LLCs & Corporations
Limited Liability Companies (LLCs) have increasingly become the business entity of choice, and the Wyoming LLC is the preferred choice for many businesses nationwide.
Wyoming continues to be the wealth friendliest state in the nation, for several reasons including a constitutional prohibition against income tax and the ease of forming LLCs, corporations, and other business entities.
Other important reasons why business owners nationwide choose to form LLCs in Wyoming are the Wyoming statutes that provide for the exclusive remedy of the charging order, enhanced LLC privacy, and enhanced protection from liability for failure to follow certain formalities.
LLCs can be formed with either one member or with multiple members and may be managed either by the members or by a manager or managers.
A single member LLC may choose to be ignored for federal income tax purposes, and a multiple member LLC may choose to be taxed either as a partnership or as a corporation, depending upon the client's situation and goals.
LLCs can also be valuable tools in estate planning and tax planning, especially when structured with multiple classes of membership.
Although the overwhelming trend seems to be toward the use of LLCs and away from the use of corporations, the use of a corporation, especially the Wyoming "close corporation", can provide significant benefits.
Wyoming business entities, including LLCs and corporations, can be formed very quickly by filing the appropriate paperwork with the Secretary of State. Each business entity must have a registered agent within Wyoming, and many entities choose Western Agents, Inc. as the registered agent.
Wyoming continues to be the wealth friendliest state in the nation, for several reasons including a constitutional prohibition against income tax and the ease of forming LLCs, corporations, and other business entities.
Other important reasons why business owners nationwide choose to form LLCs in Wyoming are the Wyoming statutes that provide for the exclusive remedy of the charging order, enhanced LLC privacy, and enhanced protection from liability for failure to follow certain formalities.
LLCs can be formed with either one member or with multiple members and may be managed either by the members or by a manager or managers.
A single member LLC may choose to be ignored for federal income tax purposes, and a multiple member LLC may choose to be taxed either as a partnership or as a corporation, depending upon the client's situation and goals.
LLCs can also be valuable tools in estate planning and tax planning, especially when structured with multiple classes of membership.
Although the overwhelming trend seems to be toward the use of LLCs and away from the use of corporations, the use of a corporation, especially the Wyoming "close corporation", can provide significant benefits.
Wyoming business entities, including LLCs and corporations, can be formed very quickly by filing the appropriate paperwork with the Secretary of State. Each business entity must have a registered agent within Wyoming, and many entities choose Western Agents, Inc. as the registered agent.
