Planning to start a business under the wide-open skies of beautiful Wyoming? One of the first steps in starting a new business is deciding on the perfect business name. But every state has different laws about claiming business names. For example, in Wyoming, no two businesses can have the same name – or even similar names.
You’ll have to check to see if your desired business name is available. We will explain how to do so below. If you’re ready to get your business off the ground, let us guide you on these first steps.
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How to check business name availability in Wyoming
1. Go to the Wyoming Secretary of State website
The Wyoming Secretary of State website has a simple search tool that you can use to check name availability.
2. Enter your desired business name in the search bar
Since terms like “LLC” and “Company” cannot be added to a business name that is already in use in order to allow you to use a similar name, you can leave these terms out there. Just enter your desired business name and the name itself or any version containing these additions will be brought up in the search if they are in use.
3. Run the search
Next, just click the search button. The site will return results that have an exact match. If there’s an exact match, the name is not available. If there’s no match, the name is available for you to use.
4. Ensure that your desired name is available and distinguishable
Wyoming requires that no two businesses carry the same name. This also means that names have to be distinct regardless of additions such as “LLC” or “Company. So if you find that your business name is already taken, adding “LLC” or “Company” won’t make the name available to you because “LLC” or “Company” are not distinguishable words or characters.
You can view the Wyoming Secretary of State’s guidelines for clarification on how to make your business name distinguishable.
You’ll have to continue searching until you find an available name.
5. Consider reserving a name
After running a Wyoming business name search, you have two options: You can reserve a name or you can register the name. You should reserve the name if you aren’t planning to set up the business immediately.
Wyoming allows business owners to reserve a name for 120 days for a filing fee of $60.
To do so, you’ll fill out the form linked above and provide the payment.
Again, you don’t need to reserve a name if you plan to officially set up your business with the state of Wyoming, but if you’re just doing some homework and plan to set up your business later, reserve the name now so it’s not taken when you’re ready.
6. Check domain name availability
We created a tool that makes it easy.
How to name your Wyoming business
Now that you know a little more about the business landscape in the state, it’s time to start generating a list of names for your business. To do so, follow these steps:
1. Write down basic details about your business
Start by creating a verbal picture of your business. Think about what your business will offer and who it will serve. Will you sell a specific product or service? Who’s going to buy it? Jot down a few details about your company as a starting point.
Next, start creating a list of adjectives that describe your business. Think in terms of keywords. What keywords would your customer use to find the product or service that you offer? Write them down.
2. Stay away from initials and hard-to-say words
There are plenty of businesses that include initials, like A&J Plumbing, but consider upping your game with something a bit more creative and descriptive.
The same goes for names that are hard to say. If your last name is Stackowaski, for example, it’s not conducive to a business name because it’s too hard to pronounce.
3. Don’t pigeon-hole your business
Be careful not to select a name that limits your company’s potential growth. Think about where your business will be in five, ten, even twenty years, and take that into consideration when creating a name.
A company named Bob’s Bargain Books, for example, is a good name, but what if they plan to sell vintage records and cassettes down the road? The name only refers to books, so when vintage music is added people won’t associate it with the store.
4. Consider using a name generator
At this point, you probably have a list of a few ideas. Rather than brainstorm a bunch of different combinations, why not try a name generator? You simply enter a few of the adjectives that you came up with into the search bar and you’ll get a list of possible names.
Name generators can take some of the hassles out of creating a name. Most name generators will only show you available names too, which is helpful.
Check out some of Namechk’s name generators below:
What kind of business structure is right for your Wyoming company?
As you research available business names in Wyoming, you’ll also want to think about what kind of business you want to establish. There are a handful of options to choose from, but some of the most common are Sole proprietorship and LLC.
- A sole proprietorship is ideal for small businesses with no employees that want to test their business out. There’s virtually no paperwork to set up this kind of business, which is a plus. However, a sole proprietorship is not a separate business entity, which means you’re financially and legally responsible for any problems that might arise.
- An LLC, or limited liability company, provides a certain amount of liability protection. Your personal assets and your business are separate with this business structure, which means if the business is sued or goes bankrupt, you will not be forced to use your personal cash reserves to bail the business out.
Steps to register your Wyoming business
Ready to set up your business in WY? Here’s what you do:
1. File your Articles of Organization
Visit the Wyoming Secretary of State website and fill out the Articles of Organization. To fill this out, you’ll need to have an available business name, address, and contact information.
2. Name a registered agent
You’ll also need to name a registered agent. A registered agent is the point-person for your company who will receive important documents like tax notices or legal documents.
A registered agent must be trustworthy and be available during regular business hours when documents are delivered. The business owner can serve as the registered agent in Wyoming, or another person or company can be named.
You might decide to name your accountant or co-founder, for example. You can also hire a registered agent service to serve in this role. Northwest Registered Agent, ZenBusiness, and Bizee are a few examples. These companies will receive documents on your behalf and notify you of their arrival.
3. Pay the filing fee
Every state charges a filing fee to file LLC formation documents with the government. In Wyoming, the cost is $102 ($100 to file and $2 for an online processing fee).
4. Wait for approval
Wyoming will review your application and typically provides approvals within five business days. Once approved, your business is officially set up.
Our picks of the best registered agent services
Wyoming small business facts
Before considering business name availability in Wyoming, take a look at these statistics from the U.S. Small Business Administration:
- Wyoming contains 68,641 small businesses, which employ 128,883 people, or 68.3% of the state’s workforce.
- Small businesses make up 98.9% of Wyoming businesses.
- Firms employing fewer than 20 employees experienced the largest gains, adding 3,133 net jobs. The smallest gains belonged to firms employing between 20 and 99 employees, which added 902 net jobs.
- The median income for self–employed individuals at their own incorporated businesses was $60,030 in 2018. For self–employed individuals at their own unincorporated firms, the median income was $23,022.
- In 2019, small businesses created 5,762 net jobs.
- In April 2020, the unemployment rate was 9.2%, up from 3.5% in April 2019. This was below the April 2020 national unemployment rate of 14.7%.
FAQs
To further help entrepreneurs, check out these frequently asked questions about starting a business in Wyoming:
Why is it so important to check on business name availability?
Wyoming will not allow two businesses in the state to have the same name. There are many reasons for this, but at its core, it’s to avoid any confusion. For example, if someone plans to sue Bob’s Fruit Stand and there are two of these companies in the state, things can get complicated quickly.
All businesses must have a unique name. And, you can’t just add a hyphen to a name to make it different. Each name must be “distinguishingly different.”
How long does it take to form a new business entity in Wyoming?
Depending on the volume of business entities requesting permission to form at the time, it usually takes between 3 and 5 days to form a business entity. While some states are able to offer expedited services, unfortunately, Wyoming is not able to at this time.
Do I need an attorney to form a business entity in Wyoming?
No, you are not required to have an attorney in order to start a new business. But it is recommended that you consult with a legal advisor concerning legal issues. The Business Division does not provide legal advice.
How do I apply for an Employer Identification Number (EIN)?
You can apply for an EIN by filling out Form SS-4, Application for Employer Identification Number (EIN).
How do I register a Doing Business As (DBA) name?
In Wyoming, registration of a DBA name is not required. However, you may register a DBA by filing a Trade Name application.
How do I obtain certified copies of my business records?
You can email your request for certified copies of business records to [email protected]. Certified copies must be paid at the time of the request, either by check, money order, or PAD (pre-paid account).
You will be given an estimate of the amount due for copy fees in addition to the $10 certification fee after your request is received. If you choose to proceed, you will be charged and your documents certified and provided to you. If the cost was more than the estimate, you will be charged accordingly. If the cost was less, you will be refunded.
If I’m an out-of-state business doing business in Wyoming without permission from the Secretary of State, will I be penalized?
Yes. Any business entity doing business in Wyoming without authority will be liable for a penalty in the amount of $5,000 along with reasonable audit expenses and reasonable attorney fees. You can avoid these fees and inconveniences by contacting the Secretary of State’s office before doing business in Wyoming.
Does Wyoming have an annual LLC tax?
According to the Wyoming Secretary of State regarding LLCs, “Annual Report License tax is $60 or two-tenths of one mill on the dollar ($.0002) whichever is greater based on the company’s assets located and employed in the state of Wyoming.”
Does Wyoming require an operating agreement?
No, the state of Wyoming does not require an operating agreement. However, the process of writing out an operating agreement could be beneficial to clarifying suitable operating systems for your company. It might be beneficial to you and your business even though it is not legally required.
Are there financial assistance programs for startups in Wyoming?
Yes. There are a variety of loan opportunities available. The Wyoming Business Council maintains an up-to-date list of available loans.
How do you dissolve a business in Wyoming?
If you decide that you need to dissolve your business, you will need to start by filling out the Wyoming Secretary of State’s Limited Liability Articles of Dissolution. The price for filing this form is $60.
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