How to Start a Business in Wyoming

Starting a business in Wyoming involves several key steps, including choosing a business structure, registering with the state, and obtaining necessary licenses and permits. Entrepreneurs should also consider market research and business planning to ensure a successful launch.

Wyoming Economy Trends

Small Business Statistics: Wyoming is home to approximately 78,000 small businesses, which employ about 65.1% of the state's workforce. Notable industries include mining, agriculture, and tourism. For more detailed statistics, refer to the U.S. Small Business Administration.

New Business Application Statistics: In Wyoming, there were 58,486 new business applications.

Exports and GDP: Wyoming's economy benefits significantly from its natural resources, with exports primarily in minerals and energy. The state's GDP is bolstered by these industries, as reported by the U.S. Census Bureau.

Economic Highlights: Major employers in Wyoming include the energy sector and the University of Wyoming. The state offers a favorable tax climate with no corporate or individual income tax, making it attractive for businesses. For more information, visit the Wyoming Business Council.

• Step 1: Perform Market Research
• Step 2: Write a Business Plan
• Step 3: Get Licenses and Permits
• Step 4: Acquire Funding
• Step 5: Choose a Business Entity
• Step 6: Select a Business Location
• Step 7: Register the Company

Step 1: What Kind of Business Should I Start in Wyoming?

Selecting a business type in Wyoming depends on factors such as personal interests, market demand, and regional economic strengths. Prominent sectors in Wyoming include:

• Energy and mining
• Agriculture
• Tourism and hospitality

For more information on these industries, visit the Wyoming Business Council.

How to Do Market Research in Wyoming: Market research involves gathering information to understand consumer needs and market conditions. Primary research methods include surveys and interviews, while secondary research involves analyzing existing data. Key areas to analyze include consumer demographics, buying behavior, and market gaps. Conducting a competitive analysis helps understand other businesses in the area. This research aids entrepreneurs in making data-driven decisions when launching a new business in Wyoming.

Step 2: How to Write a Business Plan in Wyoming

A business plan serves as a roadmap for entrepreneurs, helping to clarify goals, attract investors, secure funding, organize operations, and evaluate progress. It is valuable for both new and scaling businesses and can evolve over time.

Executive Summary: This section provides a snapshot of the business, including its mission statement, product or service offerings, and basic information about the leadership team, employees, and location.

Company Description: Detail the nature of the business, the marketplace needs it aims to satisfy, and the specific consumers, organizations, or businesses it serves.

Market Analysis: Include industry insights, target market demographics, and competitive analysis. Highlight Wyoming-specific trends or opportunities.

Organization and Management: Outline the business structure and introduce the management team. Include an organizational chart if applicable.

Product/Service Line: Describe the products or services offered, the lifecycle of the products, and any research and development activities.

Marketing Plan: Explain the marketing strategy, including pricing, advertising, and promotion plans. Consider Wyoming's market characteristics.

Financial Plan: Provide financial projections, including income statements, cash flow statements, and capital expenditure budgets.

Appendix: Include any additional information such as resumes, permits, lease agreements, or legal documentation.

Step 3: Do I Need a Business License in Wyoming?

Yes, in most cases, businesses in Wyoming need to obtain specific licenses or permits. There is no universal business license issued at the state level. Licensing depends on factors such as the type of business, its physical location, and whether it is regulated. Common types of licenses include sales and use tax permits, local city or county business licenses, and regulatory or professional licenses.

Business owners can determine applicable licenses by using state government licensing search tools or portals, consulting the Wyoming Business Council, or checking with local city or county offices.

How Much Does a Business License Cost in Wyoming?

Business license costs in Wyoming vary based on business type, jurisdiction, and the type of license or permit required. Some registrations, like sales tax permits, may be free, while others can range from $15 to $100 for a general business license. Certain groups, such as veterans or nonprofits, may qualify for exemptions or fee waivers. Business owners should check with the appropriate issuing agency for exact fee amounts and payment policies.

How to Register for a Seller’s Permit in Wyoming

In Wyoming, a seller’s permit is referred to as a sales tax license. It authorizes the sale of taxable goods or services. The Wyoming Department of Revenue issues these permits. Applications can be submitted online through the Wyoming Internet Filing System for Business or by paper form. Required information includes the business name, address, ownership details, and expected sales. There is no fee for obtaining a sales tax license, but businesses must renew it annually. For further assistance, contact the Wyoming Department of Revenue.

Step 4: How Much Does it Cost to Start a Business in Wyoming?

The cost of starting a business in Wyoming varies depending on factors such as business type, industry, location, and scale of operation. According to the U.S. Small Business Administration, startup costs can range widely. Common expenses include registration and incorporation fees, licensing and permits, equipment, insurance, professional services, employee-related expenses, and marketing. Filing fees for LLC formation or corporation registration typically range from $100 to $200.

How to Get Business Funding in Wyoming

Startups in Wyoming have access to multiple funding options. Business owners should estimate their capital needs and choose suitable funding options based on their goals and eligibility. Common funding sources include:

• Self-funding (bootstrapping)
• Loans
• Grants
• Investors
• Crowdfunding

How to Self-Fund a Business in Wyoming

Self-funding, or bootstrapping, involves using personal financial resources to start or run a business. Common methods include using savings, selling personal assets, earning supplemental income, pre-ordering, or borrowing from friends or family. Advantages include full ownership and control, while risks involve limited capital and personal financial exposure. Entrepreneurs should budget carefully and optimize resources. For assistance, consult the Wyoming Chamber of Commerce.

How to Find Investors in Wyoming

An investor provides capital and may offer mentorship, networking, or strategic guidance. Compensation often involves equity or dividends. Business owners in Wyoming can connect with investors by attending industry events, using local investment networks, contacting state-level organizations like the Wyoming Business Council, and preparing a compelling pitch. Types of investors include angel investors, venture capitalists, and local private investors.

How to Get a Loan to Start a Business in Wyoming

Business loans are a common funding method for new businesses in Wyoming. Options include traditional bank loans, SBA-backed loans, and non-traditional options like peer-to-peer lending and microloans. Steps to obtain a loan include choosing the right loan type, meeting eligibility criteria, providing collateral, and preparing documentation such as financial statements and business plans. Required documents usually include:

• Financial statements
• Business plan
• Proof of income
• Tax returns

Consult financial professionals and compare loan offers to find the best terms.

How to Find Wyoming Business Grants

Business grants are funding sources that do not require repayment. Each grant program has different eligibility requirements and application processes. In Wyoming, business owners can find grants through the Wyoming Business Council, local economic development offices, state agencies, and dedicated grant portals. Use grant search tools and consult local business support centers for assistance.

Can I Start a Business with No Money in Wyoming?

Starting a business with no money in Wyoming is not possible, as some capital is required for essentials like registration fees, licenses, equipment, and marketing. However, it is possible to launch a low-cost business by starting from home, choosing a service-based model, using free resources, applying for grants, and networking locally. Wyoming offers free online registration and planning portals to assist entrepreneurs.

Step 5: Choosing a Business Structure in Wyoming

Choosing a business structure in Wyoming is crucial as it affects taxation, liability, management, and registration requirements. Available structures include sole proprietorships, partnerships, LLCs, and corporations. Each structure has implications for taxation, liability, operations, and ownership. Consulting a tax accountant or attorney is recommended. For more information, visit the SBA.

How to Start a Sole Proprietorship in Wyoming

A sole proprietorship is a business owned and operated by one individual, offering full control and simple tax treatment but with personal liability. Key characteristics include:

• Single ownership
• Personal liability
• Simplified tax filing

Starting a Sole Proprietorship in Wyoming:

Step 1: Choose a business name. You may use your legal name or a trade name.

Step 2: File a DBA (“Doing Business As”) if using a trade name. This is typically filed at the county level.

Step 3: Obtain necessary licenses and permits. Requirements vary by business type and location. An EIN is required if hiring employees.

Sole proprietorships do not need to be formally registered with the Secretary of State in Wyoming.

How to Start a Corporation in Wyoming

A corporation is a legal entity separate from its owners, providing limited liability to shareholders. Different types include C-Corp and S-Corp, with varying tax treatments. Core features include:

• Legal separation of owners and business
• Limited liability for shareholders
• Centralized management
• Transferable ownership through stock
• Taxation of profits

Step 1: Choose a Corporation Name. Ensure it meets naming requirements, including uniqueness and required words like “Corporation” or “Inc.”

Step 2: Appoint a Registered Agent and Registered Office. This can be an individual or company with a physical address in Wyoming.

Step 3: File the Articles of Incorporation with the Secretary of State. Include the corporation's name, shares, incorporators, address, and agent. Filing can be done online or by mail, with fees applicable.

Step 4 (Optional): Foreign Corporations must file a Certificate of Good Standing and a Statement of Foreign Corporation.

Step 5 (Optional): For S-Corp election, file IRS Form 2553 after formation.

How to Start an LLC in Wyoming

An LLC (Limited Liability Company) combines elements of corporations and partnerships, offering limited liability, pass-through taxation, and flexible management. Members are the owners of an LLC.

Step 1: Name Search/Selection. Use the Wyoming Secretary of State’s portal to search for or reserve a business name. Fees may apply, and reservation is optional.

Step 2: File Articles of Organization with the Secretary of State. Filing can be done online or by mail, with applicable fees. Further steps may include obtaining an EIN and appointing a registered agent.

How to Start a Business Partnership in Wyoming

A business partnership is owned by two or more individuals. Types include general partnerships, limited partnerships, and limited liability partnerships. Each type has different liability and management structures.

How to Start a Limited Partnership in Wyoming: A Limited Partnership (LP) includes at least one general partner with full liability and one or more limited partners with limited liability. Filing requires a Certificate of Limited Partnership with the Secretary of State, available online or by mail.

How to Start a General Partnership in Wyoming: A general partnership is jointly owned and managed by partners who share profits, losses, and liability. Registration is optional, but a Statement of Partnership Authority can be filed with the county recorder’s office.

How to Start a Nonprofit in Wyoming

A nonprofit is a corporation formed for purposes other than profit, such as charity or education. It must comply with state-specific incorporation procedures. The Secretary of State oversees filing and oversight. Incorporating a nonprofit involves filing Articles of Incorporation and obtaining tax-exempt status from the IRS (Form 1023 or 1023-EZ). Additional state tax exemption forms may be required. Filing fees and expedited services are available.

Step 6: Choosing a Business Location in Wyoming

Choosing a business location is critical, especially for customer-facing businesses. Location impacts success, visibility, operations, and compliance. Common setups in Wyoming include brick-and-mortar, online, home-based, and mobile businesses. Key factors to consider are proximity to the target market, accessibility, local competition, cost, zoning laws, and safety standards. Consult local zoning boards or safety inspection offices for regulations.

What Kind of Business Can I Run From Home in Wyoming?

Running a home-based business in Wyoming is influenced by local regulations such as zoning ordinances and homeowner association rules. Some businesses are typically allowed if they do not affect the neighborhood’s residential character, while others may be prohibited due to noise or safety concerns. Always check with local zoning or planning departments and review HOA rules.

How Do I Start a Small Business From Home in Wyoming

Home-based businesses in Wyoming must comply with legal requirements, including business formation, registration, licensing, and zoning compliance. Local governments enforce zoning laws that govern home-based businesses. A Home Occupation Permit may be required to assess suitability. Contact local governing agencies for compliance.

Starting a Business Online in Wyoming

An online business is conducted over the internet, with legal requirements similar to other businesses in Wyoming. Steps include choosing a business name, selecting a legal structure, filing formation documents, obtaining an EIN, and acquiring licenses or permits. Additional regulations may apply, such as consumer protection laws or internet-specific sales restrictions.

Step 7: Legal Requirements for Starting a Business in Wyoming

Wyoming does not limit who can start a business, but all new businesses must follow state laws and local ordinances. Legal requirements depend on business structure, industry, location, and products or services offered. Businesses must file formation documents, obtain licenses, comply with tax obligations, and designate a registered agent. For more information, consult the Wyoming Secretary of State.

How to Get an EIN Number in Wyoming

An EIN (Employer Identification Number) is a unique nine-digit number issued by the IRS for tax identification purposes. It is required for hiring employees, opening business bank accounts, and filing taxes. Apply for an EIN through the IRS online using the EIN Assistant, by mail or fax using Form SS-4, or by phone for international applicants. U.S. entities can mail to:

Internal Revenue Service
Attn: EIN Operation
Cincinnati, OH 45999

Foreign applicants with no U.S. office can fax to:
(855) 641-6935

How to Get a Wyoming Registered Agent

A registered agent is designated to receive legal documents on behalf of a business. In Wyoming, LLCs, corporations, and limited partnerships must appoint a registered agent. The agent can be an individual at least 18 years old with a physical address in Wyoming or a business entity authorized to operate in the state. Appointment is made in the formation paperwork. Fees for registered agent services typically range from $99 to $350 per year.

Patents, Trademarks, and Copyrights in Wyoming

Patents, trademarks, and copyrights are forms of intellectual property protection.

Patents: Provide inventors exclusive rights to their inventions, governed by the U.S. Patent and Trademark Office under Title 35 of the U.S. Code. Patent terms last 20 years from the filing date.

Trademarks: Distinguish the source of goods or services. Federal trademarks are managed by the USPTO, while state trademarks are handled by the Wyoming Secretary of State. Trademarks last 10 years and are renewable.

Copyrights: Protect original creative works, giving exclusive rights to reproduce and distribute. Governed by the U.S. Copyright Office under Title 17 of the U.S. Code, copyrights last for the life of the author plus 70 years.

Wyoming Business Tax

The Wyoming Department of Revenue oversees business taxation. Tax obligations vary by business structure, industry, and activity. Common taxes include:

• Sales and Use Tax: Applied to the sale of goods and services.
• Property Tax: Levied on real and personal property.
• Specialty/Excise Taxes: Industry-specific taxes such as mineral severance tax.

Wyoming does not impose a corporate or individual income tax, making it attractive for businesses.

Are Business Records Public in Wyoming?

Yes, business records in Wyoming are generally public under the Public Records Act. They can be inspected or copied by request unless exempted by law. Agencies maintaining records include the Secretary of State, Department of Revenue, and County Recorder. Some information, like Social Security Numbers and trade secrets, is exempt from public access.