Wyoming, constituent state of the United States of America. Wyoming became the 44th state of the union on July 10, 1890. It ranks 10th among the 50 U.S. states in terms of total area. It shares boundaries with six other Great Plains and Mountain states: Montana to the north and northwest, South Dakota and Nebraska to the east, Colorado to the south, Utah to the southwest, and Idaho to the west. Cheyenne, the capital, is located in the southeastern corner of the state.
More than nine-tenths of Wyoming’s residents are of European ancestry. Hispanics account for the largest minority of Wyoming’s population. African Americans constitute less than 1 percent of the total population, and most of them reside in the Cheyenne area. Although Chinese immigrants were instrumental in the construction of the Union Pacific Railroad, Wyoming’s present-day Asian population is small. Most Asians live in the state’s southern counties in the cities of Cheyenne, Laramie, and Rock Springs. More than 2 percent of Wyoming’s population is composed of Native Americans, mostly the Arapaho and Shoshone. More than half of this population lives on the nearly 2,000,000-acre (810,000-hectare) Wind River Reservation in the west-central portion of Wyoming.
Wyoming has always had a pro-business policy. They were the pioneers of the LLC in 1977, when they combined a partnership and a corporation to create a hybrid legal entity called a Limited Liability company – whereby the owners of the LLC would be limited in risk of losing (like a corporation) but benefitting from the pass-through federal taxation and flexibility of a partnership.
Thereby enabling businesses to flourish because owners could act without personal risk in the new business venture.
Wyoming LLCs are flexible structures, their owners can freely determine in the operating agreement, how the LLC will run. There are minimal company structure requirements for its management, nor are there provisions for company meetings, directors, secretary, or capital.
Limited Liability Company (LLC)
|Governing corporate legislation|
Wyoming Statutes – Wyoming Limited Liability Company Act (Wyoming Statutes – Title 17, Chapter 29)
A Wyoming LLC may be set up by one or more members, who may be natural or legal persons, resident or non-resident, without limitations. The identity of the LLC registered members may not be publicly disclosed.
LLC members may act as managers, or alternatively, they may appoint a manager. Corporate managers are allowed. Details are not available to the public.
|Information published relating to company officers|
The identity of the LLC registered members may not be publicly disclosed.
The liability of members is limited to the extent of their capital contributions.
|Accounting requirement/ compliance|
Accounting records must be kept and shall be sufficient to show and explain the company’s transactions. The books, records and minutes of the company may be kept in any place or country at the Manager’s choice.
LLCs are fiscally transparent; profits and losses may be passed through its members and subject to Personal Income Tax. Alternatively, you may elect to have a Wyoming LLC taxed as a C Corporation with the IRS and subject to Federal Corporate Income Tax.
Wyoming LLCs may require a Federal tax identification number (EIN). Additionally, most banks require an EIN in order to open a business bank account.
Wyoming requires LLCs to file an annual report on or before the first day of the anniversary month of the LLC’s incorporation. The cost is $50 or $0.0002 per assets located and employed in Wyoming, whichever is greater.
Foreign-owned LLC that conducts no business in the US and has no US source income, deductions, or credits does not create US federal personal income tax liability and does not create a requirement to file US federal income tax returns.
Foreign members may be required to disclose reportable transactions between them and the entity, filing the IRS Form 5472.
|Corporate income tax|
Wyoming limited liability companies may elect to be taxed as a C-Corporation or as a disregarded entity.
C-Corporations are subject to federal income tax.
Alternatively, an LLC may elect to be treated as a disregarded entity.
This means that may not be subject to Federal Corp Income Tax, and profits and losses may be reported through its members’ personal tax return.
Therefore, if its owners are Non-US Residents (and not subject to Personal Income Tax) and the LLC does not operate and generate profit from the US, does not lease or own properties within the US and does not have US employers, offshore income accrued by a Wyoming LLC may not be subject to taxation.
Corporate Tax rate – C-Corporations are subject to federal income tax at a 21% rate.
Income derived from Delaware is subject to State Income Tax at 8.7%.
|Shared capital/paid up|
There is no need to register a minimum or maximum capital contribution and there is no restriction on capital contributions subsequent to formation.
|Basis of the Legal System||Common law|
common stock, preferred stock or a combination of both.
When filing your new Corp with the Wyoming Secretary of State, you will list how many shares of stock your business has.
LLCs must appoint a registered agent with a physical address (no post office boxes) in Wyoming. The registered agent must be available during normal business hours to accept important legal and tax documents for the business.
There is no statutory requirement for any formal meetings of members.
|Time to form||1-2 days|
Anniversary date of the company / Each Year
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