You’re about to embark on a long and exciting journey, one full of hard work and rewards: starting a new business.
With wide eyes and big dreams, you’re about to enter the world of business ownership.
But beyond the initial thrill of the startup decision, there’s a lot to consider. In fact, if you’ve never done it before, starting a business can seem like an intimidating mountain of work. Out of all your responsibilities and tasks, you might not even know where to start.
But have no fear. The good news is that once you have everything planned out and understand the process, the formation process is smooth sailing. And this is your go-to guide.
Everything you’ve been wondering about, everything you need to do, every question you have – it’s all right here. By the time you’re through these 16 steps, you’ll be a bonafide business owner who’s prepared for sustained success.
Wyoming Entrepreneur Hack
When you form a business through business formation services (Example: ZenBusiness and LegalZoom), they’ll register your business with the state and help you check off most of the startup-steps in this list. They assist you with everything from building a website to opening a business bank account.
If you’d like to cut through the clutter and compare the best LLC services, see our comparison of the top 7 deals.
1) Write a Business Plan
Jumping into this endeavor without goals, directives, or a sense of direction can lead to a scattered, unproductive business.
A business plan lays the groundwork for your future success. It helps you analyze key elements of your business and forge pathways to achieve your goals. Here are a few things you should consider including in your business plan:
- Executive Summary (a separate document that gives a complete overview of your business’ purpose, plans, goals, competition, opportunities, etc.)
- Company description
- Market Analysis (opportunities, competition, etc.)
- Managerial or organizational structure
- Products and/or services
- Marketing strategies
- Funding goals
- Financial projections
Business plans aren’t just great for internal operations, but they give your business legitimacy in front of potential investors, customers, partners, and more. Need help? Check out this guide from the U.S. Small Business Administration.
2) Decide on a Business Name
You might’ve come up with the perfect name right away. If so, consider yourself lucky.
Sometimes, deciding on a business can be difficult, requiring brainstorming meetings and late-night rap sessions. That’s because your name is your business’ identity and reputation. It should be something that’s unique and memorable but also defines your business purpose.
If you skip ahead and glance at step 3, you’ll notice that you have some choices when it comes to business structure. Each structure comes with its own naming restrictions. Limited liability companies must contain some form of “LLC,” and corporations can (but don’t have to) include some form of “Inc.” The Secretary of State provides a convenient company name guide with some additional rules.
The most important rule of all, however, is that your name must be completely original. If any other Wyoming business is already using it, you’re out of luck. Search for your desired name to see if it’s already taken. If not, go ahead and reserve it or use it on your formation documents to lock it down.
3) Decide on a Legal Structure
There are only a few types of business structures, but each one dictates some important parts of how your business will run.
The most popular types are the sole proprietorship, general partnership, limited liability company (LLC), S corporation, and C corporation. Most small businesses go with the LLC because of its unique blend of flexibility and personal asset protection.
However, you shouldn’t make this decision without reading up on all of your options. We’ve done plenty of research on each business type and developed side-by-side comparisons. Check out our LLC vs. Corporation and LLC vs. Sole Proprietorship comparison guides for a closer look.
Why Settle? Mark Cuban of Shark Tank named ZenBusiness as the #1 resource to start your business. Form your LLC for just $0 + state fee.
4) Choose a Registered Agent
The Secretary of State needs a point of contact for your business, someone who will be available at your registered office address during typical business hours – 9am to 5pm.
This person is called a registered agent, and they serve as an intermediary with the state, receiving all of your company’s important legal communications and relaying them on to you. The Wyoming registered agent ensures that no important state documents, deadlines, or payments fall through the cracks, so you’ll want to choose a person or company you trust.
You can choose either an individual or a business entity as your registered agent in Wyoming, but they must:
- Be an individual that resides in Wyoming, or a company authorized to do business in the state.
- Have a physical address in Wyoming.
- Have a mailing address in Wyoming (P.O. boxes are not allowed)
- Be over 18 years old.
Any individual agent you choose will be responsible for helping effectively maintain your business, so it’s a good idea to choose someone who knows the ins and out of running a company, like an attorney or manager. That said, if you’d prefer the convenience of appointing a friend or family member, that works too.
Or, you can choose a registered agent service instead. These companies take care of all your registered agent responsibilities, and some will even handle your business formation and annual reporting as well.
Important: You must continuously maintain a registered agent on file with the Secretary of State. If your agent resigns or you appoint a new one, you’ll need to notify them by filing the appropriate documents.
Special Offer: Right now ZenBusiness is offering a discounted rate for just $99 the first year (normally $199) to act as your agent and handle legal responsibilities.
5) Register Your Business
This is the big one, the step that officially creates your business. No matter which business type you choose, you’ll need to register it with the Secretary of State.
LLCs: So, you’re going with a limited liability company. Good choice! To formally register it, you’ll need to file an Articles of Organization. You can file it either online or using a paper form, and either method costs $100. Once approved, this will officially form your Wyoming LLC.
Corporations: Wyoming corporations require a different form, called the Incorporation Articles, which is available online and as a hard copy.
Sole Proprietorship/General Partnership: There are no official forms or fees to register as a sole proprietor or general partnership. Simply start doing business and that’s it! While this is obviously faster and easier, we recommend incorporating your business because of the personal asset protection LLCs and corporations provide.
Foreign Entities: Did you originally form your business in another state? You won’t need to form it again in Wyoming, but you will need to file for foreign qualification. This means filing an Application for Certificate of Authority. These aren’t available for online filing, and there are different forms for each business type, so make sure you choose the correct one. Whether you run a foreign corporation or LLC, though, the fee is $100.
6) Get an EIN
The Employer Identification Number (EIN) is your ticket to doing state and federal taxes. It’s a nine-digit number, much like a Social Security Number, that identifies your business on tax documents.
If you’re forming an LLC, it will be considered a “pass-through” entity, so the business itself won’t pay federal income taxes. Instead, you and the other members will report income and losses on your personal tax returns.
But this doesn’t mean you can go without an EIN. If your LLC pays any type of business taxes – like Sales, Use, or Unemployment Taxes – or hires employees, you’ll need to get one.
Unsure if you need one? The IRS provides a useful “Do I need an EIN?” link on this page, where you can also apply for an EIN. If you go through the online application process, you’ll receive your number immediately.
Otherwise, you can submit a Form SS-4 by fax to (855) 641-6935 or by mail to :
Internal Revenue Service Operation
Attn: EIN Operation
Cincinnati, OH 45999
7) Open a Business Bank Account
LLC and corporation owners are required to keep their personal and business finances completely separate, or they risk losing their personal asset protection. To do so, you’ll need a business bank account.
The good news is that opening a business bank account is pretty simple. Just pay a visit to your bank’s local branch and sit down with one of the bankers there. You will need to present your formation documents, an EIN number, and some personal information. Then, you can direct all of your business income and expenses to that account instead of a personal one.
It doesn’t really matter which bank you choose, whether it’s a national giant like Chase or Bank of America or a small, local bank. However, it’s usually easiest to go with the one where you have existing accounts.
8) Handle Any Tax Obligations
Ah, taxes. They’re always part of the picture, especially when you run a business.
Familiarizing yourself with your business’ tax requirements will help you establish a solid financial plan going forward. LLCs don’t need to file a corporate tax return and pay federal income taxes, so you’ll handle these taxes as part of your personal return.
Wyoming doesn’t have any state personal or corporate income taxes, so you won’t need to worry about those.
Plus, there are no franchise or privilege taxes in Wyoming, but there are a few other taxes your business may owe, depending on its activities:
License Tax: This is just another name for your Annual Report fee, which is required for all businesses. If your business has less than $250,000 in Wyoming assets, this tax is $50. If it has more than $250,000, the tax is $0.0002 per dollar of business assets.
Excise (Sales and Use) Tax: Does your business sell goods in Wyoming? Then it will owe a Sales and Use Tax at a statewide rate of 4%. Certain counties and cities may have additional sales and use taxes.
Unemployment Taxes: If your business has employees, you won’t need to pay a Withholding Tax because the state doesn’t have an income tax. However, it will still owe an Unemployment Insurance Tax through the Department of Workforce Services.
Visit Wyoming’s Department of Revenue website for additional information on business taxes.
9) Find an Accountant
Sometimes it’s easier to hand off your financial responsibilities to a professional. Not only will an accountant ensures that your taxes are filed and paid correctly, but they might also find a few ways to save your business money.
Bookkeeping and tax procedures are time-consuming and require some specialized knowledge. Balance sheets, financial reports, cash flow, audits, and much more – an accountant can ensure that your company operates smoothly and streamlines its expenses.
This can be expensive depending on the complexity of your finances, but the benefits an accountant offers can be well worth it.
10) Create an Operating Agreement
An operating agreement constructs a framework of procedures and standards for your business. This is where you can lay out processes for member conduct, asset allocation, compensation policies, voting procedures, dissolution, and much more.
While operating agreements aren’t technically required in Wyoming, they are essential to your business’ stability and success. They provide a safety net in legal disputes and legitimacy in front of banks, courts, government agencies, and other businesses.
You can either draft one yourself using an online template, or you can hire an attorney or an incorporation service to take care of it for you.
Once you’ve drafted your agreement, it must be approved by each of your LLC’s members, then filed with the rest of your business documents. You do not need to submit it to the Secretary of State.
11) Acquire the Necessary Licenses
After filing your formation documents, your business is legitimate, but it might still need specific licenses before opening its doors in Wyoming. You may need to apply for zero licenses, or you may need multiple. It all depends on your business activities. Here are a few common license and permit types you should know:
Professional Licenses: There are particular occupations that must obtain licensure through their respective state boards before doing business. You can find a complete list of state licensing boards in this guide.
Agricultural and Environmental Licenses/Permits: Any food service or human services business will need licensure through the Department of Agriculture. And if your business affects Wyoming’s air, water, land, or wildlife, it will likely need a permit from the Department of Environmental Quality.
Local Licenses: Your specific city, county, or municipality might have its own licensing requirements. Take a look at your local government’s website to find out.
Other Licenses: There are numerous less-common licenses that apply to certain activities and circumstances. Fortunately, the Wyoming Business Council provides a comprehensive guide with information on all licenses, permits, and licensing boards.
12) Consider Business Insurance
Even though it’s not pleasant to consider, there’s always a chance that unforeseen events might take a toll on your assets.
While forming an LLC or corporation offers some personal asset protection, additional business insurance can also protect your business assets in cases of lawsuits, damages, etc. You can acquire insurance for your business products, vehicles, specific occupations and much more.
If you hire employees, you’ll also need to get workers’ compensation insurance. SBA.gov has a useful guide for determining which forms of insurance your new business might need.
13) Build a Website
Your company’s digital presence is just as important as its physical one. Like it or not, most potential customers will find your business online, and if you don’t exist online, you’re missing out.
But don’t worry, you don’t need to be an HTML or web design expert to build a website. Sites like WordPress and Squarespace make it easy to construct an elegant and responsive website, no coding necessary. But if you’re not comfortable or confident doing it on your own, you can always hire a professional web designer to take care of it for you.
14) Launch Social Media Accounts
Making your mark on the digital landscape doesn’t start and end with your website. Most successful businesses also have a robust social media presence on multiple platforms. Facebook, Twitter, and Instagram are all great ways to connect organically with potential customers and develop your brand voice.
Just don’t forget to publish consistent social media content, or you’ll have trouble building a base of followers.
15) Understand Ongoing Wyoming Requirements
After you’ve launched your business, things will likely be moving at 100 miles per hour as you evolve and grow. But in all of the excitement, you can’t forget your state’s ongoing compliance requirements. Every state has its own annual or biennial business requirements.
Every business operating in Wyoming must submit an Annual Report each year. No matter which legal structure you choose for your business, this filing will be due by the first day of its anniversary month (the month you initially formed it). The fee is a bit more complicated. It’s either $0.0002 multiplied by your total Wyoming assets amount or $50, whichever is greater.
16) Check Out Wyoming Small Business Resources
You’re not on this journey alone. There are plenty of free resources available to make starting and growing your business a smoother, easier process.
SBA.gov is a treasure trove of small business resources. Whether you’re looking for business development centers, loan opportunities, financial advising, networking opportunities, or something else, you’ll likely find it there. Plus, they have state-specific resources on Wyoming’s district office page and in this resource publication. It’s everything you need to put your business on the road to success.
Checklist for Starting a Business in all 50 States
We break down the process of Starting a Business in all 50 states. View our guides below.
- Starting a Business in Alabama Checklist
- Starting a Business in Alaska Checklist
- Starting a Business in Arizona Checklist
- Starting a Business in Arkansas Checklist
- Starting a Business in California Checklist
- Starting a Business in Colorado Checklist
- Starting a Business in Connecticut Checklist
- Starting a Business in Delaware Checklist
- Starting a Business in Florida Checklist
- Starting a Business in Georgia Checklist
- Starting a Business in Hawaii Checklist
- Starting a Business in Idaho Checklist
- Starting a Business in Illinois Checklist
- Starting a Business in Indiana Checklist
- Starting a Business in Iowa Checklist
- Starting a Business in Kansas Checklist
- Starting a Business in Kentucky Checklist
- Starting a Business in Louisiana Checklist
- Starting a Business in Maine Checklist
- Starting a Business in Maryland Checklist
- Starting a Business in Massachusetts Checklist
- Starting a Business in Michigan Checklist
- Starting a Business in Minnesota Checklist
- Starting a Business in Mississippi Checklist
- Starting a Business in Missouri Checklist
- Starting a Business in Montana Checklist
- Starting a Business in Nebraska Checklist
- Starting a Business in Nevada Checklist
- Starting a Business in New Hampshire Checklist
- Starting a Business in New Jersey Checklist
- Starting a Business in New Mexico Checklist
- Starting a Business in New York Checklist
- Starting a Business in North Carolina Checklist
- Starting a Business in North Dakota Checklist
- Starting a Business in Ohio Checklist
- Starting a Business in Oklahoma Checklist
- Starting a Business in Oregon Checklist
- Starting a Business in Pennsylvania Checklist
- Starting a Business in Rhode Island Checklist
- Starting a Business in South Carolina Checklist
- Starting a Business in South Dakota Checklist
- Starting a Business in Tennessee Checklist
- Starting a Business in Texas Checklist
- Starting a Business in Utah Checklist
- Starting a Business in Vermont Checklist
- Starting a Business in Virginia Checklist
- Starting a Business in Washington Checklist
- Starting a Business in D.C. Checklist
- Starting a Business in West Virginia Checklist
- Starting a Business in Wisconsin Checklist