Learn about Wyoming LLC annual report and tax filing procedures.
To establish and operate a Wyoming limited liability corporation (LLC), you must prepare and submit a number of paperwork with the state. This article discusses the most significant Wyoming LLC continuing reporting and state tax filing obligations.
License Tax and Annual Report
Wyoming law requires you to produce an annual report for your LLC. The report may be completed online at the Secretary of State’s website. You may also obtain a form from the SOS website that already has crucial information for your LLC. Generally you’ll simply need to confirm existing information, such as the LLC’s name, the name of its registered agent, and the LLC’s postal address and primary office location.
Each year, the annual report is due by the first day of the anniversary month of your LLC’s formation. For example, if your LLC was formed on June 15, the annual report is due on June 1 each year. A licensing tax must be paid in connection with the yearly report. The tax is determined at a rate of two-tenths of one mill on the dollar depending on the value of your Wyoming-based LLC’s assets. There is a $50 minimum licensing tax. Visit the SOS website for further information on how to calculate and pay the tax.
State Corporation Tax
Most LLCs are pass-through tax corporations when it comes to income taxes. In other words, the burden for paying federal income taxes is passed via the LLC to the individual LLC members.
Wyoming is one of just a few states that does not levy a personal or corporate income tax. As a result, most LLCs, even those that may have decided to be taxed as corporations, owe no state income taxes. Furthermore, since Wyoming does not have a personal income tax, LLC members will normally owe no state tax on revenue earned via a Wyoming LLC. The sole tax on LLCs, as previously stated, is a $50 yearly licensing charge or a tiny percentage of the value of your LLC’s assets situated in Wyoming.
Employer Taxes in the State
Do you have workers in your LLC? If this is the case, you must pay employer taxes. Some of these taxes are paid to the federal government (the IRS) and are not addressed in this section. (However, it is important to understand that federal employer tax duties begin with getting a federal employer identification number (EIN).) However, Wyoming employers may be required to pay state taxes as well.
You will very certainly need to register to pay state unemployment insurance (UI) taxes. Wyoming’s Department of Workforce Services is in charge of these taxes (DWS). These taxes may be registered for online or by mail using Form WY1C1WC (Joint Business Registration Form). Then, each quarter, utilize Forms WYO-056 and WYO-078 to report on wages and pay the UI taxes. Visit the DWS website for further information.
Taxes on Sales and Use
If your LLC sells items to consumers in Wyoming, you must collect and remit sales tax. This implies you’ll have to register with the Department of Revenue (DOR) for this reason and then make periodic sales tax payments for products sold. ETS Form 001.1, which is available for download on the DOR website, may be used to register. After you register, you will get a sales tax license. Then, on a regular basis (monthly or quarterly), you must file sales tax reports with the DOR. The DOR website has blank sales tax returns available for download.
Other States Registration
If you want to do business in states other than Wyoming, your LLC may need to be registered in any or all of those states. The exact states concerned will determine if you are needed to register: each state has its own regulations for what defines conducting business and whether registration is required. For registration reasons, having a physical presence (a business location) in a state, recruiting personnel in a state, or soliciting business in a state (through telephone, print advertisements, mail, or the Internet) are sometimes considered conducting business. Obtaining a certificate of authority or comparable document is normally required for registration.