How to Start a Business in Wyoming — Checklist Download
Stay on task and cover your bases with our detailed checklist.
Download NowHow to Start a Business in Wyoming:
The general ease of doing business in Wyoming is a huge attraction for entrepreneurs. The state has growing and established industries and the tax system is fairly easy to navigate.
Entrepreneurs looking to do business in Wyoming will enjoy the state's lack of income tax and its business-friendly tax system, as well as its limited liability protection and fewer corporate rules. For a more detailed overview, read through our step-by-step guide on how to start a business in Wyoming.
Form your business.
Review Wyoming formation options.
Wyoming offers four ways of forming your business, which we cover in detail below. Review these closely and pick the one that fits your business best.
Name your business.
Make a list of names that you like and perform a Google search to find any conflicts with other Wyoming business names. Once this is done, you will need to do a trademark search to ensure that the business name that you chose has not already been trademarked.
After you have confirmed that your business name is not trademarked, you need to do a Wyoming business search to ensure that your business name is not the same or similar to another corporation registered in Wyoming.
If you are satisfied that your business name is available, you can then register it with the U.S. Patent and Trademark Office website and Wyoming Secretary of State office.
If you need help finding a business name, be sure to check out NameSnack's free business name generator.
Go to the Wyoming Secretary of State website and search for the business name reservation form.
Complete the form and pay the $50.00 filing fee.
Once you have found a suitable name, make sure to register the matching web domain and social media handles, should you wish to market your business online
Get an employer identification number.
Nearly all businesses will need to register for federal taxes by applying for an employer identification number.
Register your business in Wyoming.
Once you've chosen the right legal structure that works for your business, you can register your business with the Wyoming Secretary of State (SOS). The SOS website accepts registration online and the process is relatively the same for each legal structure.
Go to the Wyoming Secretary of State website and scroll down to the "Online Services" menu.
Under the "Online Services" banner, click "Form or Register a New Business."
On the following page, click the green box on the right-hand side of the page labelled "Start Now."
Enter the on-screen prompts and complete the filing payment.
Wyoming does not require a business to have an operating agreement.
The business registration costs range between $25.00 and $100.00, depending on the type of legal structure you chose.
It can take up to three weeks to form an LLC in Wyoming.
Obtain necessary permits and licenses.
The state of Wyoming does not require or issue a statewide business license. However, you may be required to obtain specific business licenses or permits, depending on the location and nature of your business. These licenses may be issued by your local government office or by separate government entities.
For instance, businesses that manufacture and/or sell food products must get a license from the Wyoming Department of Agriculture. They are responsible for issuing licenses to food manufacturers, wholesalers, and retailers.
Common business permits & licenses include:
- Sales permit.
- Retail license.
- Wholesale license.
- Bulk deal license.
Business licenses can be applied for on the city applications website.
All businesses that lease, rent, or sell taxable products must obtain a sales/use permit from the Wyoming Department of Revenue. Furthermore, businesses that perform specific tasks may be required to obtain special licenses from local government entities. Consult your local city council to check on specific business licenses and permits for your industry.
Register your business for taxes.
Register for sales tax.
Every business selling taxable tangible personal property in the state of Wyoming is required to pay sales and use tax. Services rendered are not taxable. All sales tax use registration is done through the Wyoming Department of Revenue.
There is no corporate or personal income tax in Wyoming.
You can apply for sales tax through the Wyoming Internet Filing System for Business or via mail. There is a $60 filing fee.
Register for property tax.
If you plan on purchasing a commercial or industrial property for your business, you will be required to pay property tax. Your property tax amount will be based on the market value of your property, which will be evaluated every year by County Assessors.
For more information on property tax registration, forms, districts, and guidelines, visit the Wyoming Property Tax Division website.
Register for fuel tax.
Before you can apply for fuel tax, you must be registered with the Secretary of State and be in possession of a motor fuel license. This applies to all suppliers, importers, exporters, and distributors of fuel. Tax rates may depend on the type of fuel and the nature of your business.
You can register for a motor fuel license and tax via the Wyoming Department of Transportation.
Hire employees and comply with state requirements.
Report new employees to the Wyoming New Hire Reporting Center.
To start hiring you will need to register at the Wyoming New Hire Reporting website. Each employee will need to be registered within 20 days of starting work. If an employee has been absent from work for 60 consecutive days, they must be reported again.
Use their online system, which is beneficial if you're only reporting a hand full of employees. To do this, you'll need to register an account with the New Hire Reporting Center.
You can also upload a file through a CD-R, secure web upload, or a Secure File Transfer Protocol (SFTP), using an FTP client like FileZilla.
Alternatively, you have the option of downloading the reporting form and mailing or faxing it to the New Hire Reporting Center. The address information is available on the form.
Obtain workers' compensation insurance.
Wyoming law requires all employers to provide workers’ compensation coverage to their employees. You can obtain more information at the Wyoming Department of Workforce Services website. This website also allows you to manage claims, leverage case support services, and provide access to the Medical Commission.
Display mandatory workplace posters.
In Wyoming, business owners must share information with employees about wages, compensation, and workplace safety. This is done through mandated workplace posters that highlight safety information and labor laws. All posters must be posted conspicuously.
Mandatory State Workplace Posters:
Wyoming Business Types:
1. Sole Proprietorship.
The simplest structure and usually involves one individual who is solely responsible for the enterprise. The state of Wyoming does not require any formal registration for sole proprietorships but business owners are still liable for any tax obligations.
2. Limited Partnership.
A partnership is suitable for businesses with two or more owners. In Wyoming, the state generally recognizes limited partnerships. This type of partnership works differently to a general partnership. With a limited partnership, there is at least one general partner and one limited partner. The latter will have limited say on business operations.
To register your limited partnership in Wyoming, you'll first need to complete and file a Certificate of Limited Partnership with the Wyoming Secretary of State. There is a filing fee of $100.00.
3. Limited Liability Company (LLC).
A Limited Liability Company (LLC) is the most popular type because of minimal paperwork, flexibility, tax benefits, and a simple implementation process. To register your LLC in Wyoming, you must complete and file the Articles of Organization document and file it with the Wyoming Secretary of State. There is a filing fee of $100.00.
4. Corporation.
In Wyoming, you have the option of starting a profit corporation or a nonprofit corporation. For entrepreneurs looking to create a profitable business, you'll need to start a profit corporation. This is a standalone entity that typically has shareholders and corporate offices.
To register a profit or nonprofit corporation in Wyoming, you'll need to complete and file the Articles of Incorporation with the Wyoming Secretary of State. The filing fee is $100.00 for a profit corporation and $25.00 for a nonprofit corporation.
Wyoming Business Registration Fees:
Fee Type | Cost |
|---|---|
Name Reservation | $30.00 |
Articles of Organization | $100.00 |
Articles of Incorporation | $50.00–$100.00 |
Certificate of Limited Partnership | $100.00 |
Certificate of Limited Liability Partnership | $100.00 |
