Wyoming Corporation | Advantages of Wyoming Incorporation
Why is Wyoming now the best place to move or form your corporation (or LLC)?
Wyoming corporations are superior in several ways to similar Nevada corporations, which had once been popular for privacy and asset protection strategies. Over the past few years, Nevada has increased their fees associated with a Corporation, over and over again. Wyoming has maintained the same low fees for incorporating. With online filing now available, it is quick and affordable to start a Wyoming Corporation.
Owners of Wyoming corporations enjoy the following benefits:
No Corporate or Personal Income Tax
Because there is no income tax in Wyoming, there is no state income tax return to file every year. This can be a nice savings depending how much income you claim every year.
No Business Tax
Wyoming does not force you to register your business with the State and pay a fee simply to be a business in Wyoming. Nevada has shocked the incorporation community by requiring a business registration tax of $100, after paying hundreds more to form your corporation. You can see how things have changed and how much prices have really gone up here: http://nvsos.gov/sos/home/showdocument?id=1050
One Person Corporation
One person can be the President, Secretary, and all the officers and directors of a corporation. (While the same is true of LLCs, legal risks may arise with a single Member LLC as LLCs were designed with partnership structure in mind.) Instead of having people you may not fully trust listed on your corporation documents, you can file me, myself and I as the officers.
Limitation of Liability
The officers and directors of a Wyoming corporation are protected by statute and case law from the debts and actions of the corporation. LLCs and Corporations basically have the same charging order protection in Wyoming.
Wyoming does not share taxpayer information with the Internal Revenue Service (IRS). You do not have to list your social security number when applying for a new Wyoming Corporation. You do not even have to be a US citizen to own a Wyoming LLC.
Shareholder information is never on the public record in Wyoming. When you file a corporation in Wyoming, you will be asked to provide how many shares, the class and value the corporation has. You will not be asked to provide shareholder information.
Annual reports require the name of only one person and report only the assets located in Wyoming. With a Wyoming corporation you really can anonymously own your corporation. Provide yourself with a higher level of protection with a Wyoming nominee officer.
The state filing fee is only $100; the annual report fee $50. There are no “hidden fees” for registering officers or changing your address. If you want to file an amendment to change a Wyoming Corporation name, the state fee is only $50. We do not charge an extra fee to handle this, just pay the required state filing fee.
Bearer scrip are shares that are issued to the person holding the scrip, instead of a registered owner. This is a wonderful option to have for Wyoming incorporation.
You can issue unlimited shares, with or without par value through your Wyoming corporation. You must always have at least one share to operate a Wyoming Corporation, but you can also have up to unlimited Wyoming Corporation shares. They do not have to be just one class either. You may split your shares up into common and preferred shares combined.
Wyoming does not have the bureaucratic regulations of many states and takes pains to keep it that way. Wyoming fees and schedules are upfront and simple. Wyoming may be the easiest state to maintain a corporation and possible the overall cheapest.
Nominee Directors and Officers
Use of nominees on your Board of Directors and officers of your corporation allow enhanced privacy protection at a minimal cost.
Do you have additional questions? This is Wyoming: Feel FREE to contact us!