Why Wyoming LLC or Corporation

Why Wyoming is One of The Best States To Form Your Business

The state of Wyoming offers some distinct advantages for businesses above and beyond the average state in the country, that causes one to most certainly consider forming a Wyoming LLC or Corporation.

Wyoming LLC’s and Corporations Do NOT Have:

• Personal income tax
• Corporate income tax 
• Inventory tax
• Gross receipts tax
• Franchise tax
• Disclosure of any shareholders (Nevada now requires disclosure of one shareholder/ member) 
• Business tax or per-capita tax
• Excise tax
• Amongst the lowest sales, property and inheritance taxes in the country
• To deal with cumbersome government regulations and restrictions

MASSIVE WYOMING ADVANTAGES

• Unlimited Issuance of Shares of Stock — It is common for a state to limit the shares of stock that you can issue. In Wyoming you can issue an unlimited number of shares of stock without any additional fees or filings. This of course can make a massive difference if you are taking your company public.
• One individual For Everything — In Wyoming you can for instance be the director, president, secretary, treasurer, vice-president, ceo, coo, etc. This gives one the definitive level of flexibility and control.
• Privacy and Anonymity — The only information that is required to be disclosed to the state is that of assets held in Wyoming and the name of one member and the individual fling the record both of which are held as a private record. Consider that even Nevada now requires the public disclosure of an officer or member.
• Minimal Formalities and Government Restrictions — Much like the other preferred business states, as discussed in a previous post, if you are looking for less restrictions then this is one of the states to consider.
• Extremely Low Annual Fees — You only pay the minimum annual fee based on assets held within the state of Wyoming. The calculation is the greater of $50 or a tiny fraction of total assets. So based on the calculation on a million dollars’ worth of assets, the only taxes you would pay would be $200. This naturally makes it much much easier to file since a simple calculation of total assets held within Wyoming is all that is required.
• No Individual Liability For Corporate Debts — The scope of the law within the state is essentially and generally that provided no willful violation of the law has ensued, that an individual cannot be held liable for corporate debts.
• Zero Minimum Capitalization Required — Your LLC or corporation can be funded with as little as $1 to as much as you desire. Of course this lends itself to a greater level of control and flexibility in as much as you and only you will dictate the levels of funding that your business maintains.
• Corporate Meetings Can Be Held Anywhere — You can literally run your business without ever stepping into the state of Wyoming. As well, should you like to have your annual meetings in Europe, Asia, or anywhere even outside of the US, this is acceptable.
• “Anything of Value” May be Exchanged for Stock — The board of directors can approve the sale of stock in exchange for anything of value such as property or even services.
• Lifetime Proxy — You can use proxies to maintain complete control of your company much like the Fortune 500 companies do, by allowing another person or entity to own your shares. Every six or seven years, most state laws require proxies to expire and be physically renewed if the legal owner declined to renew your proxy, you could be literally left holding the ashes. As Wyoming allows for lifetime proxies without the need for renewal, this protects you from otherwise catastrophe.
• Transfer Your Corporation or LLC into Wyoming — You can very easily move your corporation or llc into Wyoming by filing a form and best yet, you can do so without losing the age of your entity as Wyoming will stamp your articles date based on the original date of your articles or organization or incorporation.

Photo by travelblog.org

**Remember each and every Corporation and LLC actually exists and resides within their bylaws or operating agreement which is the heart and soul of a corporation or llc. Without good, solid by-laws or operating agreement, you really do not have a corporation or llc.

***This blog is for educational purposes only and as such you are advised to seek out and consult with your legal and tax advisors prior to engaging in any decision making affecting your business.