Why Wyoming is Better
The Wyoming Advantage
We believe that Wyoming is the best state in America in which to do business and we think we can make you a believer also. In a moment, we will examine the many Wyoming LLC and corporation advantages but let’s first take a look at what it doesn’t have:
Wyoming doesn’t have:
- Personal income tax
- Corporate income tax
- Inventory tax
- Gross receipts tax
- Franchise tax
- Burdensome regulations
- Disclosure of shareholders
- Business or “per-capita” tax
- Excise tax
- Sales, property and inheritance taxes are among the lowest in America
… AND CONSIDER THESE ADVANTAGES
- Unlimited ability to issue stock — Most states set a limit on the number of shares that you are authorized to issue. Not so in Wyoming! You may issue as many shares as you wish (without any additional costs or fees) by simply making the proper entries in your Articles of Incorporation. (We will take care of all that for you.) Unlimited shares may be of paramount importance to you in particular, if you ever contemplate taking your company public.
- You can be everything in Wyoming — Some states require that you have more than one person to serve as the various officers and directors of your corporation. Again, not so in Wyoming! One person can fill all of the required corporate positions, giving you the ultimate in flexibility and control.
- You have a right to privacy in Wyoming — The more information about you that appears in the public record, the easier it is for you to become a target of a lawsuit. Wyoming has no requirement for the names of shareholders to be filed with the state.
- Restrictions and corporate formalities are at an absolute minimum in Wyoming — If you would like less “red tape,” bureaucracy and restrictions in your business life, Wyoming is the place for you!
- Low annual fees — The annual fees in Wyoming are based solely on the value of corporate assets located within the state. The minimum is $50 and a million dollars worth of assets within the state of Wyoming would cost you only $200. That’s right, $200 in fees for every million dollars worth of assets that you keep within the state of Wyoming and no fees for assets outside of the state.
- As an officer or director, you cannot be held responsible for the debts of the corporation — Wyoming law is quite strong in this respect and holds generally that as long as you did not intentionally break the law, you are protected from claims against the corporation.
- No minimum capitalization is required in Wyoming — You can fund your corporation with one dollar, with a million dollars, or the amount of your choice. And, while there are sound business reasons of avoiding “under capitalization,” the point is that the choice is yours and you enjoy the ultimate in flexibility.
- Your directors” and/or shareholders” meetings may be held anywhere in the world — You are not required to hold meetings in Wyoming; indeed, you need never set foot within the state. Wyoming is rich in history and breathtaking scenery, but if your tastes run more to the Bahamas, Hawaii or, for that matter, the French Riviera, the choice is yours.
- Stock in your Wyoming corporation may be issued in exchange for “anything of value” — You may use cash, of course, but also property, services or any valuable consideration at the total discretion of the board of directors which, you’ll remember, can be one person.
- Lifetime proxy — John D. Rockefeller was the first individual to acquire a personal net worth of one billion dollars. When asked late in life how he accomplished such a feat, he is reported to have shared with a young interviewer that his simple secret was to “own nothing and control everything.” That is indeed wonderful advice for a host of reasons (consider, no one can take from you that which you do not own), but it is sometimes more easily said than done. By allowing another person or entity to own shares, you can use proxies to maintain complete control. The problem is that most state laws require proxies to expire and be subsequently renewed every six or seven years. If the “legal owner” declined to renew your proxy, you could be literally left with nothing and no recourse. That is hardly a scenario that makes us feel secure, nor is it one that we would recommend to you. However, realize that Wyoming allows for lifetime proxies, thereby protecting you from any such problem arising.
- If you already have a corporation — Once again, Wyoming offers unparalleled flexibility. By filing a few simple forms (we will handle it for you start to finish), your existing corporation can become a bona fide Wyoming corporation. Wait it gets even better! Your existing corporation can retain its original incorporation date after becoming a Wyoming corporation. Anyone examining the Wyoming public record will see a corporation dating back as far as your current corporation does. You can promptly become a Wyoming corporation without losing the many benefits of your firm’s longevity and continuity of operation.
- Be sure and check. No matter if you are moving a company, forming a new one, or looking to purchase, check with your attorney to see if your company is doing anything that would require it to be registered in more than one state.