How To Start A Business In Wyoming – Starting your own business can be quite stressful, no matter where it is located. There is so much to think about before, during and after your organization gets back on its feet. That is why it is very important to choose carefully when deciding where you want to finance your startup.
First, the country’s tax climate is incredibly business-friendly. Wyoming has no corporate income tax, no personal income tax or gross receipts tax. Not only that, Wyoming’s sales tax rate is in the top 25% in the United States.
How To Start A Business In Wyoming
Wyoming also has the fourth highest rate of new entrepreneurs in the country – meaning there’s a thriving community to join if you decide to set up shop here. There is a large share of opportunities and many opportunities to find business partners and mentors. But we saved the best for last.
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Of all fifty states, Wyoming has one of the best records of business survival. The ratio of created companies to those that have been closed is 1.61. Considering how rare it is for startups to survive elsewhere, that’s a pretty big number, right?
And as a final added bonus, Wyoming ranks first in terms of quality of life, 12th out of 50, and 5th in terms of material well-being. Not bad, right? Of course, it is not without its shortcomings.
Wyoming has problems with gender equality and family life, with a high divorce rate and a large income ratio between men and women. However, if you can look beyond that? There is a very strong case for putting down roots here.
Starting your own business can be intimidating – especially if you’re a first-time entrepreneur. That is why it is so important that you choose very carefully where you will find it. A state like Wyoming, with favorable taxes and simple incorporation rules, is a perfect option.
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And if you need help getting back on your feet once you’re there, My Company Works has you covered. We have a long history of helping entrepreneurs take their ideas from concept to reality, and we have extensive experience working with the details of business law. Contact us today and we’ll help you make your dream come true.
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The state of Wyoming is home to a vibrant business climate, despite being the least populous state in America. Wyoming’s business features include: no corporate tax, stock tax, or personal income tax; various tax benefits for business owners; low energy prices; low operating costs; educated workforce; and a high standard of living to attract potential employees. This guide will help you start a business in Wyoming and take advantage of these exciting incentives.
The foundation of any viable business in Wyoming or elsewhere is choosing a good business idea. Consider whether you want to sell a product, a service, or maybe both! Maybe you decide to improve an existing product or service or come up with something completely new and innovative. Whichever route you take, consider the following before you get down to business:
Now that you’ve come up with a solid business idea, the next step is choosing a great business name. Coming up with a memorable and meaningful name is one of the most important decisions you will make as an entrepreneur. A good name effectively conveys your company’s mission and function, but also appeals to what is important or appealing to your target customer. Consider the following guidelines when choosing a business name in Wyoming:
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If you want to operate your business in Wyoming under a name other than the one under which it is registered in the state, you must apply for a DBA (“do business as”). DBAs must comply with all Wyoming business naming rules and can be obtained by filing an Application for Business Name Registration with the Secretary of State’s office along with a $100 application fee.
Every small business owner should write a business plan. Although not required by Wyoming law, business plans are excellent guidance tools for any entrepreneur. A good plan will meet the overall goals of your business and give potential investors or partners an idea of how you intend to run the company in the near and long term. It should also contain, at a minimum, the following:
You can create your own plan using a free business plan template tailored to your needs or view business plan examples for inspiration.
Then you are ready to officially start your business in Wyoming. And the first box you’ll need to check on any registration form is the one that identifies your legal structure. There are four basic types of legal structures available to business owners in Wyoming: sole proprietorships, general partnerships, LLCs, and corporations. Each offers different benefits for personal liability, ownership structure, taxation and financing options. Here’s how they compare:
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Once you have decided on the structure of your Wyoming business entity, you can apply for a federal Employer Identification Number (EIN) through the Internal Revenue Service (IRS) website. An EIN is a nine-digit federal tax identification number assigned to businesses by the IRS – like a Social Security number, but for businesses. An EIN also helps secure credit accounts for business expenses.
To officially start your business in Wyoming, you may need to pay certain fees and file certain documents with the Secretary of State’s office (some structures, such as sole proprietorships and general partnerships, do not need to do this). Here’s how to register in Wyoming.
Regardless of which option you choose, you can expect to provide some key information when submitting articles, including:
Consider opening a business bank account. It’s not required, but the Small Business Administration recommends that all small business owners maintain business bank accounts separate from their personal assets.
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A general business license is not required in Wyoming. However, certain industries are subject to required permits, including general contracting, food manufacturing, trust companies, and educational organizations. If you sell goods or services that are subject to sales tax, you will also need to obtain a sales tax permit from the Wyoming Internal Revenue Service.
Unforeseen losses can be disastrous for new businesses, and those in Wyoming are no exception. Although some business structures like corporations and LLCs offer some degree of protection for personal assets, you may want to purchase business insurance to cover products, vehicles, and other assets. Standard business insurance plans in Wyoming include:
The federal Small Business Administration maintains a list of additional insurance policies that your new Wyoming business may need.
In addition to purchasing insurance, you will likely need to make other investments in the early stages of your Wyoming business. This may include renting physical retail space, setting up a professionally designed business website, and purchasing advertising, equipment and/or software. You may also want to hire lawyers, accountants and other specialists to support business operations on a contract basis.
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These start-up business costs can add up quickly. Fortunately, there are resources available that can help you get the necessary start-up funding. A variety of grant and financial assistance programs are also available to some Wyoming business owners, in addition to resources offered by the Wyoming Business Council.
Coming up with a marketing strategy is key to getting the word out about your new business in Wyoming. Your follow-up marketing plan may include several of the following elements:
Forming your LLC or corporation in Wyoming costs at least $100. You’ll also be required to file an annual report, with a fee of $60 or 0.0002¢ per dollar of business assets, whichever is greater.
Wyoming does not require a general business license for the entire state, but certain industries are subject to required licenses—including general contracting and food manufacturing.
How To Start A Business In Wyoming
Wyoming is a great place to start a business. Its advantages include the absence of state income or corporate income tax, low operating costs, an educated workforce and a high standard of living.
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