How to Register a Business in Wyoming

by Jennifer Kiesewetter in Guide
wyonming

Source: Unsplash

TLDR

  • Wyoming is also friendly to founders, startups, and entrepreneurs. Entrepreneurs in Wyoming have significant support from ecosystem builders like Wyoming Business Capital, the Economically Needed Diversity Options for Wyoming (ENDOW) Executive Council, and Wyoming Technology Business Center-Casper.
  • When you register your startup in Wyoming, you'll need to satisfy several legal requirements to register your business correctly. However, before registering your startup, it's a good idea to plan ahead, for example, researching the market and potential competitors, mapping out your financing, planning for operations and personnel, and creating a business plan. Wyoming's Secretary of State's office provides various resources to help you start a business, helping you identify what resources you'll need as you launch your startup.
  • Before you register your startup in Wyoming, in addition to creating a business plan, you must also determine your startup's legal ownership structure. Popular structures include sole proprietorships, general partnerships, limited liability companies (LLCs), limited liability partnerships (LLPs), and corporations.
  • When you're ready to register your startup, depending upon your chosen business structure, Wyoming requires you to choose a unique business name, differing from any other registered businesses in the state. In addition, you must follow Wyoming's business naming conventions, which help make your startup's name distinguishable. To confirm if your startup's name is distinguishable from other registered businesses, you can use Wyoming's business entity search tool.  
  • Depending upon your chosen business structure, you'll need to register with the Wyoming Department of State before commencing operations in the state. You may file your formation forms by US mail, in person at Wyoming's Department of State's office, or through Wyoming's online portal.
  • With online filing options, you can register your Wyoming startup in as little as a few hours. However, if you mail in your registration forms instead, you may have to wait a few days for your startup to be up and running officially.

Known as the Equality State, Wyoming has much to offer its citizens, businesses, and tourists alike. From Grand Teton Nation Park to Yellowstone National Park, Wyoming is an outdoor playground. Ready for some hot springs? Well, there's Mammoth Hot Springs in Yellowstone. Skiing? You may like Jackson Hole Mountain Resort.

Wyoming is also home to more than 600 species of wildlife. And it was the first U.S. state to give women the right to vote – hence, the Equality State.

Wyoming is also friendly to founders, startups, and entrepreneurs. Entrepreneurs in Wyoming have significant support from ecosystem builders like Wyoming Business Capital, the Economically Needed Diversity Options for Wyoming (ENDOW) Executive Council, and Wyoming Technology Business Center-Casper.

Wyoming is also small business-friendly, with over 70,600 small businesses, employing just over 130,000 people, according to the U.S. Small Business Association (SBA), making up 98.9 percent of all Wyoming businesses. Top small business industries include construction; health care and social assistance; professional, scientific, and technical services; retail trade; accommodation and food services; administrative, support, and water management; and real estate, rental, and leasing.

As a startup founder, if you consider registering your business in Wyoming, this article will walk you through what you need to know.

How to Register a Business in Wyoming

When you register your startup in Wyoming, you'll need to satisfy several legal requirements to register your business correctly. However, before registering your startup, it's a good idea to plan ahead, for example, researching the market and potential competitors, mapping out your financing, planning for operations and personnel, and creating a business plan. Wyoming's Secretary of State's office provides various resources to help you start a business, helping you identify what resources you'll need as you launch your startup.

The creation of a business plan is critical to your startup's growth. Think of it as the foundation of the house you're building. In drafting your business plan, you'll want to consider marketing, advertising, sales, location, and ownership, to name a few categories. To help guide you, you can check in with the U.S. Small Business Administration, providing additional guidance for creating a business plan.

Once you've identified some of your business's operation basics, it is then time to register your startup. Below, we'll walk you through the steps necessary to register your business in Wyoming.

Determine Your Business's Entity Structure

Before you register your startup in Wyoming, in addition to creating a business plan, you must also determine your startup's legal ownership structure. Popular structures include sole proprietorships, general partnerships, limited liability companies (LLCs), limited liability partnerships (LLPs), and corporations.

Let's look at some structures more specifically. A sole proprietorship does not "produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships."

On the other hand, a limited liability company, or LLC, "lets you take advantage of the benefits of both the corporation and partnership business structures. LLCs protect you from personal liability in most instances, your personal assets — like your vehicle, house, and savings accounts — won't be at risk in case your LLC faces bankruptcy or lawsuits. Profits and losses can get passed through to your personal income without facing corporate taxes. However, members of an LLC are considered self-employed and must pay self-employment tax contributions towards Medicare and Social Security."

Your chosen business entity determines the next steps in registering your Wyoming startup. Read on to learn about the next steps.

Choose the Name of Your Startup

When you're ready to register your startup, depending upon your chosen business structure, Wyoming requires you to choose a unique business name, differing from any other registered businesses in the state. In addition, you must follow Wyoming's business naming conventions, which help make your startup's name distinguishable.

To confirm if your startup's name is distinguishable from other registered businesses, you can use Wyoming's business entity search tool.  

Remember, this is only a preliminary search for a similar business name. Once you file your startup's registration, another name availability search will be conducted when your application is processed.

Suppose you're not quite ready to register your startup, but you'd like to preserve your startup's name. In that case, you can file a name reservation application with Wyoming's Department of State's office. You may keep your business name reserved for 120 days, along with a $60 filing fee.

Identify Your Registered Agent

Each registered entity must have a "registered agent." In Wyoming, "[a]ll business entities [registered] shall have and continuously maintain in this state a registered agent to accept service of process. Failure to maintain a registered agent results in the dissolution or revocation of the business entity."

The registered agent may be "an individual resident in Wyoming or a business entity (foreign or domestic) authorized to transact business in Wyoming. The registered agent must have a physical address in Wyoming which cannot be a PO box, drop box, mail forwarding service, UPS store etc."

Submit Your Formation Forms

Depending upon your chosen business structure, you'll need to register with the Wyoming Department of State before commencing operations in the state. You may file your formation forms by US mail, in person at Wyoming's Department of State's office, or through Wyoming's online portal.

Additionally, you'll need to file the appropriate filing fee along with your formation documents. Paying the wrong amount can result in the return of your documents, further delaying your startup's formation.

Wyoming's Department of State provides all business registration forms for your startup. For example, for an LLC, you can use the sample forms provided on the site for your certificate of organization, which also notify you of the required filing fee. In addition, you'll file articles of incorporation for corporations, and for limited partnerships, you'll file a certificate of limited partnership. All forms can be filed online.

What to Do Next

After you submit your formation forms, registering your startup with the state, you'll also need to obtain a federal employer identification number for banking and tax filings. Additionally, you'll need to check in with the State of Wyoming and your local city and county to see if there are any additional business registrations required, such as a business license.  

How Long Does It Take to Register a Business in Wyoming?

With online filing options, you can register your Wyoming startup in as little as a few hours. However, if you mail in your registration forms instead, you may have to wait a few days for your startup to be up and running officially.

Like any other task, preparation is vital. The more you prepare, the faster you'll complete your registration. By researching your business's services or products, determining if your startup name is unique, and choosing your ownership structure, you'll be better prepared to complete the necessary registration forms. 

How Much Does It Cost to Register a Business in Wyoming?

Depending upon your chosen entity for your startup, you will have filing fees due when registering your company. For example, if you register as a corporation, a limited liability company (LLC), or limited partnership, your filing fee is $100.

You'll also need to file annual reports or renewals for your startup. You'll need to budget for these filing fees as well. After submitting your registration forms, you need to learn about any required state or local licenses, such as a business license.

Also, depending upon your entity, you may be liable for Wyoming's business taxes, such as withholding, sales tax, and corporate tax. To better understand your state tax obligations as a startup, you can check with the Wyoming Department of Revenue, or you should consult with an accountant familiar with Wyoming tax laws.

How Do You Register as a Woman-Owned Business in Wyoming?

In Wyoming, if you are a woman-owned business, you have access to several certificate programs and resources, such as the Economically Disadvantaged Women-Owned Small Business (EDWOSB) certification as well as the Office of Women's Business Ownership, part of the U.S. Small Business Administration.

In addition to the state certification, you can also explore national certifications, such as those offered by the Small Business Administration (SBA). For example, the SBA offers three types of certifications for women-owned businesses, including the Women's Business Enterprise (WBE), the women-owned small business (WOSB), and the Economically Disadvantaged Women-Owned Small Business (EDWOSB). To learn more about these certifications, visit the SBA's website.

The Benefits of Registering a Business in Wyoming

Here are some benefits of registering your startup in Wyoming:

The Limitations Associated with Registering a Business in Wyoming

Here are some limitations of registering your startup in Wyoming:

  • Severe storms
  • Tough winters
  • No access to large metropolitan areas
  • High cost of living
  • Little diversity
  • No access to top restaurants or shopping

We Can Help!

At AbstractOps, we help early-stage founders streamline and automate regulatory and legal ops, HR, and finance so you can focus on what matters most—your business.

If you're looking for help registering your Utah startup, we can get your documentation ready, overall shepherding this process to ensure it's done right. Get in touch with us.

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Note: Our content is for general information purposes only. AbstractOps does not provide legal, accounting, or certified expert advice. Consult a lawyer, CPA, or other professional for such services.

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Visit our State Registration & Compliance Library to explore how to register a business in a different state.




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