Planning to start a business in Wyoming but still unsure if Wyoming offers a greener pasture? We understand that we put up a business to help us and not to be a problem that’s why we have ended up having this list to hopefully help you decide whether to pursue or not your business venture in the beautiful Wyoming. Let’s begin!
Tax Fees
One of the best advantages of Wyoming in terms of business is the fact that they are the most consistent when it comes to ranking as the most “tax-friendly’ state. Isn’t that a good point already?
No Corporate Taxes
When planning to build a corporation, Wyoming won’t charge tax for it. This will save you from double-taxation.
No Personal Income Taxes
In Wyoming, what you have worked for is all yours. The state won’t charge you for a personal income tax. What’s your is yours.
No Inheritance or Estate Taxes
If you leave an estate property to your loved ones in Wyoming, it will not be charged with Inheritance or estate income tax.
No Out-of-State Retirement Taxes
If you live away from Wyoming but plans to retire in Wyoming, again, you will not be charged with Out-of-State retirement taxes.
No Excise Taxes
In purchasing food, gas or anything that you need in Wyoming, it won’t be charged with an excise tax.
No Intangible Taxes
Stocks and bonds, which are considered intangible assets, Wyoming won’t charge you taxes for it.
Privacy
There are cases that business owners don’t want their personal identities to be available to any records in which the public might easily access. In Wyoming, managers and members list in the public records are not mandatory. However, annual reports need the name of one representative to sign the needed documents.
Jack Of All Trades
In some states, you need to have a lot of people to be a part of your company. Different people to fill in the needed positions. Well in Wyoming, you can be everything you want to be. The state needs only one person to fill out the necessary positions.
Minimum Restrictions and Company Formalities
If you prefer fewer rules, formalities “red tapes” in your life, Wyoming is definitely the best place for you.
No citizenship requirements
Wyoming does not require a U.S Citizenship. You can operate your business and live anywhere else. In order to give substance to your operation, you should know about our Wyoming Address and Mail Forwarding Service and learn how the use of this inexpensive option will help give “presence” to your remote business operations.
Transferability of ownership
A sole proprietorship does not have a life apart from its owner and it may not be transferred to a third party. Ownership may be transferred by an exchange of membership.
We believe that the list above is amazing benefits of why to start up a business in Wyoming. Wyoming is indeed a good state to start up! So, what are you waiting for? Wyoming is waiting!