The Wyoming Secretary of State’s website is where you should submit your application if you want to create an LLC as quickly as possible. The processing period for this option is normally one business day, and it is accessible every single day. However, if you decide to mail in your application, it may take up to five business days to process.
There are many benefits to forming an LLC in Wyoming. First off, Wyoming’s low taxes, cheap fees, and strict asset protection regulations make it one of the most business-friendly legal environments in the country. Wyoming does not impose any state personal, corporation, or franchise taxes. Furthermore, Wyoming has a unique “charging order” provision that prevents creditors from seizing assets or forcing the sale of an LLC; instead, they can only place liens on a debtor’s LLC stake.
Whether Wyoming submits tax returns to the IRS is another often asked subject. Wyoming takes privacy seriously, but it is not a tax haven. Wyoming does not participate in the Foreign Account Tax Compliance Act (FATCA) and does not exchange information with the IRS.
If you want to create an LLC in Wyoming, you must submit an annual report to maintain the status of your LLC. Every year, on the first day of the month of your LLC’s anniversary, the annual report is due. The filing fee for your yearly report is $52 and can be submitted online or by mail. Basic details regarding your LLC, including your name, address, and registered agent, are needed for the report.
In conclusion, creating an LLC in Wyoming is an easy process that can be finished in a few hours or days, depending on the technique that is used. Wyoming’s business-friendly atmosphere, stringent asset protection regulations, and cheap taxes make it a great state in which to establish an LLC. Wyoming does not participate in FATCA and does not share information with the IRS. Finally, it is cheap and easy to file an annual report, which is required to keep your LLC in good standing.