WHY WYOMING IS THE BETTER CHOICE
The Wyoming Advantage
Wyoming is the best state in United States of America in which to do business. FIRST, let us take a look at what it does not have and SECOND we will then explore the many advantages:
What Wyoming does not have:
- Personal income tax
- Corporate income tax
- Inventory tax
- Gross receipts tax
- Franchise tax
- Burdensome Regulations
- Disclosure of Shareholder Information
- Business or ‘per-capita’ tax
- Excise tax
- Sales, property and inheritance taxes are among the lowest in the United States
CONSIDER THESE WYOMING ADVANTAGES
- Unlimited ability to issue stock – Most states set a limit on the number of shares that you are authorized to issue. Wyoming has not such limitations. You may issue as many shares as you wish and you can do so without any additional costs or fees by simply making the proper entries in your Articles of Incorporation (Lucas Lucas, LLC will take care of all that for you). Unlimited shares may be of paramount importance to you in particular, if you ever contemplate taking your company public.
- You can be everything in Wyoming – Some states require that you have more than one person to serve as the various officers and directors of your corporation. Wyoming has not such limitations. One person can fill all of the required corporate positions, affording you the ultimate in flexibility and control.
- Enjoy anonymity and privacy in Wyoming – The more information about you that appears in the public record, the easier it is for you to become a target in our litigious society. Wyoming has no requirement for the names of shareholders to be filed with the State of Wyoming. It requires only a simple ‘Annual Report’ which requires disclosure of only those assets located within the state of Wyoming and the name of one person (most often the one who submits the report).
- Restrictions and corporate formalities are at an absolute minimum in Wyoming – If you desire less ‘red tape, bureaucracy and restrictions’ relating to the conduct of business, Wyoming has got you covered.
- Low annual fees – Annual fees in Wyoming are based solely on the value of corporate assets located within the State of Wyoming. The minimum is $50 and a million in assets within the state of Wyoming would cost you only $200. Additionally, there are no fees for assets located outside of the State of Wyoming.
- An officer or director cannot be held responsible for the debts of the Corporation — Wyoming law is very strong in this regard and holds generally that as long as you did not intentionally break the law, you are protected from claims against the Corporation.
- No minimum capitalization is required in Wyoming – A corporate entity can be funded with one dollar, with a million dollars, or any amount that you choose. Although ‘under capitalization’ may not be to your benefit, the choice is yours and Wyoming corporate entities enjoy the ultimate in flexibility.
- Directors and/or Shareholders meetings may be held anywhere in the World – Meetings do not have to be held in the State of Wyoming.
- Stock in your Wyoming Corporation may be issued in exchange for ‘anything of value’ – You have the option to use cash, property, services or any valuable consideration at the total discretion of the board of directors.
- Lifetime proxy — John D. Rockefeller was the first individual to acquire a personal net worth of one billion dollars. When asked late in life how he accomplished such a feat, he is reported to have shared with a young interviewer that his simple secret was to ‘own nothing and control everything.’ Great advice for a host of reasons (consider that no one can take from you that which you do not own). Sometimes that is more easily said than done. By allowing another person or entity to own shares, you can use proxies to maintain complete control. However, most state laws require proxies to expire and be subsequently renewed every six or seven years. If the ‘legal owner’ declined to renew your proxy, you could be literally left with nothing and little or no recourse. However, Wyoming allows for lifetime proxies, thereby protecting you from any of the forgoing problems.
- If you already have a Corporation – Wyoming offers unparalleled flexibility. By filing a few simple forms (Lucas Lucas, LLC will take care of all that for you), your existing Corporation can become a bona fide Wyoming corporation. Wait it gets even better! Your existing corporation can retain its original incorporation date after becoming a Wyoming corporation. Examination of the Wyoming public record will see a Corporation dating back as far as your current Corporation does. You effortlessly become a Wyoming corporation without losing the many benefits of your entities’ longevity and continuity of operation.
Lucas Lucas, LLC provides general business information and related services. It does not provide legal, accounting, tax or other professional advice. If you need advice concerning the specific applications of our products and/or services, please consult with an attorney or other appropriate professional. Lucas Lucas, LLC will provide references to attorneys or other appropriate certified professionals upon request.
Posted in: WYLLC