At a toasttodragons it is clear that we love technology. Well, first of all we are a website, second of all we love technology more generally, too. I looked up the other day and realized other young entrepeneurs may be having the issue that I have. Which is how to set up a an instant virtual office and incorporate their company online. Choosing between a Wyo Limited Liability Corporation and a traditional profit corporation, versus perhaps a close corporation, or s-corp, can be hard, even for writers of young adult contemporary fiction who are used to complex ideas. Check out this link for more information on Wyoming LLCs: https://cloudpeaklaw.com/Wyoming/WY-LLCs/
The office above is wonderful in that they will also assist you with forming your virtual office and setting up registered agent services. That’s the statutory agent who is meant to serve as the agent for service of process. Namely, they accept important documents on your behalf and ensure you remain on the right side of the law.
So you are aware, here are a few of the benefits associated with incorporating in Wyoming.
Benefits of Forming an LLC in Wyoming
Wyoming, in no uncertain terms, Wyoming, the forty-fourth state of the US, has many attractions and activities that are yet to be unraveled and explored. It is a state of great scenic beauty. Mountains, grasslands, deserts, forests, rivers, and rivers make some of the most breathtaking scenery. Other than the scenic beauty, it offers numerous benefits for the entrepreneurs to make investments in this state.
Following are some of the benefits explained of forming an LLC in Wyoming.
No State Taxes:
The biggest advantage of all, you will not have to pay State taxes in Wyoming. Wyoming, unlike other states of the U.S., isn’t drowned in state debts. The rates of other business formalities are quite low in comparison of the other states.
Unparalleled Privacy and Security:
The owners of Wyoming LLC enjoy some major privacy and security benefits because of the following reasons:
- Minimal reporting and disclosure obligations.
- A Wyoming LLC is not needed to be maintained on Wyoming public records.
- No requirement to list a member or your manager.
Reduced Cost of Start-Up:
Wyoming filing fees for the start-up of an LLC is very affordable. Their state fee is 84% less than that of Nevada. You don’t have to obtain any state business license before starting up your LLC here. An officer filing fee is what you are required to pay that too after 12 months of starting your company. All this and many perks, make the start-up cost very low and affordable as compared to other US States.
No Citizenship Requirement:
In order to form an LLC in Wyoming, you don’t necessarily have to be the resident or citizen of the US. You can operate your LLC from anywhere around the world.
High degree of protection is offered to the members and managers of LLC from lawsuits. LLC is a separate legal entity responsible for its own debts and liabilities. You can also maintain your privacy while doing business as a limited liable company in Wyoming.
CHeck out my last post on how big of a business the movie industry is.
Incentive and Flexibility:
Individuals are free to organize their limited liable companies according to their preferences. A disclosure that they must make at the time of filing their articles is whether the day-to-day management will be conducted by managers or members. Wyoming also offers numerous benefits and incentive for starting up your business here. The incentives come in the form of no state tax, limited start-up cost, and low sales tax (4%).
Apart from the above-mentioned perks, many other significant benefits can be achieved by the entrepreneurs by forming a corporation in Wyoming such as fever corporate formalities, easy transfer, and unlimited duration. The state is attracting the tourists from around the globe owing to its picturesque landscapes and high-quality life so now is the best time to start your company in Wyoming and make profits.
Forming or incorprating your business online is extremely easy. As you can tell there is a bit to think about when it comess to deciding between your different corporate business entities, but that is something an attorney can better assist you with as well. I hope that you enjoyed our post here on technology, writing, authors, how to make money online, and just generally being an all around business person.