Forming a Wyoming LLC
Creating a Wyoming LLC provides the business with a very simple structure (similar to sole-proprietorship or partnership) while at the same time giving limited liability protection to separate the assets and debts of the business from the assets and debts of the owners or members.
Tips for a good Wyoming LLC name
A Wyoming Limited Liability Company that is to be formed in the state must include Limited Liability Company, Limited Company or an appropriate abbreviation. The LLC must not conflict with another name on file or reserved with the Wyoming Secretary of State, and must be distinguishable from that of another entity. In determining the distinction between LLC names, the Secretary of State will ignore the use of conjunctions, prepositions or articles found in the name of a LLC. The use of capitalization, spaces and plural forms of words or special characters will not provide any distinction.
Do you need a Registered Agent
A registered agent is required by Wyoming when forming a LLC. The agent must be an individual that has residency in Wyoming and must have a physical address in the state. The purpose of designating a registered agent is that this individual must accept service of process from the state in the event of the LLC being sued.
If you don't have a registered agent, there is an option to use a third party registered agent. The fees for having a third party agent is $125 per year. However if you live in the same state as the filing is to occur, you can serve as your own agent and save the fee. In most cases, this is what people do and the owners generally serve as their own agent.
Benefits of Wyoming LLC
Many people file in Wyoming because it is one of the few states that have beneficial privacy protections for forming a LLC. They do not require as much information when forming a LLC as most other state do. Therefore, business people love the privacy. There are other factors that make Wyoming a great place to file your LLC. Many people from outside of Wyoming form their LLC's in the state. It may be that filing in the same state as you do business in may be the best, but you should talk to your account to see what filing in Wyoming can do for your LLC.
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