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Wyoming LLC

Asked by: Barbara  — 20 March, 2011

With a Wyoming LLC does every transaction have a fee?
What are federal Taxes on a million dollars?
What can an LLC own. Real Estate or cars etc.
How many principles are necessary.
Can a principle be a minor?
Does the Wyoming LLC need a Wyoming Bank acct?

Answered by: admin  — 20 March, 2011

Dear Barbara,

I don’t quite understand your first question, but I suspect the answer is, no. There are certain fees to form a Wyoming LLC, and there are annual fees to maintain it. Other than that, Wyoming does not have state tax or any other kind of “hidden fees.”

As for your questions regarding taxes on a million dollars, you will have to consult your accountant. This question is impossible to answer without knowing more – it is one million dollars in income or capital gains; what is your overall tax bracket, etc. An accountant is a must for such a determination.

An LLC can own just about anything a person can own. It’s a full-fledged business that can have its own real estate, vehicles, furniture, insurance, employees, you name it.

You can start a single-member LLC with just one owner (called a member), and you can add as many members to the ownership as you’d like. You can do it at the time of formation, or you can change the ownership later on by amending the Articles of Organization and the Operating Agreement.

Unfortunately, minors cannot own an LLC. But talk to an experienced estate attorney and they will tell you how to achieve the same goal by different means.

The short answer, again, is a no. A Wyoming LLC can open a bank account in any other state. In our experience, Chase Bank has been opening accounts for Wyoming LLCs in other states with either proof of a registration to do business as a foreign entity in that state or a simple letter from the business’s accountant stating that the LLC does not intend to do business in the state where the account is being opened.

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