How to Start a Single-Member LLC in Wyoming
An SMLLC is a legal structure that has one owner but no employees.
If you plan to open a single-member LLC in Wyoming, you should know about the main advantages of this wonderful state. Thus, major benefits include no state corporate, inventory, or income tax, as well as low filing/reporting costs, and favorable taxation.
Additionally, the good news for small business owners is minimal corporate formalities, low operating costs, and safe communities. Also, Wyoming is the only state that legally protects single-member LLCs.
The Wyoming Center for Entrepreneurship and Innovation (WyCEI) at the University of Wyoming is committed to strengthening and fostering the entrepreneurial community in the state.
Table of Contents
- Name Your Single Member LLC;
- Appoint a Registered Agent to Get a Single Member LLC in Wyoming;
- File Your Single Member LLC Articles of Organization;
- Draft an Operating Agreement;
- Fulfill Wyoming Single Member LLC Publication Requirement;
- Get an EIN for Your Wyoming Single Member LLC.
Or simply hire a professional LLC service:
- Northwest Registered Agent ($100 + state fees)
- Tailor Brands ($199 + state fees)
How to Form an SMLLC in Wyoming: Step-by-Step Instructions
The only significant difference between the single-member LLC formation process in Wyoming and the same process for a traditional LLC is the number of members in the company.
In SMLLCs, the owner of the company is not only a manager but also an employee.
Step 1: Name Your Single-Member LLC
In Wyoming, there are no strict requirements for the name when registering a company. The only requirement is that before you form a single-member LLC in Wyoming, you need to make sure that no similar business name is already in use in the state.
Also, the name should not contain a word or phrase implying that the venture is organized under the Wyoming Business Corporations Act.
You can check if the name you choose is available before Wyoming single-member LLC registration online at the Wyobiz website.
Step 2: Appoint a Registered Agent to Get a Single-Member LLC in Wyoming
According to WY state law, before you can form a single-member LLC in Wyoming, you must find and appoint a registered agent for your company.
If you're planning to scale your business, it's worth giving preference to national service providers that rank among our best registered agents in 2023.
If you're only planning to start a company in this state, you can hire Wyoming Registered Agent as a business formation company for Wyoming single-member LLC registration.
Step 3: File Your Single-Member LLC Articles of Organization
Next, before you can get a single-member LLC in Wyoming, you'll need to file your registration documents. This can be done online.
All you have to do is complete your Wyoming Articles of Organization. If you, as an LLC owner, have more complex business needs, you will need to hire an attorney to help your prepare and fill out the main registration document.
The state filing fee in Wyoming is $100 if you file by mail or $102 if you file online.
Step 4: Draft an Operating Agreement
Although the state does not require an Operating Agreement before the registration process, if you want to know how to get a single-member LLC in Wyoming, it's still highly advisable to have one in written form.
That said, an OA regulates the structure of your single-member LLC and its internal operations.
Here's why it's worth hiring an attorney to help you draft an OA:
- You will save your time and avoid unnecessary litigation;
- A clear OA can help clarify your company’s status as a separate legal entity;
- You can reduce your operating expenses and reliably protect your business from liability;
- Your OA takes precedence over state law. State "default" rules will not apply when dealing with ownership disputes.
Just like the main statement of information about your company, your OA should be drafted competently. That's why it's advisable to hire an attorney.
Step 5: Fulfill Wyoming Single-Member LLC Publication Requirement
The state does not require you to have your business published in a local newspaper before starting a single-member LLC in Wyoming.
Step 6: Get an EIN for Your Wyoming Single-Member LLC
The final step in your registration process is getting an EIN online. This procedure can be as simple as possible if you follow these next steps:
- Go to the IRS website;
- Fill out the required form and wait for your verification;
- Get EIN online or by mail.
Most of the time, this procedure takes 1 business day. If you already own a business in the USA, you don't need to obtain a new federal tax number before registering a single-member LLC in Wyoming.
The EIN obtaining procedure is completely free of charge, therefore, it does not increase the Wyoming single-member LLC cost.
LLC Wyoming Cost: How Much Is a Single-Member LLC in Wyoming?
So how much is a single-member LLC in Wyoming? To find out, you'll need to initially consider the following costs:
| Service | Cost |
|---|---|
| Filing Articles of Organization | $100 (by mail) $102 (online) |
| Commercial registered agent service | from $49 to $300 |
| Annual Report License tax | $60 |
For a complete list of costs to form a single-member LLC, visit the Wyoming Secretary of State's website.
First Tasks After Creating a Single-Member LLC in Wyoming
After you file a single-member LLC in Wyoming, you will need to:
- Open a business bank account. Even if you are the only employee in your LLC, it's recommended that you separate your personal finances from your business assets;
- File an annual report. After single-member LLC registration in Wyoming, each company in the state must also pay the Annual Report License tax;
- Hire an accountant. Even a small company needs one, as with one, you will be able to focus entirely on your core business activities and avoid overpayments/penalties;
- Get the necessary business licenses and permits for your SMLLC. Use the Business Permitting and Licensing Guide;
- Obtain your business insurance. For example, Business Liability Insurance is mandatory in the state.
If you plan to scale your business with a limited budget in the future, you may need also need to get a business loan from a bank. That's why you need to get your EIN in advance.
It's also recommended that you hire an attorney before you set up a single-member LLC in Wyoming. You will need an attorney for more than just representing your company in court.
A professional attorney can help you properly draft an operating agreement, as well as complete and file your Articles of Organization.
Keep Your Company Compliant
Once you know how to get a single-member LLC in Wyoming and officially establish it, your company can be considered fully operational.
However, as the owner of an SMLLC, you also have federal, state, and county obligations to fulfill:
- Tax requirements. You can find a complete list of them in the Limited Liability Company Instructions;
- Tax Returns. After setting up a single-member LLC in Wyoming, it is mandatory to declare your business profits and losses.
You can find a complete list of requirements on the Wyoming Business Center portal.