If you looking to start an LLC then I’m sure you thought of forming an LLC in Wyoming or the benefits that the state has to offer.
Im this article post, we are going to go over the main advantages and benefits of forming an LLC in Wyoming.
No Income Taxes
If you decide to establish an LLC in Wyoming there are no business taxes and no personal income tax. This is because a Wyoming Limited Liability Company (LLC) is taxed like a partnership meaning that all profits are passed onto the owners and looked at as personal income.
Wyoming is one of nine states that allows its residents to live freely without paying state taxes on their personal income. This is a big benefit that Wyoming offers.
Along with no income taxes Wyoming also offers no corporate tax, no franchise tax, and no stock tax.
Simple Formation and Low Annual Fees
Wyoming is one of the easiest states to legally form your business. The Wyoming Secretary of State offers a super easier and intuitive online business center where you can upload your forms and pay online.
Setting up an LLC in Wyoming is also super affordable. They charge $100 to file your articles of organization which is the main document that establishes your Wyoming business.
There are annual fees and yearly reports that must be filed when you form a business in almost every state in the US. Wyoming, like other states, charges an annual fee but does not require a lengthy report to be filed.
To ensure that a Wyoming LLC stays in good standing simply file a $50 Annual Report with the Secretary of State. It’s as easy as that!
Anonymus LLC State
There are only a handful of Annoynmus LLC states. An Annoynmus LLC states is a state that does not require members, owners, or managers to provide identification upon formation.
This means that you do not have to disclose the names of corporate shareholders or the CEO. Those records are not filed in the public records in Wyoming.
There is no real difference between an anonymous LLC and a regular LLC. Simply anonymous LLCs shield the founders and members from the public eye.
Personal Legal Protection
An LLC is recognized as a separate entity assuming responsibility for company liabilities and debt.
Wyoming LLCs offers active LLC members immunity from lawful actions of the company. This is the case as long as members act in goodwill and do not breach trust or financial duties.
The bottom line here is that in almost all cases no individual can be singled out and held responsible for the actions of the business.
Live Anywhere
You dont have to live in Wyoming in order to form a business there. You can be located in another state and even another country and set up an LLC in Wyoming.
That way to can live in a location that’s comfortable for you and still enjoy the benefits of a Wyoming LLC.
Final Thoughts
If you are in the process of establishing a business and low taxes and personal privacy is important to you then Wyoming could be a great place for you to open up shop.
There are many benefits in forming an LLC in Wyoming and we feel that there are a ton of advantages for individuals looking to start or expand their business.
