Form a Partnership in Wyoming
Everything you need to know about forming a Partnership in Wyoming. Filing fees, requirements, timeline, and step-by-step guidance.
How to File
Choose Partnership Type
Decide between general partnership (no filing required) or limited partnership (requires state filing). General partnerships are formed automatically when two or more people engage in business together.
1-2 hours
Select Partnership Name
Choose a unique business name that complies with Wyoming naming requirements. Limited partnerships must include 'Limited Partnership' or 'LP' in the name.
30 minutes
Draft Partnership Agreement
Create a comprehensive partnership agreement outlining profit sharing, management responsibilities, and partner rights. While not legally required, this document is essential for avoiding disputes.
2-4 hours
File Certificate (Limited Partnership Only)
If forming a limited partnership, file Certificate of Limited Partnership with Wyoming Secretary of State and pay $100 filing fee.
30 minutes
What's Next After Filing
Once your Partnership is officially formed, you'll want to complete these important steps:
- •Obtain EIN — Apply for an Employer Identification Number from the IRS for tax purposes and to open business bank accounts.
- •Register for State Taxes — Register with Wyoming Department of Revenue for applicable state taxes and obtain necessary business licenses.
- •Open Business Bank Account — Establish business banking relationships using your EIN and partnership documentation.
Advantages
- ✓Pass-through taxation avoids double taxation
- ✓Simple formation process with minimal state requirements
- ✓Flexible management structure and profit distribution
- ✓Wyoming has no state income tax on partnerships
Considerations
- •Unlimited personal liability for general partners
- •Partners are jointly and severally liable for partnership debts
- •Self-employment taxes apply to all partnership income
Annual Obligations
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