Add Comments To Legal Wyoming Startup For Sole Proprietorship Forms For Free

In Wyoming, there's no formal business license, but you must form and register your LLC, partnership, or corporation with the Secretary of State, which can be done online through the Wyoming Secretary of State's website. It costs $100 to register any for-profit business, and $50 for a non-profit.

Sole Proprietorships and General Partnerships do not have to register their companies, but if they use a name that doesn't include the legal names of the business owners, they must file a Registration for Application of Trade Name.

A sole proprietor files Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) to report the income and expenses of the business and reports the net business earnings on Form 1040 series.

When it comes to being a sole proprietor in the state of Wyoming, there is no formal setup process. There are also no fees involved with forming or maintaining this business type. If you want to operate a Wyoming sole proprietorship, all you need to do is start working.

You don't have to register your Sole Proprietorship with the Wyoming Secretary of State. It simply exists once you decide to start a business and engage in business activities. However, if your Sole Proprietorship will use a DBA (aka Trade Name), then that needs to be filed with the Wyoming Secretary of State.

A sole proprietorship is a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner. The owner of a sole proprietorship is entitled to all profits but is also responsible for the business's debts, losses, and liabilities.