Business Setup Flashcards
What do you need to file a business in Wyoming, and how do you get it?
You need a physical address in Wyoming, so you get a resident agent for $25 a year, which is the cheapest option I could find at this website:
https://www.wyomingagents.com/order-agent
NOTE: My current account is tom9493@gmail.com (info saved on thomas@haretcho.com chrome. I know kinda confusing lol)
There are options for receiving mail through them. It sounds like any important documents are free virtually, so select that you do want their help there and select the free version.
You’ll be in your account and will need to provide your actual contact information to them:
https://accounts.wyomingagents.com/#/services-requiring-attention
This should be your actual residential address, not the registered agent address they just gave you.
What do you do after you have a registered agent for Wyoming to file a business there?
Go to this website:
https://wyobiz.wyo.gov/Business/RegistrationInstr.aspx
and fill out all the tabs. Some key points though:
Addresses Tab
Principal Address – “This is the main business address of your LLC, and it’s a public record. If you don’t want your personal address on file, you can use the registered agent’s Wyoming address here.”
Mailing Address – “This is typically where general correspondence for the LLC is sent. You can use your personal address in Utah if you want all non-legal mail to come directly to you, or you can use your Wyoming registered agent’s address if you prefer to keep all mail centralized in Wyoming.”
Since all legal documents are free with the registered agent and you can send all non-legal documents to Utah, you don’t need to pay anybody for that.
Organizer Tab
Put yourself with your Utah or other actual address here.
Additional Articles
Can typically leave this blank unless special stipulations dealing with multiple member LLCs. Single member leave blank unless planning to add members later.
When they ask for your title, it is going to be something like “Owner” or “Member”. I just did Owner for Wyoming HARTECHO.
Pay and keep track of receipt and registration confirmation.
What do you do after getting your Articles of Organization from Wyoming?
First you need an EIN or FEIN at the federal level. Got to this site:
https://sa.www4.irs.gov/modiein/individual/index.jsp
When putting the physical location, put the registered agent address but your own phone number. Remember to have the mail sent to your actual address too, not the registered agent address.
This process is pretty straight forward though, and free so don’t pay any money to a third-party site.
The only other thing is to get your Filing ID, which you can get on the Articles of Organization sheet or by looking your business name up here:
https://wyobiz.wyo.gov/business/filingsearch.aspx
Not sure if you really need that cause the Articles of Organization confirmation says its for office use only.
So really the EIN is the only number you need to keep track of and report your earnings like a sole proprietorship on your 1040.
What are all the upkeep items with a Wyoming Single Member LLC?
How do you dissolve a Utah business?
You should settle any financial obligations you have first, or notify people you owe money to that the business is dissolving. The letters you send to them should include:
-LLC’s name and contact information.
-Effective date of dissolution.
-Instructions on how to submit claims, including the mailing address and any required forms.
-Deadline for submitting claims (Utah law requires setting a deadline of at least 120 days from the receipt of the notice).
Settle the valid claims, and document everything.
Then you should transfer all your money out of your business bank account and request with the bank to close it.
You then need to fill out the statement of dissolution:
https://corporations.utah.gov/wp-content/uploads/2021/09/llcdiss.pdf
NOTE: The “By” field is just your signature.
You also need to write a letter to the IRS. Here is a sample letter (sign it above the printed name at the bottom):
Thomas Hart
1229 S 1100 E
Orem, Utah 84097
11/5/2024
Internal Revenue Service
Cincinnati, OH 45999
Subject: EIN Cancellation for HARTECHO LLC
Dear IRS Representative,
I am writing to request the cancellation of the Employer Identification Number (EIN) assigned to my business, HARTECHO LLC. Below are the details for your reference:
-Complete Legal Name of Business: HARTECHO LLC
-Business EIN: 93-4798128
-Business Address: 1229 S 1100 E, Orem, Utah 84097
-Reason for Closure: The business generated no revenue and is now closing.
I have enclosed a copy of the Statement of Dissolution for your reference.
Please confirm the closure of the EIN and let me know if any additional steps are required.
Thank you for your assistance.
Sincerely,
Thomas Hart
NOTE: You can also include reference documents if you want like your statement of dissolution when you send this to the IRS, but its not required.
Then you need to send the above letter to the IRS at:
Internal Revenue Service
Cincinnati, OH 45999
You then need to mail the statement of dissolution to the correct Utah entity. The one that seemed to be the default for me was State of Utah, Department of Commerce, Division of Corporations and Commercial Code. This the address:
Mail:
Utah Division of Corporations & Commercial Code
P.O. Box 146705
Salt Lake City, Utah 84114-6705
In Person:
160 East 300 South (or 160 E Broadway)
Salt Lake City, Utah 84111
NOTE: Top left on front of envelope, you write your address (return address) and write the address you’re sending to in the center of the front of the envelope. Take it to a post office and pay for the stamp and they’ll send it out.
File the final taxes you need for your business, and you’re set!
Since this one was a single member LLC, I didn’t need to do anything extra since its a disregarded entity for taxes. Just file you’re personal taxes for this.
