Domesticate Your Corporation or LLC to Wyoming
Domesticate your Wyoming LLCs or Corporations to Wyoming. The domestication procedure lets you move your out of state corporation or LLC to Wyoming. When your company is domesticated to Wyoming, you keep the original incorporation date of your company, and enjoy these benefits all Wyoming companies do:
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. Establish your Wyoming nexus by first moving your company to Wyoming from your home incorporation state. Stop buring your money with the flames of tax and regulations.
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 recently shocked the incorporation community by requiring a business registration tax of $100, after paying hundreds more to form your corporation. Use your money to strengthen your business, don’t give it away via taxes.
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.) If you decide to have other officers and directors, you do not need to list them all.
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. The Wyoming charging order protection with a Limited Liability Company are superb. The same applies to the Wyoming Corporation.
Wyoming does not share taxpayer information with the Internal Revenue Service (IRS). You will not be asked to give your social security number in order to do business in Wyoming. You can not say the same for Nevada. Keep your information private in the corporate world.
Shareholder information is never on the public record in Wyoming. The Wyoming Secretary of State wants to know the class, amount and value of shares you have for your corporation in Wyoming. The state will not ask for shareholder information. Wyoming is the people’s state.
The state filing fee is only $100; the annual report fee $50. There are no “hidden fees” for registering officers or changing your address. It is really true. It only cost $100 to file a LLC or Corporation in Wyoming. The cost to renew? Only a minimum fee of $50 for the annual report filed in Wyoming.
Bearer scrip are shares that are issued to the person holding the scrip, instead of a registered owner. You can not arrange this in some other states when incorporating.
You can issue unlimited shares, with or without par value through your Wyoming corporation. The shares do not have to be only common or only preferred. You can have a mix of the 2 kinds of shares of stock when incorporating in Wyoming.
Wyoming does not have the bureaucratic regulations of many states and takes pains to keep it that way. What you see is what you get here in the cowboy state. Upfront prices, rules and instructions. It can’t be any easier.