Make Notes On Legal Wyoming LLC Resolutions Forms For Free

Wyoming LLCs are taxed as pass-through entities by default. This means that revenue from the business passes from the LLC to the tax returns of the LLC members. Members are then responsible for paying federal income taxes and the 15.3% self-employment tax (12.4% social security and 2.9% Medicare).

Wyoming's charging order protection laws are effective for members to protect their LLC assets and ownership from creditors. However, that protection does not extend outside of Wyoming. Members living out of state will have to deal with different laws protecting their LLC assets from garnishment by creditors.

Disadvantages of creating an LLC Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees.

Wyoming LLC Fees Starting the company only requires a $100 filing fee payable to the Wyoming Secretary of State. The price is $102 if you file online. There is a $2 convenience fee.

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.

Wyoming Statutes § 17-29-110: Though Wyoming does not legally require an operating agreement for an LLC, having one is strongly recommended. This document includes provisions for the regulation of business affairs of the company and its members, as well as managers.