Form a Wyoming LLC, Corporation, or DBA

Wyoming Business Facts and Environment

Wyoming Business Facts

The SBA’s 2013 business report on Wyoming states that small businesses employed 132,085 people, or 62.1% of the private workforce. (Source: SUSB)
The largest share of employment was found among firms with fewer than 100 employees.

Although 2015 reports show that the private-sector employment decrease of 3.4% was less than the previous year’s 2.4% increase, proprietors still found good reason to make their footprint in the Cowboy State. Low corporate income tax and administrative costs are definitely beneficial to startup businesses that are established in Wyoming.

Major Companies in Wyoming

Major Wyoming businesses include Mesa Natural Gas Solutions, Roberts Aircraft, Rio Tinto Energy America, Little America Hotels, Fremont Motors Corporation, and Challenger Airlines.

Startup Environment

In 2016, Business Insider identified Wyoming as the best state in which to start a business. Because of its business-friendly tax climate, high volume of entrepreneurs (it has the fourth-highest rate of new entrepreneurs), and great record of business survival, Wyoming is a great choice for new business owners.

Wyoming LLCs, Corporations, and DBAs

Step 1: Decide on a Business Structure

There are 3 basic options: a DBA, a Corporation or an LLC. Click here to learn more about business entities.

• Register a Wyoming DBA: or “Doing Business As” (also known as a “Fictitious Business Name” or FBN) is not really a separate structure, but just a different name that an individual or partners use as their business name.
• Start a Wyoming Corporation: a separate entity (provides liability protection to the owners) that has a structure that includes shareholders, directors and officers. More complex than a DBA but the entity of choice for large companies and startups that intend to raise funding. Some professions are required to choose what is known as a “Professional Corporation” or PC (doctors, lawyers, architects, etc.).
• Form a Wyoming LLC: LLC or “Limited Liability Company” is a newer type of business that is both a separate entity but provides very easy management (doesn’t require directors or officers) and taxation. Has largely replaced the DBA and Corporation in popularity recently as it provides liability protection but with much less complexity (and taxation) than a Corporation.

Step 2: Pick a Business Name

Picking a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that, the better). In Step 3 we’ll show you how to search for the name in Wyoming, but we highly recommend you do the following before searching Wyoming state databases:

• Make sure you’ve covered the basics: unique, easy to understand/pronounce (practice saying it out loud: “Thanks for calling XYZ”) and can survive over time (“DVD World” is not timely). Here are some of our tips on business identity including logo and trademarks.
• Search the web for your proposed name. Search Google, Bing and DuckDuckGo as a “first sweep” for any potential conflicts, especially in your state or local jurisdiction. NOTE: If you intend to operate nationally or even internationally it will be even more important that your name be unique. This should cover many cases where a company name is being used but not officially trademarked (see next tip).
• Do a trademark search with the US Patent and Trademark Office (USPTO). This will be a very good indicator if you’re name will have any conflicts. There’s an art to trademark searches (trademark specialists will charge you handsomely to do a thorough search) but in our experience if you can use google at a fairly advanced level you can reasonably clear a name yourself.
  
  Tip: search misspellings, plurals, variations of spelling, sound-alikes and other versions of your chosen name to be sure it’s not already registered.
  
• Make sure your company name choice is available by searching the business entity database on the Wyoming Secretary of State’s website.

Step 3: Register the Business

Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and picked your name, here are the requirements to register your business in Wyoming.

Ready to Start Now? Let Us Do The Work

Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.

• Learn more about we can form your LLC or Corporation for you
• Read our verified reviews and 100% Satisfaction Guarantee
• Contact our friendly support team if you have any questions

Step 4: Obtain Your Federal Employer Identification Number

Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.

To obtain an EIN you can apply online with the IRS or via IRS Form SS-4.

TIP: We will obtain your EIN for you if you we form your company.

Step 5: Open Company Bank and Credit Accounts

To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork, b) your EIN and c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).

Click here to view a list of our recommended banks in our Vendor Network.

TIP: Our business formation service includes a free banking resolution for your use.

Step 6: Set-up An Accounting System

Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.

Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.

Review our list of Accountants, Accounting Software and Bookkeepers in our Vendor Network.

Step 7: Obtain Licenses and Permits

To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork, b) your EIN and c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).

TIP: Our business formation service includes a free banking resolution for your use.

Step 8: Hire Employees (if applicable)

If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.

Review our list of recommended Payroll Providers in our Vendor Network.

Step 9: Obtain Business Insurance

There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.

Click here to view our list of insurance providers in our Vendor Network.

Step 10: Systemize and Organize

Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.

Step 11: Branding and Marketing

Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.

Step 12: Annual and Ongoing Requirements

Wyoming does not require businesses to pay an annual franchise tax.

DBA: In most counties, your DBA should be valid for 5 years (unless you change your name or other information listed on the FBN), at which point it will require renewal. Check with your county clerk for more information.

LLC: Wyoming LLCs are required to file an annual report on or before the first day of the month the LLC was formed. This costs a minimum of $52, and may increase based on your business’s revenue.

Corporation: Like LLCs, Wyoming corporations must  file an annual report on or before the first day of the month the LLC was formed. This costs a minimum of $52, and may increase based on your business’s revenue.

Click here to view our MyCompanyWorks Premium™ service which can automate most or your ongoing compliance tasks.

Important Wyoming Contacts

Wyoming Secretary of State

2020 Carey Avenue
Suites 600 and 700
Cheyenne, WY 82002-0020
(307)-777-7311

Wyoming Department of Revenue

122 West 25th Street, 2nd Floor West
Cheyenne, Wyoming 82002-0110
(307) 777-5200