Wyoming Benefits

• Advantages of Forming a Business in Wyoming
• Potential Disadvantages of Forming a Business in Wyoming
• FAQ
• How Triple B Business Can Help You?

ADVANTAGES of Forming a BUSINESS in WYOMING

Here are a few potential reasons why incorporating in Wyoming might be a better choice for some businesses:

1. Greater privacy and anonymity: Wyoming has strict privacy laws that provide a higher level of privacy for businesses, and it may be a better option for those who value their privacy and anonymity. In terms of privacy protection, Wyoming allows the establishment of anonymous LLCs and Corporations through state-registered agents. Through these services, business owners wouldn’t need to list their information on public paperwork when registering their business. Wyoming also offers lifetime proxy, which means you can appoint someone else as a nominee to represent your stock or shares and vote on your behalf. This allows the legal owner of the shares or stock to remain completely anonymous.
2. Lower fees: Wyoming has lower fees for incorporating a business and maintaining the company’s articles of organization (for LLCs) or articles of incorporation (for Corporations).
3. Ease of formation: Incorporating in Wyoming is generally easy, the process is simple and less time-consuming, and there are fewer requirements for businesses to meet. After filing the necessary documents to the Secretary of State Of Wyoming, an LLC or a corporation is usually formed the very next business day without requiring any expedited service fees.
4. No business license requirement for most businesses: Fortunately, there is no general Wyoming business license per se. For most businesses in the state of Wyoming, a business license isn’t necessary, so there are no extra fees to pay or forms to file. You must only pay for an annual report and maintain a registered agent in Wyoming.
5. Fewer requirements: Wyoming has fewer requirements for maintaining corporate records and holding annual meetings than Delaware. This is especially true with Wyoming Close LLCs or Close Corporations that have reduced reporting and other bureaucratic requirements. These benefits drive new companies to Wyoming every day.
6. Favorable tax treatment: Wyoming has no state corporate income tax, which can be a significant advantage for businesses looking to minimize their tax burden. Wyoming does not tax out-of-state income, which means that even if the majority of your business is conducted elsewhere, it won’t be taxed by the state.
7. Business-friendly environment: Wyoming has a reputation for being a business-friendly state, with a relatively simple and straightforward process for incorporating a business.
8. Certificate Of Good Standing is FREE: Unlike many other states, including Delaware, Certificate Of Good Standing for an LLC or Corporation is free of charge in Wyoming and can be easily obtained online at the Wyoming Secretary of State’s website.
9. Annual Report Due Date: Annual Reports for corporations and LLCs are due on the first day of the anniversary month of formation. For example, if your ‘initial filing’ date is December 30th, your Annual Report is due December 1st of each year.

POTENTIAL DISADVANTAGES of Forming a BUSINESS in WYOMING 

Even-though it is more beneficial for most businesses to form an LLC or Corporation in Wyoming, there are a few potential disadvantages to incorporating in Wyoming:

1. Fewer legal precedents: Delaware has a long history of corporate law and has established many legal precedents that can be useful to larger businesses. Wyoming has a smaller legal system and fewer established legal precedents, which may make it more difficult for larger businesses to find guidance in certain legal matters.
2. Limited public information: Wyoming has strict privacy laws, and does not require companies to publicly disclose as much information about their business as Delaware does. Wyoming’s strict privacy laws may make it more difficult for investors, other stakeholders and third party lenders to access information about the company.
3. Limited access to venture capital: Delaware is home to many venture capital firms and investment banks, which may make it easier for businesses incorporated in Delaware to access funding. Wyoming has a smaller pool of potential investors, which may make it more difficult for businesses to secure funding.

It is also important to carefully consider any potential disadvantages and consult with legal and financial professionals before making a decision about where to incorporate. The appropriate state of incorporation will depend on the specific needs and goals of the business.