Wyoming Incorporation: Incorporate in Wyoming
Forming a Wyoming Incorporation is beneficial because Wyoming has a very conducive business climate with regard to its tax structure as well as legal structure. It is considered a state with one of the lowest per capita tax burdens in the nation and does not impose different types of taxes on businesses or their owners. Tax incentives include:
- No personal income tax
- No corporation income tax
- No personal property tax
- No property taxes on intangible property
- No chain store taxes
- No real estate transfer or conveyance taxes
- No gross receipts tax
Considering these tax benefits, starting and operating a business in Wyoming has a business-friendly environment. Wyoming enforces a franchise tax, sales and use tax, excise taxes on corporations here. The state has set up a Limited Liability Company (LLC) law and a Limited Liability Partnership (LLP) law to enable businesses to form LLC or LLP and enjoy the advantages of limited liability without incorporating or have corporation taxation.
Why to Incorporate in Wyoming
Incorporate in Wyoming because the economy of the state of Wyoming is very healthy with very low level of unemployment. In October, 2008, the Wyoming unemployment rate was only 3.3%, the lowest rate in the country. When setting up a business in Wyoming, the business structure can be chosen from a sole proprietorship, a general or limited partnership, a corporation, or a limited liability company. With incorporation, you may elect for S-Corporation status for federal income tax purposes. This is not applicable for Wyoming tax considering there is no Wyoming individual or corporation income tax.