Wyoming - The Facts on Wyoming's Tax Climate

Here are some basic facts on Wyoming's tax system and how it compares to other states:

Tax Freedom Day Arrives on April 11 in Wyoming
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2010,

Wyoming taxpayers work until April 11 to pay their total tax bill, ranking it 16th highest in the nation. This is 2 days after the

national Tax Freedom Day (April 9). The Tax Freedom Days of neighboring states are: Montana, April 5 (ranked 33rd nationally); South

Dakota, March 29 (ranked 47th nationally); Nebraska, April 7 (ranked 27th nationally); Colorado, April 10 (ranked 17th nationally);

Utah, April 11 (ranked 15th nationally); and Idaho, April 8 (ranked 22nd nationally).


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Should I form a Wyoming LLC?

A Wyoming LLC satisfies a necessary condition of your business planning developement in that it meets the requirement that you establish a legal form of organization in order to gain the statutory benefits and protection available in Wyoming to your LLC. Your Wyoming LLC establishes a legal presence within the state, which you can use either as a platform for in-state operations or by registering your Wyoming LLC via your agent's physical address in order to meet the purely statutory requirement for tax and filing purposes absent an in state operation.

LLC Advantages specific to Wyoming:

* No State Income Taxes


* No information collected to be shared with IRS


* Privacy allowed


* Shareholders are not listed with the state


* Nominee officers are legal


* Citizenship not required


* State tax not being considered


* Wyoming draws little attention


* Lower Startup Costs

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Wyoming is a good place to incorporate.

In fact, when you think 'limited liability company' you should take

off your hat, pause a while and thank Wyoming. That is because in

1977, Wyoming became the first state to pass legislation authorizing

the creation of a special kind of Wyoming Corporation: The limited

liability company.

This was the first LLC legislation in the entire country. It was not

until 1982 that a further state authorized the LLC, and it took a

further six years, until 1988 to be precise, for the IRS to issue a

ruling that Wyoming LLCs would be taxed as partnerships instead of as

corporations. This ruling encouraged other states to enact similar

statutes, and in less than a decade after the ruling, all states had

followed suit. Wyoming can be very innovative, all things considered.

The state adopted the Wyoming Corporation Act providing a unique set

of rules for people wanting to incorporate in this state. It may yet

be another far-reaching initiative. Although the statute may not be

quite as jealously protective of identities and assets as Nevada, it

definitely is as willing to promote business. So, what does the

Wyoming Corporation have to offer?

Corporate finance officers will always want to hear this: The state

does not impose state income tax on Wyoming-corporations. In addition

to not charging corporate income taxes, it does not levy any

franchise taxes or taxes on corporate shares. When you are organizing

your Wyoming Corporation, your Articles of Incorporation may provide

for an unlimited number of stocks. You do not have to state a par

value though. Once the annual fee for maintaining your Wyoming

Corporation falls due, it will be calculated based on the number of

shares of no par value. For fees on assets, the annual fees are

calculated on the value of corporate assets located within the state

only, and will not include any assets located outside Wyoming.

In terms of governance, the law does not require that a board of

directors be established for Wyoming Corporations with less than

fifty shareholders; in fact, Wyoming Corporations with very few

shareholders are not required to conduct meetings, keep minutes of

shareholders' meetings or maintain any of the documentation and

paperwork you would normally associate with the operations of a board

of directors.

You may wonder if the state provides effective asset protection to

Wyoming corporations. You don't have to submit any stockholder lists

and you don't have to issue any share certificates. Corporations are

never required to disclose the names of shareholders on any share

certificates. Wyoming corporations don't allow bearer shares though.

The law allows nominee shareholders to represent the real owner. This

affords the true or beneficial owner a measure of privacy. Some

investors may still prefer the bulletproof anonymity offered by

bearer shares instead of a nominee structure.

There are instances where the state courts may allow the corporate

veil of Wyoming corporations to be pierced and may hold the officers

and/or shareholders to be personally liable. Generally, the

commingling of, or failure to segregate, company funds and other

assets, as well as fraud and failure to provide adequate

capitalization to the corporation, will initiate such action.

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Enjoy anonymity and privacy in Wyoming

The more information about you that appears in the public record, the easier it is for you to become a target. Wyoming has no requirement for the names of shareholders to be filed with the state. It asks only for a simple "Annual Report" which requires disclosure of only those assets located within the state of Wyoming and the name of one person, usually the one who submits the report.


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Small Business and Self-Employed Tax Center - from IRS.GOV

A-Z Index for Business:
Find it Fast! Know what you're looking for and want to find it fast? Select business topics using our A-Z listing, or by business type such as sole proprietor, corporation, etc. We also provide links to major business subjects, such as Business Expenses, which provides a gateway to all related information on that subject.

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Wyoming corporation or LLC offers...

A Wyoming corporation or LLC offers its officers and directors the highest degree of protection from lawsuits filed by disgruntled creditors or over zealous plaintiff attorneys. Doing business as a Wyoming Corporation can give you asset protection and business privacy. There is much information on this web site which outlines the benefits of using various types of structures. The first LLC statutes in the United States were instituted in Wyoming in 1977 and changed in 2010 to stay current with the times.

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Liability Protection

An affordable and very effective method to shield your assets from attack is to transfer your rental property to a Limited Liability Company (LLC). Holding title to investment property through an LLC limits the liabilities of the business to only those assets held within the LLC. In the same way as shareholders of a corporation are shielded from liability, a properly formed LLC will guard its owners from lawsuit liability, including liability from acts of its employees and agents.

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Registered Agents Wyoming:

Every Wyoming corporation must have a registered agent in Wyoming -- the person designated to receive official state correspondence and notice if the corporation is "served" with a lawsuit. The name and address of the registered agent must be listed in the articles of incorporation. In addition, the articles must be accompanied by a written consent to appointment manually signed by the registered agent.

Change of registered office or registered agent:

A corporation may change its registered office or registered agent by delivering to the secretary of state for filing a statement of change that sets forth:

* The name of the corporation;
* The street address of its current registered office;
* If the current registered office is to be changed, the street address of the new registered office;
* The name of its current registered agent;
* If the current registered agent is to be changed, the name of the new registered agent and the new agent's written consent to the appointment executed by the registered agent, either on the statement or attached to it; and
* That after the change or changes are made, the street addresses of its registered office and the business office of its registered agent will be identical.

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