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.
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Or simply hire a professional LLC service:
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.
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.
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.
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.
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:
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.
The state does not require you to have your business published in a local newspaper before starting a single-member LLC in Wyoming.
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:
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.
So how much is a single-member LLC in Wyoming? To find out, you'll need to initially consider the following costs:
|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.
After you file a single-member LLC in Wyoming, you will need to:
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.
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:
You can find a complete list of requirements on the Wyoming Business Center portal.