Frequently Asked Questions
Any bank can open an account for a Wyoming LLC or Corporation. Larger banks are generally easier since they are familiar with a variety of accounts already. Handling an anonymous LLC from another state is not a unique request. You may, however, have a favorite local bank and there is no reason you may not use them. Smaller banks are also less likely to experience a data breach which can help ensure your details remain private.
If you are choosing a large bank, then it is often easier to open the account at a branch near you than one in Wyoming. This is because banks are becoming stricter about verifying identities. The bank you reach over the phone will have a harder time doing this than one you walk into. For this reason local branches are generally desirable.
It is important to note the bank DOES NOT require branches in Wyoming. For example, Chase does not have branches in the State, but both will happily open an account for a Wyoming company. This applies for Citi, RBS, Deutsche Bank etc. for our international clients.
We recommend working with Online Tax Man for tax and IRS related questions. We are a law firm and cannot provide tax advice specific to your situation as we don't want to misinform you.
US-Residents
An LLC is taxed as a passthrough entity by default, which means the owners pay the taxes rather than the
company. An LLC can be taxed as a disregarded entity, partnership, S-Corp or C-Corp. The first three are
examples of pass through
taxation. We cannot advise on the most efficient option. That is best left to a tax professional who is
aware of all your types on income etc.
Due to the complexity of such matters we must advise you seek out a CPA who can provide information specific
to your situation.
International Taxes
Generally, taxes are only due in income generated inside of the US. This is referred to as ETBUS or Engaged in Trade or Business in the United States.
An LLC is taxed as a passthrough entity by default, which means the owners pay the taxes rather than the company. Your rate would be affected by whether the income is generated in the US, and if so whether there is a tax treaty between the US and where you are a tax-resident. Wyoming has no state taxes.
Due to the complexity of international taxes, we cannot provide more specific advice. We have to advise you consult with an international tax accountant. We recommend working with Online Tax Man
Wyoming law does not require any of the below documents be signed by you. After we file you Articles of Organization, which are immediately accepted, nothing further requires action. We do, however, recommend you complete the Operating Agreement. This will not be submitted to the Secretary, but can be uploaded to the online client portal for safekeeping. Our portal allows unlimited storage.
If you chose to have us assist with the EIN, then please be on the lookout for an email from Docusign. We complete the SS4 for you and have you digitally sign the document to give us authorization. After you sign it, we do everything for you. If you did not choose our EIN service, then please follow our guide below:
Learn more about obtaining your own EIN.
EIN Processing Times
The IRS can take anywhere from 1-8 weeks to create an EIN once a fax is received. Since COVID, the IRS has been taking 4 weeks minimum. While most services have returned to normal, the IRS continues having abnormally long wait times.
We submit the application within 24hrs and there is no expedite option. For non-residents, if you have an owner, manager, etc. who has a SSN we recommend using theirs to avoid faxing it in. If the EIN is not created within 4 weeks, then we resubmit on your behalf automatically. We will send an email notification within 24hrs of receiving the EIN back.
Our portal is managed by Paralegals for Cloud Peak Law Group. If you require legal assistance, then please find our attorney's booking link here: https://calendly.com/online-attorney
All mail received at our office for you or your company is opened, scanned, and uploaded to your online portal, where you can then view and/or delete the mail items. You will receive an email notification to the email you provided us with when mail is uploaded to your online portal. All uploaded mail is then shredded for security reasons.
Free Mail Plan
The first five (5) pieces of uploaded scanned mail per year are free without a mail plan. *Ads, junk mail and promotions are not uploaded to the portal.* Any additional received mail you will be automatically charged to the card you have on file at a rate of $5.00 each in increments of $25.00, unless you purchase a Mail Plan or Virtual Office. Package forwards will be charged with an additional $10.00-15.00 handling fee per forward depending on size and weight shipped within the USA.
Unlimited Mail Plans
Unlimited Mail Scanned Daily: $200
Unlimited Mail Scanned Weekly: $150
Virtual Office (includes unlimited daily scans): $300 Per Year or $50 Per Month
To order any of the above services please visit our Additional Services page here: Additional Services
Forwarding Charges
There is limited free forwarding* on credit cards, checks, and other important paper documents under $1.00. *This is limited to 5 per year. Forwards over $1.00 you will be charged for plus a $5.00-$10.00 handling fee depending on size and weight. All mail forwards will be sent to the address you have on your account in the portal, so please always make sure to keep this address up to date.
Forwarding does not include international mail or packages. You will be contacted and billed separately for shipping plus a $15.00 handling fee for all international mail & package forwarding. All packages are opened and inspected for hazardous materials before being forwarded.
A Limited Liability Company acts through its Member(s), Manager(s) if any, or through agents properly
appointed. It is important the person acting on behalf of the company has a clear role and is held
accountable. The LLC operating
agreement is a contract which delineate the obligations, rights and duties of members and managers. They are
important, but not required for Wyoming LLCs.
Learn more about operating
agreements here
Member vs. Manager Managed
This distinction has to do with who operates the company's day-to-day affairs and has signing authority. Is
it the members? Is there a professional manager? Sometimes one member is running the show and the other
partners are silent.
Learn more
about member versus manager managed here
Assigning LLC Ownership
For an LLC, ownership is referred to as a Membership Interest. The percentages and required contributions
are listed in the Operating Agreement. As your agent we are only required to keep track of owners, but not
their respective
percentages. Each owner should sign the operating agreement to demonstrate they understand their ownership
rights and responsibilities.
Ownership in a Corporation is given via shares. We are not required to keep track of Corporation owners. You will generally assign ownership via a Share Subscription Agreement.