Congratulations on starting your Wyoming business! All that paperwork may have seemed intimidating at first, but you’re past it now, maybe with the help of ZenBusiness. Now, if your business is an LLC or corporation and has been operating for nearly a year, it’s time to file your Wyoming annual report.
To file your report, you’ll need to provide information about your business and pay a fee. You may have to provide slightly more data if your business is a corporation as opposed to an LLC. If you fail to file, you may lose your company’s rights and legal protections.
Fortunately, filing an annual report is relatively simple compared to the work of starting your business, and you only have to do it once a year. Plus, the state of Wyoming lets you do most of it online. ZenBusiness also offers services to file for you.
This article will demystify the process of filing your Wyoming annual report.
What is a Wyoming annual report?
An annual report signals to the government and the public that your business is still in operation. Timely filing will keep your Wyoming business in good standing. As Wyoming has no corporate income tax, one way the state Department of Revenue makes money from your business is with the annual licensing fee you pay when filing your report.
A state annual report is not the same as the longer and more detailed annual report that the United States Securities and Exchange Commission (SEC) may demand from corporations of a certain size and valuation. It’s also distinct from the yearly shareholder report that the boards of some larger corporations send out to their investors.
An annual report also differs from a federal tax return, which your company may have to file with the IRS. (Consult your tax advisor.) You will not have to file income taxes at the state level, though, as the Wyoming Department of Revenue collects neither business nor personal income tax.
You’ll file your annual reports with the Wyoming Secretary of State’s Business Center portal. The state requires that all registered for-profit Wyoming business entities (with the exception of certain statutory trusts) file an annual report in order to maintain good standing.
Wyoming Annual Report for Corporations vs LLCs
The filing requirements are fairly simple in Wyoming for both LLCs and corporations. Both require the business entity name and Wyoming Secretary of State filing ID. Corporations must also supply the names of the board of directors and, in certain situations, information about company-owned assets.
Where do I file my Wyoming annual report?
You can file online through the Wyoming Business Center, which allows you to pay by Visa or MasterCard. The portal will generate the forms, customized for your business. The site will give you only 30 minutes to complete the online filing, so don’t start the form until you’re ready to file. To start the process, enter the Secretary of State filing ID number into the online portal and follow the instructions.
You received your filing ID number from the Secretary of State when you formed the business. It’s not the same as the federal employer identification number (EIN), which comes from the IRS. If you’ve misplaced your filing ID, use the Business Center’s Search page to look it up by the name of your business entity. This is also how the general public can look up information about your Wyoming business.
The mail-in option is also available, but the process still starts at the online Business Center. Instead of e-filing, you simply print the annual report form and mail it with a check. The mailing address is:
Wyoming Secretary of State
Herschler Building East
122 W 25th Street, Suite 101
Cheyenne, WY 82002-0020
You may also file by fax at (307) 777-5339 or by email at SOSRequest@wyo.gov.
If you have any changes to your board of directors, use the online form to file an amended list of directors. For other changes, contact the Business Division of the office of the Secretary of State directly by email at firstname.lastname@example.org.
When filing annual reports and amendments, remember that these are public records in Wyoming. Anyone can find your reports or updates via the search tools publicly available via the Wyoming Secretary of State website’s business search.
When is the Wyoming annual report due?
You’ll file your Wyoming annual report each year on the first day of the month that you initially formed your company. This means that, unless you formed your company on the first of the month, your first annual report is due before the completion of your first year in business. For example, if you started your company on June 20 of this year, your first annual report’s due date is June 1 of next year.
If you’re unsure when to file, you can find the date of your company’s inception by searching its name via the Wyoming Business search page. You can search by registered business name or filing ID.
How much does the Wyoming annual report cost?
During your annual report filing process, you’ll pay an annual license tax of $50 or $0.0002 on every dollar of assets, whichever is greater. This formula only matters if your company has more than $250,000 in assets. It amounts to a tax of one cent per $50 in assets above $250,000.
If you’re filing online, the portal charges a convenience fee based on the license tax. You can avoid the fee by printing the form and filing by mail.
|If your license tax is:||Your annual report fee is:|
|$25 to $100||$2|
|$101 to $250||$5|
|$251 to $500||$8.95|
If your tax is above $500, you can’t file online. You’ll have to print and mail the form.
What information do I need to file the annual report?
The annual reports for both LLCs and corporations will require:
- Business entity name
- Filing ID number (from the Secretary of State)
- A worksheet of the company’s assets for computation of the license tax (if applicable)
For corporations, you’ll also need:
- A listing of the names and addresses of the officers and directors (not for updates)
There’s a separate form for updating the contact information for your company’s officers and directors as long as the current ones are on file.
What happens after you file your annual report?
After you file, the Wyoming Secretary of State will process your report. Both the report and the record of your paid license tax will be available to public search. Unless you need to file other reports for your shareholders or the SEC, you’re done with reports and license taxes for the year.
What if you miss the deadline to file your report?
Your company will lose its good standing with the state and enter a revoked status. Fortunately you can reinstate your company and receive a certificate of good standing if you simply go ahead and file any missed reports and pay the required taxes. No late fees are required. As long as your company has no other outstanding delinquencies, you can file online up to two years late.
However, don’t assume the state of Wyoming will be lenient. Technically, if you haven’t filed an annual report on time, you’re suggesting to the state that you’ve ceased operation. You’ll risk losing the limited liability protections that come with a Wyoming LLC or corporation in good standing.
And for true procrastinators: if you have been in revoked status for longer than two years because you have not filed annual reports, you can still file them and restore your good standing, but not online. You’ll have to print the forms and file by mail.
Who do I contact if I have issues filing my Wyoming annual report?
You can find answers to most of your questions on the state’s FAQ page. You can also contact the Wyoming Secretary of State’s Business Division at (307) 777-7311 or Business@wyo.gov. Beyond that, remember that ZenBusiness can help you file your Wyoming annual reports. Our experts and automated technology can help you dodge costly mistakes and simplify the filing process. Our personalized dashboards will track your documents so you can focus on your business.
Filing Your Wyoming Annual Report FAQs
- How much does it cost to file an annual report in Wyoming?
It costs $50 plus $1 per $50 in assets over $250,000, plus a convenience fee of $2 to $8.95 if filing online.
- What happens if I file my annual report late in Wyoming?
If you miss the deadline, your business is in revoked status. You can reinstate active status simply by filing the missed annual report and paying the license tax.
- What happens if I don’t file my annual report at all in Wyoming?
If you don’t file your annual report at all, your company will lose its LLC or corporate status, along with all accompanying legal protections.
- Can I use the Wyoming annual report to update information about my business?
No. The Wyoming Business Center has a separate form for amending your list of company officers and directors. For other changes, you can contact the Secretary of State directly at SOSRequest@wyo.gov.
- Is the Wyoming annual report the same as the Wyoming annual license tax?
Not exactly, but they are closely connected. The fee that you pay when filing the report is your annual license tax. It’s unique among Wyoming taxes because you pay it to the Secretary of State. Other business taxes are paid to the Wyoming Department of Revenue.
- When is my annual report due?
Your report is due in the first of the month in which you created your Wyoming company. You can find the date by searching through your company through the Business Center’s search portal.
- What is the filing ID number?
This is the number issued by the Wyoming Secretary of State at the formation of the business. You can find it through the Business Center’s search portal. This is distinct from the EIN issued by the IRS.