What Are the Benefits of a Wyoming LLC?

When you think of Wyoming, you probably think of incredible landscapes of unspoiled natural beauty with a few buffalo wandering about. And while that’s not far off from reality, Wyoming is also a great state to establish an LLC. This article will describe the benefits of a Wyoming LLC.

6 Benefits of a Wyoming LLC

1. Strong Asset Protection Laws
2. Anonymity
3. Low Cost
4. No State Income Tax
5. No Citizenship Requirements
6. Flexibility

If you have any kind of business assets generating income, you’re at a higher risk of a lawsuit. Sometimes there’s a valid reason for these lawsuits. Perhaps a tenant perceives negligence on the part of the landlord. But other times, they can be frivolous ventures from unrelated parties. They were able to look your assets up in public records and bring litigation against you.

You are probably familiar with the concept of an LLC or limited liability company. This is a type of business entity you can form in most states. It legally separates your personal assets (primary residence, checking account, retirement portfolio) from your business enterprises and any of its assets (like rental properties). In the event of a lawsuit where a plaintiff sues for real or perceived damages, an LLC may protect you. An LLC obscures your identity from the get-go—discouraging a plaintiff’s attorney from pursuing a settlement.

Contrary to popular belief, you do not need to form your?business entity ?in the same state where your business resides. There are exceptions to this rule—particularly when the business you practice involves rendering professional services that require accreditation. If your business manages some type of asset, like real estate, you can form an LLC in a different state.

Many investors do this to enjoy lower tax rates, creating corporations in states with no little to no income tax. In this case, however, we want to specifically highlight the advantages of creating an LLC in Wyoming.

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A great first step toward establishing a living trust would be to sign up for our?Tax and Asset Protection Workshop . Not only will you learn how to utilize tried and true tax strategies to save money, but we’ll also help you create a plan to protect your assets for many years to come. Don’t leave your investments at risk any longer—sign up today!