About Wyoming
Wyoming is a state in the northwestern United States known for its abundant wildlife, agricultural potential and low taxes. These factors make it an attractive location for businesses in a variety of industries.
In particular, Wyoming is a great place to start businesses involved in mining, manufacturing, and agriculture. These industries are major contributors to the state's economy and have great potential for continued growth.
In addition, Wyoming would also be a good fit for new technology and IT companies. The state has a well-developed information technology infrastructure and a skilled IT workforce.
Advantages of incorporating a company in Wyoming:
- Wyoming is one of the most inexpensive states in the United States to drive a business.
- The state has a well-developed corporate lending system for businesses from a variety of industries.
- Many companies choose to open a company in Wyoming because of its low tax burden. In addition, Wyoming is known for its lower administrative costs compared to Delaware or Nevada.
- When you incorporate a company in Wyoming, you can rest assured that your assets are safely protected under local law. Even if a corporation or LLC owes debts to creditors, business owners cannot force the sale of assets.
- Unlike many other states, Wyoming has no requirement to obtain a standard business license, that is, permission to do business in the state. But depending on your line of business, a professional license may be required.
- Wyoming is generally known for its minimalistic approach to business regulation. This creates a more flexible environment for entrepreneurs, which can be particularly attractive to startups and innovative companies.
- The state also has a good infrastructure, including a network of roads and railroad tracks, which provides convenience in the transportation of goods. This can be an important factor for businesses that depend on logistics and distribution.
- Establishing a company in Wyoming provides entrepreneurs with unique business opportunities and business-friendliness to the legislative base of this state. In Wyoming, businesses can register online, which will make the business creation process easier and faster.
Company forms
In Wyoming, as in many other U.S. states, foreign entrepreneurs can form various forms of companies, but the most common are:
- LLC (Limited Liability Company) - An LLC in Wyoming is a popular choice because of its flexibility and minimal bureaucracy. It provides limited liability to the members of the company and can be organized as a sole proprietorship or with multiple members.
- C-Corporation - Corporations in Wyoming provide a more complex governance structure than an LLC, but have certain advantages such as attractiveness to investors and stock transfer.
Requirements for company forms in Wyoming
Single-Member LLC/LLC in Wyoming:
- Capital and Contributions: There is no fixed minimum authorized capital for LLCs in Wyoming, and contributions are not required. Founders have the flexibility to determine the terms and amount of contributions by agreement between them.
- Members: Any person, regardless of residence or citizenship, may be a founder of an LLC. An organization with one member may be recognized as a Single-Member LLC.
- Management of the company: Organizational management may be carried out by the members or by a designated manager, who may be a natural or legal person without mandatory U.S. residency.
- Responsibilities: An LLC is not required to have a secretary, but is required to have a registered agent and a legal office in the United States.
- Confidentiality: Beneficiary information is kept in a closed registry to ensure confidentiality. Ownership information is entered into the registry within 90 days of incorporation.
- Financial Reporting: Annual financial statements are required, sometimes requiring the participation of LLC members.
C-corp in Wyoming:
- Authorized capital and shares: C-Corp is not required to have a minimum authorized capital. Shares can be of different types, owned by different persons, including foreign, which provides flexibility in changing participants and raising capital.
- Governance: C-Corp shareholders elect a board of directors responsible for strategic management, while day-to-day management is handled by appointed management.
- Shareholder Meetings: Regular annual shareholder meetings are held to consider key issues such as the election of the board of directors and the distribution of profits.
- Confidentiality: Beneficiary information is kept confidential. Data is entered within 90 days of incorporation.
- Financial Reporting: C-Corp is required to file annual financial statements and tax returns.
- Responsibilities: An enrollment agent and a U.S. legal office are required.
- Taxes: C-Corp pays income tax, which exempts owners from personal tax liability.
Taxation
Wyoming is known for its business-friendly tax policies, including no state corporate income tax, no personal income tax, and no franchise tax. This makes it an attractive place to establish and operate a business. However, it is important to consult with specialized attorneys before starting a business to fully understand all the tax obligations associated with a particular type of business.
As in other U.S. states, corporate taxation in Wyoming has several levels and depends on the form of business: LLC or Corporation.
| Company form |
Federal Corporation Income Tax |
WY Income Tax |
WY Sales Tax |
| LLC |
Depends on the structure of the LLC. Profits are passed through to the LLC owners (members) and are taxed at the level of their personal tax returns.
10% - $0-$10275
12% - $10275-$41775
22% - $41775-$89075
24% - $89075-$170050
32% - $170050-$215950
35% - $215950-$539900
37% - $539900+
|
0% |
4% |
| Corporation |
21% |
The Wyoming franchise tax does not apply.
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Special features
Numerous well-known companies are incorporated and drive business in Wyoming, including:
- Mining companies: ExxonMobil, Chevron, ConocoPhillips, EOG Resources, Hess Corporation, and Occidental Petroleum. They are involved in oil, gas, and coal production in Wyoming.
- Industrial companies include Halliburton, Schlumberger, Baker Hughes, and Weatherford International. These companies provide services to the oil and gas industry.
- Agricultural companies,: Tyson Foods, Cargill and Smithfield Foods. These companies are involved in the production and processing of agricultural products in Wyoming.
- Retail companies such as Walmart, Target, and Costco have stores in Wyoming.
- Financial companies Wells Fargo, Bank of America, and JP Morgan Chase do business in Wyoming and have offices in the state.
In addition, various companies involved in emerging technologies such as artificial intelligence, robotics, and cloud computing do business in Wyoming. Family trusts can also be considered for starting a company.
Overall, Wyoming is an attractive platform for entrepreneurship, providing businesses with flexibility, low taxes and access to resources for sustainable development. Therefore, if you are interested in this state, contact our lawyers and we will help you incorporate a company in Wyoming in a matter of days.
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