Wyoming LLC Out West Business Success Model
The formation of your Wyoming LLC provides entrepreneurs like yourself with a unique opportunity to join Wyoming's economic community.
Form an LLC for only $139 - Wyoming LLC Information - LLC Links & Articles
Low cost, easy to set up, featuring low annual filing fees your Wyoming limited liability company provides personal asset protections.
Benefits & Features Of Your Wyoming Limited Liability Company
* Establishing Your Legal Presence In Wyoming. Your decision to form a Wyoming LLC meets the statutory requirement of establishing an approved corporate form of organization and a legal or permanent presence within the state via submission of your LLC formation application documents to the state.
* Qualifying For Personal Asset Protection. The advantage of creating a Wyoming LLC is that an LLC corporation creates a legal barrier or "corporate veil" between the personal assets of LLC members (bank deposit, securities, real estate, auto, etc.) and the future potential LLC corporation liabilities related to trade or creditor actions.
* No LImit On Ownership. Incorporation as a Wyoming LLC is unrestricted in terms of ownership, as opposed to incorporation registration as a subchapter S corporation, which only allows for a maximum of 75 shareholders.
* Deducting Qualified Business Expenses. Your Wyoming LLC also provides you with the means to legally deduct qualifying operating costs and expenses, as well as depreciate or write down your LLC corporation assets as recorded on your balance sheet.* Getting Tax Exempt Corporate Status. A further advantage of your Wyoming LLC relates to taxation on corporate earnings, namely that LLC formation in Wyoming qualifies you for tax-exempt status both at the state and federal level.
Your Wyoming LLC is termed a "pass through" entity, where all distributed profit and/or share of losses is taxed at the personal LLC member level.
A further advantage of your Wyoming LLC concerns the matter of dividend policy, where your Wyoming LLC legally forgoes the notion of a dollar-per-share distribution, and can determine dividend distribution based on internal policies set forth in your LLC operating agreement. Your Wyoming LLC provides you with a higher level of flexibility in regards to federal taxation procedures and capital formation.
* Getting Started - Preliminary Steps. In order to form an limited liability company, you must prepare a written abstract which will set forth your corporate purpose, the details of which will be shared with your LLC formation attorney or registered agent advisor.
Additionally, your LLC formation application documents require that you identify managing members as well as any initial capital contributing members, the details of which will be transposed by your advisor into your LLC operating agreement and related LLC corporation filing documents submitted to the state.
* Simplified Rules For Corporate Governance. In general, your LLC corporation is based on the internal agreement of its LLC founders, therefore does not have to schedule annual meetings nor have resolutions or amendments or meeting minutes as a matter of law.
However, de facto professional standards infer that forming an LLC should carry with it reasonable standards of corporate governance. Failure to properly manage your LLC corporation affairs could result in your Wyoming LLC being viewed as a corporation by the IRS, thus eliminating your Wyoming LLC exemption from state and federal taxation.
Additionally, federal SEC regulations stipulate that your Wyoming LLC cannot issue ownership interests via a public offering unless and until your LLC formation has been changed to a C corporation.
* Conduct Business Name Search. The next step in your Wyoming LLC formation process is to instruct your business incorporation registered agent to conduct a business name search and name reservation, along with registering any copyright or trademark intellectual property that requires statutory protection within Wyoming.
* Approved Corporate Form. Forming an LLC is one of several options available as an incorporation registration option within Wyoming. You may find it useful to reference Wyoming's Secretary of State.
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