When it comes to providing a business-friendly atmosphere, Wyoming ranks among the top states. Wyoming has a high rate of entrepreneurs and a low cost of living, which means that it is easier to start a business there than in most other states.
Wyoming provides various motivations to businesses for them to grow and thrive. Below are some of the advantages the state offers:
Tax Haven
Businesses love Wyoming because of the state’s tax climate. Wyoming has no personal income tax and no corporate income tax, which creates an excellent opportunity for aspiring business owners. The state’s leniency in taxes saves entrepreneurs from the heavy burden of paying high taxes.
High Privacy
Wyoming does not mandate the disclosure of members or shareholders and protects your identity. Hence, you won’t be identified as a member of a Wyoming LLC or as a manager of a Wyoming Corporation in the public database when you register your business.
Asset Protection
Wyoming’s legal structure protects personal assets with a strong asset protection law. Hence, officers or directors are not held responsible for business debt unless there is an intentional breach of the law. Therefore, you won’t be held personally responsible for any debts or obligations your business may incur according to laws in Wyoming. However, this protection does not extend outside of the state of Wyoming.
US Citizenship or Residency is not Required
Furthermore, you don’t need to be located in Wyoming or be a US citizen to start a business there. You can be located in a different state or a different country and still own a Wyoming business.
Wyoming is a pro-business state; however, the state’s advantages may not apply to every circumstance and it is also essential to consider the possible disadvantages and weigh your decision accordingly. We advise that you choose your state of formation or incorporation based on the specific situation and goals of your business.
Start Your Wyoming Company with Manay CPA
Starting a business might seem like a daunting pursuit and requires tax haven meticulous planning. We understand that making important decisions for your business might get overwhelming and we are here to assist so you have a clear roadmap.
At Manay CPA, we provide a comprehensive business formation package to do the heavy lifting for you. Call us at 404-900-1040 or schedule an appointment with us to start your business with simplicity.
