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How to open a corporation in Wyoming

 
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Category : > Articles Directory To Open A Corporation in The USA
Posted On : Wed Nov 02nd,2016

 
Simple guide to incorporate a Wyoming corporation
 

How to register a business name in Wyoming as a corporation?

What is a Wyoming corporation?

A legal business entity owned by the members, managed by the directors and administrated by the managers. Members enjoyed limited liability with ease to transfer ownership.

Why incorporate in Wyoming?

  • No franchise tax
  • No annual tax on shares
  • No state corporate income tax
  • No need to declare financial before the state
  • No gross receipts tax
  • No inventory tax
  • Low retail sales tax
  • Low property taxes
  • Favorable inheritance tax
  • Favorable unemployment tax

Steps to Start a business as a Wyoming Corporation

  • Choose a name for your Wyoming Corporation
  • Find a Wyoming registered agent
  • Choose a Location for your corporation / physical mailing address and principal office address
  • Choose structure of authorized shares
  • List your incorporator or incorporators
  • File completed articles of incorporation
  • Obtain federal taxpayer identification number / EIN
  • Obtain licenses and local permit to operate
  • Prepare bylaws
  • Comply with state requirements.

How to name your Wyoming Corporation?

You may choose any name for your Wyoming Corporation which is not prohibited, identical and unique from other registered entities. You must have to add “corporation”, “corp.”, “Incorporation”, “Inc”,” Company”, “Co”, “Limited” or “Ltd” at the end of your proposed name. You may reserve a name for 120 days by filing an application with the Wyoming Secretary of State. The reservation must be filed by mail.

Who can be registered agent for a Wyoming Corporation?

Registered agent is an individual or corporation that agrees to accept legal papers on the corporation's behalf if it is sued. A registered agent may be an individual who resides in Wyoming or a business entity authorized to do business in Wyoming. The registered agent must have a physical street address in Wyoming.

What should be the purpose of the corporation?

You can start a corporation in the state of Wyoming for any legal purpose.

What should be the stock structure of a Wyoming corporation?

You may choose any number of share stocks with or without par value or with combination of them. There is no limit for authorized shares of stock. But this must not be nil or zero.

Who is an incorporator?

There may be more than one incorporator for Wyoming Corporation. All the incorporators have to disclose their names, addresses and put signatures on articles of incorporation before filling.

Declaration from registered agent to act as an agent

To form a Wyoming corporation it is mandatory for every registered agent to submit a declaration to act as a registered agent of the corporation. His sign or sign of representative in case of the entity must be done on an article of incorporation.

File Wyoming articles of incorporation with the state secretary?

You may file articles of incorporation by mail, Online or counter service by paying the prescribed filing fee.

How much time is required to form a Wyoming Corporation?

Wyoming State has no expedite services. Normally it will take 3 to 5 business days to register a business entity as a Wyoming Corporation.

How to draft bylaws of the corporation?

Bylaws should be clear and precise. You may draft from a legal consultant or CPA. Simply by-laws include all about the internal process of the corporation you can draft by-laws by including all internal policies and procedures. Bylaws are an internal corporate document. Bylaws are not filed with the state.

How to obtain Employer identification number (EIN)?

You may apply with the registered agent for employer identification number (EIN) from IRS. IRS is the issuing authority of EIN. EIN is mandatory for corporations. You may also apply online through the official website of IRS.

How to obtain licenses and permit for a Wyoming corporation?

The local government in your area, such as that of your city or county, may require specific permits and licenses. Each municipality may have its own unique regulations. You may contact the Wyoming Business Council for assistance with licenses and permits.

Wyoming Business Council
214 West 15th Street
Cheyenne, WY 82002
Ph. 307.777.2843

How to file annual report for Wyoming Corporation?

Every Wyoming Corporation has to file annual report to through mail or online but only active business entities may file through online. Annual Reports for corporations are due on the first day of the anniversary month of formation. For example, if your 'initial filing' date is March 12, your Annual Report is due March 1 of each year.

What is annual license tax?

Every Wyoming Corporation has to file license tax fee along with the annual report to remain in good standing. The license tax fee is based on the value of assets located and employed by corporation in Wyoming.

How to reinstate Wyoming Corporation?

In Wyoming State corporation will be dissolved or revoked by the state if it fail to furnish annual report for the past two year. You may file by physically mail after taking from the official website. You may also file through online if you are only active due to other wise has to file

How to obtain certificate of good standing for Wyoming Corporation?

A certificate of good standing is a credible document issued by the State showing that the business is complying with all rules and regulation applicable in the state. You may obtain it online from the official website of Wyoming.

How to convert into a Wyoming S corporation?

If the Wyoming corporation wants to elect S corporation status for tax purposes, it must submit Form 2553 to Internal Revenue Service (IRS). See IRS official website for more details.

  

Abdul Wahab

MS Management Sciences, ACMA, APFA


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