5.9 KiB
5.9 KiB
Entity Setup — Wyoming LLC Formation Checklist
Why Wyoming?
- No state income tax
- Strong privacy protections (no public member disclosure required)
- Low annual fees ($60/year registered agent + $60 annual report)
- Business-friendly courts
- Fast online filing
Step 1: Choose Your LLC Name
- Decide on firm name (suggestions below)
- Search Wyoming Secretary of State name availability
- Ensure matching domain is available
Name Suggestions
- Whitestone Engineering LLC
- Whitestone Labs LLC
- Hermes Systems LLC
- Whitestone & Fleet LLC
- Sovereign Stack LLC
Step 2: Appoint a Registered Agent
You need a Wyoming registered agent (physical address in WY for legal mail).
Recommended Registered Agent Services
- Wyoming Registered Agent LLC — $60/year (cheapest, reliable)
- Northwest Registered Agent — $125/year (premium service)
- ZenBusiness — $199/year (bundled with formation)
Recommendation: Wyoming Registered Agent LLC at $60/year. No frills, gets the job done.
Step 3: File Articles of Organization
- File online with Wyoming Secretary of State
- Link: https://wyobiz.wyo.gov/Business/FilingSearch.aspx
- Click "File a New Business"
- Filing fee: $100 (online) or $102 (mail)
- Processing time: 1-2 business days (online), 2-3 weeks (mail)
Information Needed
- LLC name
- Registered agent name and address
- Organizer name and address (can be the registered agent)
- Management structure: Member-managed (choose this)
Step 4: Get Your EIN (Employer Identification Number)
- Apply online with the IRS (free, instant)
- Available Monday-Friday, 7am-10pm Eastern
- You'll get your EIN immediately upon completion
- Download and save the confirmation letter (CP 575)
Step 5: Draft Operating Agreement
- Create a single-member LLC operating agreement
- This is not filed with the state but is essential for:
- Bank account opening
- Liability protection (piercing the corporate veil prevention)
- Tax elections
Free Template Sources
- Northwest Registered Agent provides one free
- LawDepot: https://www.lawdepot.com
- Or have an attorney draft one ($300-500)
Step 6: Open Business Bank Account
Recommended: Mercury Banking
- Link: https://mercury.com
- Apply online (takes 1-3 business days)
- Documents needed:
- EIN confirmation (CP 575)
- Articles of Organization
- Operating Agreement
- Government-issued ID
- Benefits:
- No monthly fees
- No minimum balance
- API access for automation
- Virtual debit cards
- Built-in invoicing
- Treasury for idle cash
Alternative: Relay Financial
- Link: https://relayfi.com
- Similar features, also startup-friendly
Step 7: Set Up Invoicing & Payments
Option A: Stripe (Recommended)
- Create Stripe account linked to Mercury
- Set up Stripe Invoicing
- Accept ACH (lower fees) and credit cards
- Fees: 2.9% + 30¢ (card), 0.8% capped at $5 (ACH)
Option B: Invoice Ninja (Self-Hosted)
- Deploy on your VPS (you already have the infrastructure)
- Connect to Stripe for payment processing
- Full control, no SaaS fees
Step 8: Get E&O Insurance (Errors & Omissions)
This protects you if a client claims your work caused them harm.
Recommended Providers
- Hiscox — ~$100-150/month for tech consulting
- Link: https://www.hiscox.com
- Hartford — Similar pricing
- Embroker — Tech-focused, may be cheaper
- Link: https://www.embroker.com
Coverage to Get
- Professional Liability / E&O: $1M per occurrence / $2M aggregate
- General Liability: $1M per occurrence / $2M aggregate
- Cyber Liability: Optional but recommended given the AI work
Budget: ~$150/month ($1,800/year)
Step 9: Tax Setup
- Elect S-Corp taxation (Form 2553) if revenue exceeds ~$40k/year
- Saves on self-employment tax
- Must pay yourself "reasonable salary" via payroll
- Use Gusto ($40/mo) or similar for payroll
- Set aside 30% of revenue for taxes quarterly
- File estimated quarterly taxes (Form 1040-ES)
- Get a CPA familiar with LLCs ($200-500/year for filing)
Recommended CPA Services
- Bench.co — Bookkeeping + tax filing ($300-500/mo)
- Collective.com — Designed for solo businesses ($349/mo, includes S-Corp)
- Local CPA — Shop around, $1-2k/year for everything
Step 10: Professional Presence
- Get a business phone number (Google Voice — free, or OpenPhone — $15/mo)
- Set up professional email (Google Workspace $6/mo or self-hosted)
- Order business cards (optional, Moo.com or similar)
- Create LinkedIn company page
- Update personal LinkedIn with firm title (Managing Partner / Principal)
Total Startup Costs Estimate
| Item | Cost |
|---|---|
| Wyoming LLC filing | $100 |
| Registered agent (annual) | $60 |
| EIN | Free |
| Mercury bank account | Free |
| E&O insurance (first month) | $150 |
| Domain + email | $12 + $6/mo |
| Total to launch | ~$330 |
| Monthly ongoing | ~$160/mo |
Timeline
| Day | Action |
|---|---|
| Day 1 | File LLC + order registered agent |
| Day 2-3 | Receive LLC confirmation |
| Day 3 | Get EIN (same day) |
| Day 3 | Apply for Mercury account |
| Day 4-5 | Mercury approved |
| Day 5 | Set up Stripe, get insurance quote |
| Day 6-7 | Insurance bound, invoicing live |
| Day 7 | Ready to bill clients |
You can go from zero to invoicing in under a week. Don't let entity setup be a blocker — you can start conversations immediately and have the entity ready before you need to send the first invoice.