Incorporation in Wyoming

Find the right Business Incorporation attorney in Cheyenne, WY

By Wyoming law, a business that has incorporated is identified thereafter as its own legal entity. As a separate entity from the owners, the business is then considered to be acting on its own when it buys and sells property, assents to contracts and exercises legal rights. The office of the Secretary of State is the agency that receives applications for incorporation in Wyoming, and they must be completed in conformity with specific guidelines.

Benefits of Incorporation in Wyoming

A corporation enjoys advantages that unincorporated companies do not. Primarily, it cannot be held accountable for an amount of debt greater than the value of the assets that the owners have invested in it. If the business had remained a personal asset of the owners, they could run the risk of losing their personal property to pay for the company's financial liabilities in case of default. Furthermore, banks in the Cheyenne area prefer to evaluate the credit worthiness of a business as a whole rather than that of individual owners. This makes the process of getting corporate loans simpler. Finally, a corporations charter requires that ownership be divided into stakes or "shares" of stock, all of equal size. This makes the process of transferring control much more practical.

Costs of Incorporation

These benefits come at a price. First, incorporation in Wyoming may require a filing fee. Second, a corporation pays taxes just like any other entity. Disbursements to the owners of the corporation are also taxed as individual income, so this means earnings might be taxed twice. But this double taxation can be avoided with proper planning and help from a local Cheyenne lawyer.

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Life in Cheyenne

Cheyenne is the capital of Wyoming. It is located in Laramie County and is home to around 60,000 people. Neighboring areas include Crow Creek and Dry Creek.

Top employers include Great Lakes Airlines, Taco John's Headquarters, Wyoming Financial Center, Lowe's, Wal-Mart, Sierra Trading Post, Vestas, and Laramie County Community College.

Cheyenne is home to attorneys who actively practice and tend to the legal needs of residents. For complex legal cases, these attorneys refer their clients, both residents and corporations, to law firms in neighboring areas. All in all, the legal needs of residents and local businesses are catered to.

Some popular attractions in the city include Wyoming State Museum, Cheyenne Little Theatre Players, Cheyenne Frontier Days Old West Museum and the Wyoming Transportation Museum.

Popular faces associated with Cheyenne in one way or another include Curt Gowdy, Richard V. Thomas, Dan Zwonitzer, Sammy Davis Jr., Chris Ledoux, and Neil Diamond.

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