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Learn how to Live the Corporate Lifestyle T.A.P. into they advantages and resources and the power of the Corporate World!
Tax savings, Asset protection, privacy the acronym T.A.P.
A lot of people think there are two sets of rules, the rules for those who are successful and the rules for everyone else. But in reality the rules are the same for everyone. The only difference is that successful people use the rules to their advantage, while everyone else does not that is the fundamental difference. One way in which successful people use the rules of money to their advantage is through corporations.
Wyoming is a popular corporate haven due to its lack of taxes and endemic privacy concerns. These factors drive many new incorporations. Wyoming also has the added benefit of allowing you to hold your shares in a Wyoming LLC or a Wyoming Trust for additional asset protection. This combination of benefits makes our corporations the nation’s most desirable.
Most clients debate between setting up their business in Wyoming, Delaware, or Nevada. So why incorporate in Wyoming instead of other states?
Nevada corporations are very similar to ours, but they face significantly higher fees and are subject to taxes in certain situations. Wyoming corporations generally cost $99 per year to maintain (which includes the secretary of state’s annual report fee and our Wyoming registered agent fee) and have no state taxes.
Delaware is preferable for large corporations looking for an eventual IPO, but smaller businesses will often find their fees and administrative hurdles to be unnecessary, burdensome, and overly expensive. This is especially true when compared to a Wyoming close corporation, which has reduced reporting and other bureaucratic requirements. These benefits drive new companies to Wyoming every day.
Incorporating in Wyoming is a very smart idea for business owners. Not only does the “Equality state” lack personal income tax, inventory tax, corporate income tax, and franchise tax, but the western state also lacks burdensome regulations, excise tax, and steep sales and property taxes. Wyoming is a popular corporate haven due to its lack of taxes and endemic privacy concerns. These factors drive many new incorporations.
A business corporation is considered as one of the most efficient forms of business. A corporation is a legal entity that has several benefits like providing limited liability protection to the owners or shareholders. It also has tax advantages and depending on the state of incorporation there are several other advantages. If you incorporate in Wyoming then you can take advantage of the fact that there are no personal or corporate income taxes. A business corporation also helps in establishing credibility with potential customers, partners, employees, and vendors.
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Wyoming first created the LLC in 1977 in an attempt to make oil investment easier in the state. Such filings quickly became popular, and the remaining states moved to pass similar laws of their own. While all states now have their own forms of the LLC, Wyoming remains a very popular place to file as an LLC,since the business climate and laws are quite favorable to such companies.
The liability protection of Wyoming LLCs is second to none, thanks to 2016 revisions to the LLC Act.
Wyoming LLCs have a special protection from charging order laws, wherein the creditors of LLC owners are not able to force the owners into selling company assets to satisfy personal debts. This protection is not in place in many jurisdictions.
Wyoming has the fourth-highest number of new entrepreneurs in the country. This means that the state offers a healthy, prosperous community for business owners to join, as well as a huge opportunity to share valuable information and many chances to find both business partners and mentors.
Of all the 50 U.S. states, Wyoming has one of the best records of business survival with a ratio of 1:61. Given how difficult it can be for today’s startups to survive, this makes the state quite attractive for new business owners and investors, due to the high quality of life.
Wyoming offers affordable filing fees. In fact, the state’s filing fees are based on the value of corporate assets located within the state. The Wyoming Secretary of State charges a $100 fee to file the Articles of Organization by mail and $102 to file online. You can reserve your business name by filing an LLC name reservation for $50. Wyoming LLCs are also required to file an annual report license tax, which is a minimum of $50.
The state offers no stock limits. While most states set a limit on shares that can be issued, Wyoming does not. Moreover, business owners in the state can issue as many shares as they want by making the proper entries in the Articles of Incorporation. This is especially important for business leaders who are interested in taking their organizations public.
Wyoming offers flexibility and control. It is common for states to require organizations to appoint more than one individual to serve as officers and directors. However, this rule does not apply to Wyoming corporations. In fact, one person is allowed to fill every corporate position in an organization if business leaders choose to do so.
Privacy rights for shareholders are an important benefit. The state does not mandate the disclosure of shareholders. In fact, the state of Wyoming does not require corporations to make the names of any shareholders public record. Consequently, organizations can keep this information private, which tends to reduce the risk of becoming a lawsuit target.
There is no responsibility for debts. According to laws in Wyoming, officers and directors can’t be held responsible for a corporation’s debts as long as business owners do not intentionally break the law. Simply put, business leaders will be protected from all claims brought against an organization.
Wyoming allows you to retain your corporation’s longevity. In Wyoming, business owners have the ability to turn an existing organization into a Wyoming corporation. In addition, the existing organization can also retain its original incorporation date after becoming a Wyoming corporation.
According to the Tax Foundation’s State Business Tax Climate Index, Wyoming ranks at the very top of the index, ranking number one out of 50. In addition, according to Forbes Magazine, the cost of doing business in the state of Wyoming is about 1 percent below the national average, which makes it an easy state for new businesses to grow and flourish.