If you want to start and run a Wyoming limited liability company (LLC), you'll need to prepare and file various documents with the state. This article covers the most important ongoing reporting and state tax filing requirements for Wyoming LLCs.
The State of Wyoming requires you to file an annual report for your LLC. You can complete the report online at the Secretary of State website. You can also download a form already containing key information for your LLC from the SOS website. Generally you'll just need to confirm existing information, such as the LLC's name, the name of its registered agent, and the LLC's mailing address and principal office address.
The annual report is due each year by the first day of the anniversary month of your LLC's creation. For example, if your LLC was created on June 15, the annual report is due each year on June 1. In conjunction with the annual report you must pay a license tax. The tax is calculated at a rate of two-tenths of one mill on the dollar based on the value of your LLC's assets located in Wyoming. There is a minimum license tax is $50. For more details on how to compute and pay the tax, go to the SOS website.
When it comes to income taxes, most LLCs are so-called pass-through tax entities. In other words, the responsibility for paying federal income taxes passes through the LLC itself and falls on the individual LLC members.
Wyoming is one of only a very few states that does not have a personal income tax or a corporation income tax. Consequently, for most LLCs, including those that may have elected to be taxed as corporations, no state income taxes are due. Moreover, because Wyoming also doesn't have a personal income tax, LLC members generally will owe no state tax on income they earn from a Wyoming LLC. The only tax for LLCs, mentioned above, is the annual license tax of $50 or a small percentage of the value of your LLC's assets located in Wyoming.
Does your LLC have employees? If so, you'll need to pay employer taxes. Some of these taxes are paid to the federal government (the IRS) and are not covered here. (But note that federal employer tax obligations start with obtaining a federal employer identification number (EIN).) However, Wyoming employers also may have to pay taxes to the state.
More specifically, you'll probably need to register to pay state unemployment insurance (UI) taxes. These taxes are handled through Wyoming's Department of Workforce Services (DWS). You can register for these taxes online or by mail using Form WY1C1WC (Joint Business Registration Form). Then, each quarter, use Forms WYO-056 and WYO-078 to report on wages and pay the UI taxes. For more information, check the DWS website.
If your LLC will sell goods to customers in Wyoming, you will need to collect and pay sales tax. This means you'll have to register for this purpose with Department of Revenue (DOR) and then make periodic sales tax payments for goods sold. You can register using ETS Form 001.1 which is available for download from the DOR website. After you've registered, you'll be sent a sales tax license. Then, on a periodic basis (such as monthly or quarterly), you must submit sales tax returns to the DOR. You can download blank sales tax returns from the DOR website.
If you will be doing business in states other than Wyoming, you may need to register your LLC in some or all of those states. Whether you're required to register will depend on the specific states involved: each state has its own rules for what constitutes doing business and whether registration is necessary. Often activities such as having a physical presence (a business location) in a state, hiring employees in a state, or soliciting business in a state (such as by telephone, print ads, mail, or the Internet) will be considered doing business for registration purposes. Registration usually involves obtaining a certificate of authority or similar document.
For more information on the requirements for forming and operating an LLC in Wyoming, see Nolo’s article, 50-State Guide to Forming an LLC, and other articles on LLCs in the LLC section of the Nolo website.