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Wyoming does not have any state taxes, as such has no need for S Corporations. If you want S Corporation status, you must file Form 2553 with the IRS, which is included in the corporate kit we send you, within 75 days from the date of formation of the company or by March 15th of any given tax year.

An LLC generally requires less business formalities than a corporation. An LLC may be managed directly by members and there is no need to have a separate board of directors, annual shareholder meetings or periodic directors meetings with minutes.

We commonly use the Wyoming Secretary of State's website to search for business filings. Their online portal allows you to see what company names are available, what filings have been accepted and provides a snapshot of each company's corporate history. Every company document can be searched, viewed and downloaded.

Wyoming does not levy state and business taxes on LLCs. This is helpful for Wyoming residents since they won't have to pay double taxes. Being one of the zero-income tax states, Wyoming remains appealing to many LLC owners. It also implements zero corporate tax, franchise tax, and stock tax.

Best state to open an llc Wyoming only charges $62 a year to renew an LLC. Another great benefit of a Wyoming LLC is that it has the best asset protection laws. Wyoming has LLC privacy and does not require the members or managers to be listed on the public records. Wyoming has no income taxes on companies or people.

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.