Do-it-yourself Wyoming S Corporation Kit
Ready for an S corporation?
You don't have to spend $300, $500 or more on a tax accountant, lawyer or online incorporation service to set up a Wyoming S corporation. You can do the work yourself.
Here's the truth about S corporations: To form an S corporation, you file some simple paperwork with the state and with the Internal Revenue Service. Mostly, you're just filling in blanks with information like your name, address, and the date you want to start operations. You don't need to pay someone big bucks to do this.
One other comment: By doing the setup work yourself, you should be able to complete the Wyoming incorporation documents in a few minutes once you've read my short e-book. In comparison, work with a professional or online incorporation service and you usually need to wait days or even weeks for your documents. That is, unless you're willing to pay big fees for faster processing.
The point is that you can do this yourself. But there's a key bit of information you need as you begin...
Two Options for Setting Up an S Corporation
You may be surprised to read this, but you have actually two options for setting up a Subchapter S corporation because an S corporation is not a corporation. Rather, an S corporation is an eligible entity (typically either a limited liability company or a corporation) that's made an election to be treated as a subchapter S corporation.
Once you understand that there are two ways to create an S corporation, you can choose between the two Wyoming S corporation kits this web site sells.
Option 1: LLC Version
You can set up a limited liability company and then make the Subchapter S election to have the limited liability company treated for income tax purposes as an S corporation. Many knowledgeable accountants and attorneys now recommend the limited-liability-company route because limited liability companies are easier to "maintain" than regular corporations.
This kit explains in step-by-step fashion how to setup an Wyoming state LLC, how to get a federal tax identification number for your new LLC so you can start banking and other financial activities, and how to elect to have your LLC treated (for federal and state income tax purposes) as an S Corporation so you can maximize your tax savings.
The kit includes examples of completed state and federal forms so you know exactly what your setup documents should look like.
The LLC version of the Wyoming S corporation kit includes sample LLC operating agreements for single member and multiple member limited liability companies.Purchase and Download
Option 2: Regular Corporation Version
You can set up a traditional corporation and then make the Subchapter S election to have the corporation treated for income tax purposes as an S corporation. This option may be the right choice when you want to be a corporation for credibility or "branding" reasons. For example, if you want to use the name "corporation" or the acronym "Inc" in your business name, you would form a regular corporation and not a limited liability company. (A limited liability company will typically use the acronym "LLC" in its name--and some people don't like that.)
This 42 page PDF document that discusses and describes the benefits of creating an S corporation using a regular, traditional corporation is completely free when you enter the special code stephenlnelsoncpa when placing your order. Specifically, the regular-corporation version of the kit explains provides step-by-step instructions for incorporating your active trade or business in Wyoming, how to get a federal tax identification number for your new corporation so you can start banking and other financial activities, and how to elect to have your corporation treated for federal and state income tax as an S Corporation so you can maximize your tax savings.
By the way, after reading the kit document, you may decide to skip the Subchapter S election and leave your corporation taxed as a regular corporation, or C corporation. C corporations do deliver some unique tax benefits to their owners, as discussed in the kit.
The regular corporation version of the Wyoming S corporation kit includes sample corporate bylaws, which you can use for your own corporation bylaws.Purchase and Download
Additional Information You May Find Useful
If you want additional information about how to maximize the tax savings related to running a business or investment venture, you may also be interested in one of our downloadable e-books (see descriptions below). Each book covers a category of tax planning topics that easily save a business owner significant amounts of income or self-employment taxes (potentially thousands of dollars a year) and is instantly downloadable.
Often the best tax saving tool private companies have? The Section 199A deduction which allows them to avoid taxes on the last 20 percent of their income.Read More
Using an S corporation for your business? To maximize savings, you need to minimize the salary paid to shareholders. But this decision is tricky.Read More
Nearly secret, the federal government's employee retention credits provide tremendous payroll tax savings for most small businesses... A new book from our firm explains.Info here