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Single Member LLC Explained

By Angelica Espinoza on Mar 30 in Wyoming LLC.

The single member LLC, or single member limited liability company as it is known, is an llc that has been filed with a state agency that has only one owner. The owner of the this formal business structure is known as a member. A person or another company/corporation can own an llc in Wyoming. This will make the company or person a member of the llc. And this is the whole reason behind calling a single member plc, a single member llc. What is the reason to form one of these LLC businesses? The llc will protect the owner by not allowing his or her own personal property to be seized because of something the company did.

Since not everyone wants or needs a business partner, the single member llc is a most popular choice of all the filings in America. Did you know that all 50 states allow a single member llc to operate under the statutes of law? We still think that Wyoming is the best place to form a single member llc. Here is why!

How Taxes are Handled for a Single Member LLC

You will pay taxes for an llc through your own federal income tax. You will report, through various forms and schedules, all income the llc received. Do not try to avoid paying the taxes on your single member llc. You will receive penalty fees and maybe even a trip to the brick and iron bar hotel.

What is the Cost to Form a Single Member LLC?

In Wyoming, you will only pay $199 to open up a new Wyoming limited liability company. We charge $99 a year for Wyoming registered agent service that comes with free mail forwarding. The state charges $100 to file the limited liability company in WY. After you pay us the $199, we will form the LLC with the state and pay all fees.

Angelica Espinoza