-profit ltd.,” “liability company,” “low-profit ltd.,” “liability co.,” or “low profit limited liability co.” L3C is a hybrid business form, combining a socially beneficial mission with a for-profit business entity. Alternatively, if you have a small, family business, you should choose to create a Close LLC (an LLC with a tightly-controlled structure), and indicate that in the name.
As mentioned earlier, your company name should be unique. Thus, you want to check the availability here before sending the documents to the Secretary of State for approval. When searching, you don't need to specify the type of business, as well as commas, dashes, and other symbols. If your chosen company name is unique, you will see "No Results Found" in the results.
Note that you can also use inactive company names, provided that not less than 2 years have passed since such status was obtained.
Your company's registered agent can be an individual or an entity. You can also be your RA or this can be your family member or friend. A special service performs is able to fulfill this role as well. No matter who you choose to be your resident agent, the person must be subject to the following state rules and regulations.
That said, your Wyoming registered agent must:
Finding a registered agent is a mandatory step in the preparation of Articles of Organization in Wyoming.
This is where you need to enter information about where your company office is located, including the phone number, email, and mailing addresses. You can also add an additional address in any other US state or outside of the country.
As an owner, you can indicate your home address or that of your family member, a virtual address, or a leased address. Your RA contacts can also be listed.
As for the phone number, you must indicate your mobile number and a landline. For example, this can be your RA's landline or fictitious (after permission from the Secretary of State) phone number. The only requirement is that you cannot include any foreign contacts.
The email address line is filled for the purpose of annual reports. As many addresses are indicated as necessary, separated by semicolons.
Your mailing address may be the same as your primary address. There are no state restrictions on this matter, even if the address is outside the United States.
Filing Articles of Organization in Wyoming involves providing contact and personal information about the organizer(s). Not to be confused with an LLC member - these are two different terms.
An organizer is a trusted person who takes care of the filing responsibilities. Apart from the owner or member of the firm, this can also be your accountant, attorney, family member, friend, or registered agent.
Note that only the names of the organizers or organizations are listed on the paperwork. You cannot list both the organization and the name of the organizer.
This part of the Articles of Organization is optional, but if you need to enter any amendments, then use them. In other cases, simply skip this step and move on to the next one.
Want to know the requirements for articles of organization in other states? Select state:
Make sure everything is filled out correctly, there are no mistakes, and everything meets the requirements. In case you need to amend your Articles of Organization, go back to the previous section and make the necessary edits.
The document is signed in ink by the organizer if the application is submitted by mail. As for online applications, the process is slightly different, and we will discuss it below in the article.
Now, all that remains is to add a receipt for payment of the state filing fee and send the document.
The final step is to provide all the completed paperwork to the Secretary of State. You can send the forms by mail or online. Applications are processed by the Secretary within 15 days (on average), with online filing being the fastest option.
Online filing at the Wyoming Secretary of State’s website is the most convenient and fastest way for those wishing to start a new business as quickly as possible. Thus, all business documents submitted through the site are usually processed within a week.
The state filing fee is $102 (online), and $100 (by mail).
Here are some of the main nuances to consider when filing online:
Once the documents have been reviewed by the Secretary of State, you, as the owner of the business, will receive a letter with the final decision.
|Address||Wyoming Secretary of State|
2020 Carey Avenue, Suite 700
Cheyenne, WY 82002
|Turnaround Time||3-5 business days by mail|
While filling out the application online, making any changes in the document is easy. You need to go back to the desired item and enter other information.
But what if everything is already submitted? You can also make corrections to the Articles of Organization. To do this, you must file Corporation Articles of Amendment with the Wyoming Secretary of State and pay a $60 filing fee. The only exception will be the information about your registered agent and legal address.
It's safe to say that filing for a limited liability company is not that complicated in Wyoming. Therefore, you can do it on your own. Although there is a chance that you will fill out the paperwork incorrectly and the Secretary of State will return it for revision.
You can, however, reduce the risk by hiring a special LLC formation service. If you still plan to do this alone, then you must create a unique name for your company, hire a registered agent who will accept your legal and tax documents, and provide detailed information about the company. The latter includes contacts, information about LLC members, LLC structure, etc. Moreover, such information will be publicly available.