Wyoming LLC Filing
Wyoming LLC Filing Advantages
- Limited liability ‐ a creditor of the limited liability company may not seek satisfaction of any limited liability company debt against the personal assets of any member of the limited liability company.
- Tax advantage ‐ the members each pay their share of tax on their share of profits avoiding double taxation of limited liability company profits.
- Number of investors ‐ may have any number of investors; not restricted to 35 like an “S” Corporation.
- No general partner ‐ unlike the general partner in a limited partnership, the manager of a Limited Liability Company does not have unlimited personal liability for debts and the manager need not maintain one percent interest in the entity.
What is the main reason for filing an LLC? You need to separate your personal assets from your business assets. If you do business under your name, you can be sued from someone you are doing business with. If they win, they take it all. Your house, little Susie’s grand doll collection and your red sports car. Now your wife divorces you and get’s rides in a waiters Mazda Miata instead of your 1979 red Porsche. If your business was structured as an LLC. The person suing the business can only have things that the business owns if a judge decides in their favor. Don’t let little Susie’s pristine doll collection be taken away. Don’t let your wife end up with Antonio down at the Olive Garden. Form an LLC, you will be glad you did.
All joking aside, the Wyoming LLC is a solid structured business entity that is good for many business needs. Many of our clients use a Wyoming LLC to run their online business, own property or hold assets. The Wyoming LLC cost very little and is very easy to maintain. The total cost to start is $199. That includes all fees and free Wyoming mail forwarding.