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How to Start a Business in Wyoming

Want to start a new business in the state of Wyoming? You’ve come to the right spot!

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Wyoming boasts the best tax climate for business in a recent Tax Foundation report, as well as the lowest cost of living in the nation. These two factors make it especially affordable and business-friendly. There is no corporate or personal state income tax. Wisconsin also has low energy costs and an educated workforce. Sparsely populated, “The Cowboy State” has many scenic sights to enjoy ranches, wide-open grasslands, The Rocky Mountains, and Yellowstone National Park.

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How to Start a Business

Starting a business can be both exhilarating and challenging. It requires your full attention and energy. It all begins with an idea, an observation that there is a problem and the belief that you have a new solution – or a better one. Allow us to walk you through the steps in this free guide: How to Start A Business.

15 Steps to
Starting a Business

So, what are we going to cover here? Use this guide for

General resources for starting a business in Wyoming

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Fun facts about starting a business in Wyoming

Famous business founded in Wyoming Taco John’s

Taco John’s was founded in 1969 in Cheyenne, Wyoming. It is a fast-food restaurant featuring Mexican-inspired fast food, which it calls “West-Mex.” Taco John’s now has more than 400 restaurants in 25 U.S. states.

Famous based in Wyoming George T. Beck

George T. Beck (1856-1943) was a politician and business entrepreneur in Wyoming. Though he was born in Kentucky, Beck, along with Horace C. Alger and later investors, including William F. “Buffalo Bill” Cody, founded the Shoshone Land and Irrigation Company to build a canal and irrigate land in the Big Horn Basin. As the most directly involved in the day-to-day operations, Beck lived in Cody and guided the town in its infancy.

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Which type of legal structure is best for my business in Wyoming?

We strongly recommend you incorporate, but you must consider the tax, legal, and liability implications carefully before deciding on the best structure.

Here are 5 helpful steps to determine what is the best legal structure for your business:

  • Decide how much money you will need to raise in the short and long term. This will help you identify the shareholding structure of your company.
  • Compare the tax implications of different structures. Here’s a simple comparison:
C corp The company pays tax on profits Shareholders pay tax on dividends
S corp/Partnership/LLC Shareholders pay tax on profits in proportion to their holdings Tax rates are based on shareholders` marginal tax rates
Sole proprietorship Owner pays tax on profits Tax rates are based on owner`s marginal tax rate
  • Consider the type and level of liability you could face. Risks are higher for companies producing or selling products, hiring employees or selling online.
  • Take professional legal and financial advice from your attorney and accountant for questions about your proposed structure. Make sure you understand the full implications of your choice.
  • Use a website such as CorpNet.com to help you quickly and affordably set up your structure.
Click one of the buttons below to learn more about the different types of business legal structures and how to start them in the state of Wyoming.
LLC (Limited Liability Company)
An LLC is the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Steps to starting an LLC in Wyoming:

  • Step 1 — Name your LLC.
  • Step 2 — File Articles of Organization.
  • Step 3 — Appoint a Registered Agent.
  • Step 4 — Prepare an Operating Agreement.
  • Step 5 — Comply with any publication requirements.
  • Step 6 — Comply with other tax and regulatory requirements.
  • Step 7 — File Annual Report.
  • Step 8 — Register foreign LLCs doing business in Wyoming.

For help forming your LLC in Wyoming we recommend CorpNet (they have fees for their service). Alternatively visit the Wyoming Secretary of State website.

Other Wyoming resources for LLCs:

Secretary of State Business Name Database: Check this site to see if your business name is available in Alabama.
File your “Application for Reservation of Name” here.
File your “Articles of Organization” here.
File your Annual Reports here.

Wyoming Business Licenses and Permits: Check this site for licensing and permitting requirements for your business.

IRS EIN Online: Apply for an Employer Identification Number (EIN) for your LLC here. If your LLC has more than one member, you must get an EIN, even if you have no employees.

Wyoming Department of Revenue: If you will be selling goods and collecting sales tax, you’ll need to register with this site.

Sole Proprietorship
A sole proprietorship is an unincorporated business. A sole proprietorship has one owner who pays personal income tax on all profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popular among individual business owners or self contractors.

Steps to starting Sole Proprietorship in Wyoming:

  • Step 1 — Choose a business name.
  • Step 2 — File a trade name.
  • Step 3 — Obtain licenses, permits, and zoning clearance.
  • Step 4 — Get an Employer Identification Number (EIN).

For help forming your Sole Proprietorship in Wyoming we recommend CorpNet (they have fees for their service). Alternatively visit the Wyoming Secretary of State website.

Other Wyoming resources for Sole Proprietorship:

Secretary of State Business Name Database: Search for the availability of your business name here. A sole proprietor may use his or her given name, or an assumed business name.
File your trade name here.

U.S. Patent & Trademark Office: Federal database for existing trademark registrations. Click on the “TESS” link to conduct a search.

Wyoming Business Licenses and Permits: Check this site for licensing and permitting requirements for your business.

IRS EIN Online: Apply for an Employer Identification Number (EIN) for your corporation here.

Wyoming Department of Revenue: Register here to fulfill business tax requirements.

Partnership
A partnership is created from two or more people doing business together for profit and share ownership. There doesn’t have to be a written agreement to form the partnership. Each partner contributes to all aspects of the business, and shares in the profits and losses of the business.

Steps to starting Partnership in Wyoming:

  • Step 1 — Choose a business name.
  • Step 2 — File a fictitious business name statement with the county clerk.
  • Step 3 — Create a partnership agreement.
  • Step 4 — Obtain licenses, permits, and zoning clearance.
  • Step 5 — Get an Employer Identification Number (EIN).

For help forming your Partnership in Wyoming we recommend CorpNet (they have fees for their service). Alternatively visit the Wyoming Secretary of State website.

Other Wyoming resources for Partnership:

Business Name Search: Search for the availability of your business name here. A partnership may use the surnames of the individual partners, or a fictitious business name.
File your trade name here.

U.S. Patent & Trademark Office: Federal database for existing trademark registrations. Click on the “TESS” link to conduct a search.

Wyoming Business Licenses and Permits: Check this site for licensing and permitting requirements for your business.

IRS EIN Online: Apply for an Employer Identification Number (EIN) for your partnership here. Partnerships are required to have an EIN, whether or not they have employees.

Wyoming Department of Revenue: If you will be selling goods and collecting sales tax, you’ll need to register here.

S Corporation
An S corporation (or S Corp) is a special type of corporation created through an IRS tax election. An eligible domestic corporation can avoid double taxation (once to the corporation and again to the shareholders) by electing to be treated as an S corporation. The corporation's income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.

Steps to starting S Corporation in Wyoming:

  • Step 1 — Name your corporation.
  • Step 2 — File Articles of Incorporation.
  • Step 3 — Appoint a registered agent.
  • Step 4 — Set up a corporate records book.
  • Step 5 — Prepare corporate bylaws.
  • Step 6 — Appoint initial corporate directors.
  • Step 7 — Hold your first Board of Directors meeting.
  • Step 8 — Issue stock.
  • Step 9 — Comply with Annual Report requirements.
  • Step 10 — Comply with other tax and regulatory requirements.
  • Step 11 — Register foreign corporations doing business in Wyoming.

For help forming your S Corporation in Wyoming we recommend CorpNet (they have fees for their service). Alternatively visit the Wyoming Secretary of State website.

Other Wyoming resources for S Corporation:

Business Name Search: Search for the availability of your business name here. A partnership may use the surnames of the individual partners, or a fictitious business name.
File your “Application for Name Reservation” here.
File your “Articles of Incorporation” here.
File your Annual Report here.

Wyoming Business Licenses and Permits: Check this site for licensing and permitting requirements for your business.

IRS EIN Online: Apply for an Employer Identification Number (EIN) for your partnership here. Partnerships are required to have an EIN, whether or not they have employees.

IRS S corporations: Specific instructions for your tax requirements as an S corp.

Wyoming Department of Revenue: If you will be selling goods and collecting sales tax, you’ll need to register here.

C Corporation
A C corporation (or C corp for short), refers to any corporation that is taxed separately from its owners. A C corporation is distinguished from an S corporation, which generally is not taxed separately. There is no limit to the number of shareholders a C corporation can have. It is the most common type of corporation in the U.S.

Steps to starting C Corporation in Wyoming:

  • Step 1 — Name your corporation.
  • Step 2 — File Articles of Incorporation.
  • Step 3 — Appoint a registered agent.
  • Step 4 — Set up a corporate records book.
  • Step 5 — Prepare corporate bylaws.
  • Step 6 — Appoint initial corporate directors.
  • Step 7 — Hold your first Board of Directors meeting.
  • Step 8 — Issue stock.
  • Step 9 — Comply with Annual Report requirements.
  • Step 10 — Comply with other tax and regulatory requirements.
  • Step 11 — Register foreign corporations doing business in Wyoming.

For help forming your C Corporation in Wyoming we recommend CorpNet (they have fees for their service). Alternatively visit the Wyoming Secretary of State website.

Other Wyoming resources for C Corporation:

Business Name Search: Search for the availability of your business name here. A partnership may use the surnames of the individual partners, or a fictitious business name.
File your “Application for Name Reservation” here.
File your “Articles of Incorporation” here.
File your Annual Report here.

Wyoming Business Licenses and Permits: Check this site for licensing and permitting requirements for your business.

IRS EIN Online: Apply for an Employer Identification Number (EIN) for your partnership here. Partnerships are required to have an EIN, whether or not they have employees.

Wyoming Department of Revenue: If you will be selling goods and collecting sales tax, you’ll need to register here.

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Why choose Wyoming for my business?

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