Wyoming offers a great deal of privacy for LLCs as the names of Members (owners) and/or Managers are not required to be filed on Articles or Annual Reports. When dealing with financial institutions, you may be asked to provide proof of ownership. Below are examples of some items to accomplish this. You may or may not be asked for all of them, but most definitely items 1 and 2.
- Operating Agreement- signed by ALL Members
- Copy of IRS confirmation letter for EIN
- Signed Acceptance of Designation as Member
- Notarized Affidavit of Ownership
- Articles of Amendment naming Member(s)- we do not recommend this unless absolutely necessary as this information becomes public. Should you decide to file an amendment, you’ll need to allow between 7-10 business days for the state to process the filing.
For multi-member LLCs, we strongly suggest that you maintain a company record book. If you do not have one, you may order one through our office.
For LLC record book order form CLICK HERE
The Wyoming Secretary of State issued an alert regarding emails that are being sent regarding “compliance filings” that are NOT from their office.
Below is a link to the state’s web site showing a sample of these emails.
If you have any questions or concerns, please contact AAA Corporate Services, Inc. at (800) 891-5987.
With the Tax Cuts and Jobs Act a new deduction for pass-through business income was created (LLC, S Corp, Partnership and Sole Proprietorship income). The deduction allows for a 20% deduction of qualified business income. There are a few limitations, but in general this means that 20% of business net income can be a deduction on the owner’s personal tax return. *
Before the Tax Cuts and Jobs Act a C Corporation had a range of tax rates between 15% and 35%. After the Tax Cuts and Jobs Act the corporate rate is now a flat 21%. For most large corporations this is a win with a lower tax bracket, but if you were operating as a C Corporation with net profits less than $50,000 this is an increase of 6%.
For this reason we are seeing:
- An increase in the Formation of LLCs (Liability protection; lower fees overall; less paperwork).
- An increase in new Corporations electing S Corp status
- Existing Corporations making elections from C Corp to S Corp status with the IRS
Sole Proprietorships are not recommended in an asset protection strategy. With a Sole Proprietorship there is no protection for personal or business assets.
Why use a Wyoming LLC?
- Wyoming was the birth state of the LLC so it has the longest statutory history
- Enhanced protection for Members, including single-Member LLCs
- At this time Wyoming does not require that you name Managers or Members on Articles or Annual Reports
- Annual Report fee is only $50 if there are no assets located in Wyoming
- No corporate tax or personal income tax
- Minimal paperwork required
- Wyoming has a chancery court
* PLEASE NOTE: There are a few limitations to the Qualified Business Income deduction such as W-2 wage limitation; service business limitation and higher income level limitation. Please seek advice from YOUR tax professional for your specific situation/goals.
Some information contributed by Elite Bookkeeping & Tax Services.
If you are doing business in another state, we can help you register there. Call us today at (800) 891-5987.
FOR OUR VALUED CLIENTS AND FRIENDS
December is THE busiest time of year for new entity filings. Don’t miss out on our winter promotions.
OPTION 1: $50 OFF new Wyoming Corporation or LLC Package (excluding Basic Pkg) plus FREE Record Keeping Forms on flash drive ($99 value). TOTAL SAVINGS: $149
OPTION 2: FREE Expedite Service ($50 value) with our Wyoming Starter Package (new entity w/mail forwarding). Includes FREE Record Keeping Forms on flash drive ($99 value). TOTAL SAVINGS: $149
WE’VE EXTENDED EXPIRATION TO 2/28/2019