I am not business minded and this is a huge endeavor I am setting up for myself. Please speak to me like I am 5. What is the benefit of setting up an LLC in Wyoming? I have residency in CO and will primarily run my business in CO but might also provide in person or virtual services in WY. For now I am the only person in my company but very well could expand and hire employees depending on how things go as I know demand is there. I have heard wyoming is a good place to start a business due to no state income tax.i understand the start up costs and I would have to file as a foreign LLC in colorado. I guess ultimately there is no harm in starting in Wyoming but I don’t know if it will benefit in the long term. I can provide more information about the company if that is relevant. I guess I just feel stuck and don’t know the best way to move forward I have homes in both states if that is relevant.

  • badIuckbrother@alien.topBEnglish
    1·
    1 year ago

    Wyoming Limited Liability Companies have the best asset protection laws, low fees, no taxes and allow for anonymous ownership.

    No Taxes: This is a strong draw for not only foreign investors, but those living in other states can benefit via utilizing a C-Corp tax election for example.

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    What kind of business do you run? Drop a DM if you need help discussing

    • lilbabypuddinsnatchr@alien.topOPBEnglish
      1·
      1 year ago

      Thank you for your reply! I ultimately decided to register the company in Colorado since I will primarily be conducting business here. Wyoming has an easier transfer if it ever becomes beneficial to do so.

      Essentially I am an independent contractor but might consider expanding if I can find people to work for me. I know I can easily secure enough placements but the job is specialized and there is a huge demand nationwide. Just pay sucks, make it make sense! I’m trying to cut the middle man out for my benefit. Thank you for your reply!