Define Fillable Fields In Legal Wyoming Contractors Forms For Free

Wyoming doesn't tax income, either personal or corporate, and it also doesn't have a franchise tax. In fact, it ranks number one in the Tax Foundation's 2022 State Business Tax Climate Index. Additionally, as mentioned above, Wyoming is one of the four states with enhanced privacy protection for LLCs.

No Asset Protection Guarantee Wyoming does have asset protection laws, but these are not as good as they may seem at first. That is because anyone who is out of state, like most LLCs, will have to deal with conflicting laws. In that situation, the Wyoming asset protection laws become irrelevant and lose their benefits.

Nevada competes most directly with Wyoming for new LLC and Corporation formations. They have similar asset protection and tax benefits. They are slightly less anonymous, however, and have higher fees. The Nevada Secretary of State charges nearly $300 to start and LLC and $500 for a Corporation.

The Statement of Information form must be filled out along with your Articles of Organization. This form is simply a statement that includes your company name, the partners of the Wyoming LLC, and the business address.

You can form a Wyoming LLC even if you don't live in Wyoming. Residency in the state, or the USA, is not required to form a company. A majority of LLCs are formed by non-residents. Forming an LLC in Wyoming as a non-resident is the same process as for a resident.

You may consider this option if you have privacy concerns, as the articles of incorporation are a public document. It is better to incorporate in Wyoming than Nevada because there are no taxes in Wyoming, significantly lower fees and better privacy.