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Running a business isn't always about balancing the sheets and catering to customers—there is also a legal aspect that requires a great deal of attention. To care for all matters legal, the best way to go about it is to form an LLC. It not only protects one’s assets but also simplifies pass-through taxation and other legal matters.
This article is the ultimate guide on forming a Wyoming series LLC. A series LLC is for people who have a chain of businesses. Each LLC is independent, but each one falls under a master LLC. So, whether one has new ventures coming up or just raw ideas for future businesses, forming a series LLC is a wise step to take.
How to Form a Wyoming Series LLC
The Wyoming LLC cost ranges anywhere from $250 to $300. Business owners have to pay a state fee of about $100. Additionally, they will have to pay the fees associated with registered agents and formation services. The cost of these services vary depending on which company they sign up with. Next, business owners will have to pay the one-time sales permit tax, which costs $60. Owners also can reserve a business name ($50) or apply for the registration of a trading name ($100).
Choose a Name
One will need a name to form a series LLC in Wyoming. The name should be meaningful and describe the business and what it’s about. The name shouldn't collide with state laws or any government agency names. In addition, the name should also be unique and shouldn't already exist.
An important tip: Once one has come up with a name for their LLC, they should also go ahead and secure a domain name for their website. This is especially important if one plans to market their business online.
Appoint a Registered Agent
A separate name and address are required to form a series LLC in Wyoming. The reason for this requirement is that the state might want to reach out to this person for legal paperwork. There should also be separate ways to reach out to the registered person. Business owners can always appoint a registered agent for their business. These registered agent services offer affordable and trustworthy maintenance and take care of all the paperwork.
Complete the Paperwork
Obtaining a Wyoming series LLC requires the submission of a few important documents. Most states have the same procedure for both the series LLC and the traditional LLC. Still, the series LLC in Wyoming requires business owners to fill out the "Series Limited Liability Company Articles of Organization" form. Once they have filled out the document, they need to set the limited liability protection for the series. This means including the text from Wyoming Statutes 17-39-211 (b) and (c).
Once this step is complete, business owners will also need a signature from their LLC organizer. In addition, they’ll require a business license. In Wyoming, if one owns a food, health, or education-related business, they need to have a certified business license corresponding with the LLC documents. Once one has signed all the necessary documents, go ahead and submit them. Typically, the total formation fee is $100.
To avoid doing all this paperwork, business owners can opt for an LLC formation service that will do the brunt of the work for them. These services are highly proficient in this domain and handle the work better than most.
Apply for an EIN
Every business has to pay taxes channeled to the business owner through an employer identification number (EIN). An EIN is a nine-digit number that will appear on many legal documents related to one's business. The EIN will be present on all tax forms, payroll forms, and financial documents. To obtain an EIN, business owners need to apply for it online.
Submit Operating Agreement
When forming a Wyoming series LLC, one must submit an operating agreement. This document explains the series LLC, its hierarchy, and other necessary financial details. Moreover, it also has the LLC principle details, mailing address, and member details. This document is also responsible for stating the LLC independence in the series. The operating agreement should grant every established LLC limited liability protection.
Finalize the Bank Account
Once a business owner completes all of the above steps, they’ll need to finalize a business bank account. This bank account will be separate from their personal account and handle all their business transactions. It would be best if one opted for a well-known bank that is credible and offers conveniences such as online banking and accessible customer support.
What is the difference between a traditional Wyoming LLC and a Wyoming series LLC?
A series LLC has a master LLC, which acts as an umbrella to all the other individual LLCs. These branched LLCs are independent and have limited liability protection. Thus, a lawsuit on one LLC won't affect the other LLCs in the series. This is a great option for people who have a chain of businesses or more than one company.
A Wyoming series LLC is a great way to save costs and operate multiple businesses under one umbrella. Forming a series LLC in Wyoming requires selecting a name, submitting necessary paperwork, and acquiring certificates, all of which can be done through a service. Business owners can sign up with an LLC formation service or hire an attorney to do this work for them.
We hope this article acquainted readers with the basics of forming a Wyoming series LLC. As always, don't forget to leave feedback and questions in the comment section down below.
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