Before starting a business in Wyoming, there are a lot of details that you need to understand. Besides knowing and understanding the steps in setting up your business, like registering your company, the cost, and which forms to accomplish, you also need to have appropriate knowledge on the services or products you will be providing, and your target market.
However, there is one more aspect that has to be highlighted when starting a business. Since any business requires compliance with the law of every state, it would also be beneficial to ensure that your business is legal.
In addition to the standard process you need to go through in setting up your business, understanding the business laws of Wyoming will help ensure that you and your business stay compliant.
Some businesses are not required to be incorporated in the state but are strictly required to submit further documentation and obtain licenses to operate legally. Consequently, according to the Wyoming business law, foreign companies are allowed to operate on their borders, but there are more benefits of incorporating the business within the state itself.
Before you can officially and legally operate a business in Wyoming, you need to pay close attention to what you need to accomplish. This will include the following.
In selecting a name for your LLC, you need to check the Business Name Database to ensure there are no duplicates as required by the state. You are allowed to reserve a name for 120 days by submitting an application for reservation of name with the Wyoming SOS.
Every LLC formed in Wyoming is required to assign a Registered Agent which is required to have a physical street address and should be a resident in the state. Alternatively, this can be a business entity authorized to do business in Wyoming.
When forming an LLC in Wyoming, the Articles of Organization should be filed with the Secretary of State. This can be filed through postal mail and requires a payment for the filing fee. The Wyoming LLC cost for filing the Articles of Organization is $100. You must keep in mind that there are other costs such as registered agent fee, name reservation, permits and licenses.
Although the state does not strictly require it to have an Operating Agreement, creating one for your business provides excellent benefits. This document showcases the LLC functions and defines the owners’ and managers’ relationship.
For your LLC to hire employees, applying for an EIN or Employer Identification Number is a requirement. Applying for the EIN requires no fee and can be done by accomplishing an online EIN application on the IRS website.
Moreover, for LLCs collecting sales tax and selling goods, registration with the Wyoming Department of Revenue (DOR) must be done.
Depending on the nature of your LLC, the state may require you to obtain other local and state business licenses. Regulatory licenses and permits include health and safety, environment, building and construction, and specific industries or services. On the other hand, professional and occupational licenses are for people who work in various fields. An excellent guide to check all these is the Wyoming Business Council (WBC) website.
Ensuring the legality of your business in Wyoming is important. Make sure to comply with the legal process of your state in setting up a business to avoid legal problems that might cost you a fortune.
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