If you are considering the formation of an LLC in Wyoming, there are several factors to consider before doing so. One of these is how an LLC is different from a corporation. An LLC is a separate entity from its owner and has all the advantages that go along with it. The Limited Liability Company also offers tax advantages and flexibility, especially to small businesses. Establishing an LLC in Wyoming is not as difficult as you may think. If you are unsure about how to form an LLC, seek professional help from a lawyer or accountant.
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An LLC in Wyoming is separate from its owners and, therefore, not subject to the corporate taxes. This is another advantage of incorporating in your home state. An LLC has its own tax ID number and can file its income tax return in its own name. As an LLC, it is not required to pay income taxes to the federal government or state revenue agencies. An LLC's main obligation is to pay taxes to the IRS, which will be handled by the Secretary of State.
The biggest difference between incorporating in your home state and Wyoming is the filing of the personal income tax. In your home state, you must first register for state income taxes with the Revenue Department of your home state. Then, you must submit your personal income tax returns to the Revenue Department. However, if you have incorporated in Wyoming, you are not required to file personal income tax returns to the Wyoming Department. Instead, you are expected to furnish tax identification number and other information to the Wyoming Department when you file your personal tax returns.
How to Form an LLC in Wyoming
Most individual LLCs are run by one person, but there are some limited liability companies (LLCs) that are run by two or more people. All LLCs are considered separate entities for tax purposes, so they are not taxed as a single entity with the federal income tax. If an LLC has only one owner, that person is not considered its sole proprietor. A sole proprietor is subject to both state and federal income taxes.
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Aside from not being required to file federal income taxes, many people prefer to incorporate in Wyoming because they can save time and money on the licensing and other permit fees required. Non-residential states typically require a licensed accountant, an agent who represents the LLC, a business licenses and yearly renewal fees. Business permits are required for every employee of the business, and annual renewals are required for each individual. In some cases, businesses can obtain a non-residential license for a limited period of time only, such as for six months. However, each state has different rules, so you should check with the Bureau of Licensing in your area before establishing an LLC in Wyoming.
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Forming an LLC in Wyoming does not require any paperwork other than a printed set of forms, a complete financial statement, and a completed IRS form W-2. Business owners may be required to pay an administrative fee for obtaining a business license, and paying the appropriate taxes. All IRS deductions are only applied to the owners' corporate income tax, which means that individuals and corporations are both taxed on their individual incomes. LLCs are not taxed separately on their corporate income tax.
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Forming an LLC in Wyoming does require some paper work, and you will need to submit your Articles of Organization, business licenses, and IRS form W-2. Business owners should expect to pay a small fee for this service. They will also have to submit proof of their financial stability, and present a list of their employees. Paperwork for an LLC in Wyoming can be downloaded from the IRS website, or local libraries.
If you would rather have your attorney represent you while filing your Articles of Organization, you will have to pay a filing fee. Wyoming requires that all LLCs file a form of notice of qualification with the state. The form can be obtained from the Wyoming Secretary of State. A notice of qualification can be filed online through the Secretary of State website. The filing fee is non-refundable.
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