Setting Up a Wyoming LLC

Operating or Investing in Wyoming?

If you're an investor or small business owner operating or planning to operate in Wyoming, you ought to consider the option of forming a limited liability company. A Wyoming LLC will deliver a couple of significant benefits: limited legal liability which will reduce your risks and then enormous flexibility in your tax accounting which should save you significant sums of federal income and self-employment taxes.

At the point you do decide to form a limited liability company, however, you quickly have another decision to make. That decision? Whether you should retain an attorney or possibly accountant, work with one of the online document preparation services or simply do the work yourself using the free online forms and other web-based resources provided by the Wyoming Secretary of State.

I'm going to make a suggestion to you: I think you want to consider at least trying the do-it-yourself approach. A Wyoming LLC is easy to set up. And you'll save hundreds and hundreds of dollars by doing the work yourself. That work is pretty easy, too--especially if you work from the instructions provided in a do-it-yourself kit...

Premium Option

For example, for $44.95 you can buy and download the premium version of the Wyoming e-book and kit. This instantly downloadable kit (which is really a zip file containing a pdf of instructions and then some boilerplate legal forms you'll need) goes over the basics of using a Wyoming llc for your business and investment activities. It provides how-to instructions for setting up your Wyoming llc including the procedures for dealing with the tax requirements. And the kit includes two sample LLC operating agreements for both single and multiple owner limited liability companies.

Table of Contents

• Introduction
• Maximizing the advantages of an LLC
  • Limiting your legal risks and financial liability
  • Tax classification flexibility
• Disadvantages of using an LLC for businesses and investments
• Procedure for forming an Wyoming LLC
• Licensing and related issues as they pertain to Wyoming
• Applying for a Federal EIN from the IRS
• Discussion of and Procedures for Optional Tax Elections--including S Corporation Option

Economy Option

If you want just the basics--just the steps for forming an llc formation, you can buy and then download the economy version of the Wyoming do-it-yourself llc kit. The economy version of the kit costs $34.95 (about a tenth of what an online incorporation service will charge) and includes everything that the premium kit does EXCEPT for the discussion of and procedures for making the optional tax elections. (The economy version of the kit, for example, doesn't explain how to have your LLC treated for tax purposes as an S corporation.)