Forming a Wyoming corporation involves a number of steps. Each of the steps outlined here is essential to officially creating the corporation with the Secretary of State and setting up your company to do business.
Even after you have completed these steps, you may have additional filings still to complete. For example, if you intend to have employees, you will still need to file for Unemployment Insurance and Workers Compensation.
The steps here, however, cover only the essential elements of establishing your corporation.
1. File your Articles of Incorporation
This is the filing that will actually create your business entity and register your corporation with the Secretary of State. You cannot operate as a corporation until you file Articles of Incorporation.
2. Appoint a Wyoming registered agent
A Wyoming registered agent is a legal requirement. The agent is appointed on your Articles of Incorporation. A registered agent is responsible for accepting service of process on behalf of your corporation.
3. Apply for an Employer Identification Number (EIN)
A corporation is legally required to obtain an Employer Identification Number from the IRS. Every corporation in America is required to file federal taxes, and the IRS requires you to have an EIN in order to file. You can apply for an EIN through the IRS.
4. Open your business bank account
If you intend to do any business, you will need a business account for your corporation. Using personal bank accounts to process the monetary transactions of your corporation will violate any liability protection your corporation offers your shareholders. It is essential that you open business accounts for your corporation.
5. Hold an initial shareholders meeting
Corporations are required to hold annual shareholders meetings. The first shareholders meeting naturally must address the establishment of the corporation. Indeed, your corporation cannot officially operate without this meeting, since this is when stock will be issued, directors and officers appointed, and the bylaws ratified.
6. Issue stock to your shareholders
Stock is what determines ownership of a corporation. While you authorize the creation of stock on your Articles of Incorporation, it is not technically owned by any of your shareholders until you officially issue stock. You will issue stock to your initial shareholders, thus making them official owners of your corporation.