Is it advisable to incorporate a startup in Wyoming? What are the pros and cons and how does it compare wi… by @R44D
Answer by Raad Ahmed:
I’ll just summarize the basic concepts of incorporating and how it compares to the states you’ve listed here.
Privacy
Wyoming (like Delaware) doesn’t require that you submit your name to a database so you can remain virtually anonymous and protect your privacy. Nevada requires you to submit a tax identification number and well as a personal guarantee on the business license.
Fees
Wyoming is said to be less than most other states. There’s no business licensing fees or filing fees.
Tax Haven
Wyoming, Nevada, and Delaware are all considered “tax havens” as they don’t require a corporation tax for business done outside of the state.
Bottom line? The rule of thumb is to incorporate where you will be doing business as that will simplify the process.
To make the best decision, you should consult a business attorney. They can help you evaluate the pros and cons more in depth and base it specifically on your business. LawTrades is happy to connect you with a seasoned startup attorney that can help you with formation and other areas that you made need assistance with. Check out our website to learn more about our services and fill out the form if you’d like a consultation.
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