Mark Pierce is the founding partner of Wyoming Trust and LLC Attorney. He is an estate planning and small business structuring expert with over 40 years of experience.
Wyoming LLC-Wyoming Corporation
Any bank can open an account for a Wyoming LLC or Corporation. Larger banks are generally easier since they are familiar with a variety of accounts already. Handling an anonymous LLC from another state is not a unique request. You may, however, have a favorite local bank and there is no reason you may not use them. Smaller banks are also less likely to experience a data breach which can help ensure your details remain private.
We offer a free bank account opening service if we form your LLC. This applies for US Citizens and Non-Residents.
Service:
Wyoming Registered Agent
Cost:
Free with Formation Starting at $99 + State Fees
Requirements:
Articles of Organization OR Articles of Incorporation, EIN, Operating Agreement OR Bylaws, Proof of ID
Uncomplicate your finances, with Relay.
FDIC insured banking with no account fees, overdraft fees, or minimum balances.
If you are choosing a large bank, then it is often easier to open the account at a branch near you than one in Wyoming. This is because banks are becoming stricter about verifying identities. The bank you reach over the phone will have a harder time doing this than one you walk into. For this reason local branches are generally desirable.
It is important to note the bank DOES NOT require branches in Wyoming. Neither Chase nor Bank of America have branches in the State, but both will happily open an account for a Wyoming company. This applies for Citi, RBS, Deutsche Bank etc. for our international clients.
- Both entities are ultimately operated for the benefit of the owners, called members (LLC) and shareholders (Corporations), with them receiving profits. Owners can vote, but their degree of immediate control differs.
- In a Corporation, the Shareholders elect a Board of Directors, and the Board appoints Officers. The officers manage day-to-day business operations and are overseen by the Directors.
- Shareholders cannot sign contracts, checks, etc. (unless they are also Officers).
- In a Limited Liability Company, the Members can run day-to-day business operations, or appoint a Manager. This is all done within the operating agreement, and decisions don't require complex votes and additional documentation, e.g., board elections, bylaws, etc.
- Every bank is different though there are a few common documents most will ask for. What is required will depend upon not only the bank and branch you visit, but your relationship to the banker as well.
- Our bank account opening service includes everything needed to open the account. You only need to provide proof of your identity, so we can complete the application on your behalf.
1. Articles of Organization (LLC) or Articles of Incorporation (Corporation) We provide these free of charge with our standard formation service starting at $99 plus state fees for LLC or Corporation. They are stamped by the Wyoming Secretary of State in the upper right-hand corner.
2. Employer Identification Number This is the most important part of the application. Without it, you will not be able to open an account. It is roughly equivalent to being the company's Social Security Number. We can assist you with the IRS or click the link above to obtain it yourself.
3. Operating Agreement (LLC) or Bylaws (Corporation) We provide these free of charge with our standard formation service starting at $99 plus state fees for a Limited Liability Company and Corporation. We complete them for you, so they are ready to print, sign and take to the bank.
4. Proof of ID - Generally Two Forms Required With One Having a Photo
Opening an account is often the first step clients take after incorporating and obtaining their EIN. This is good because best practices dictate you diligently separate your business and personal affairs. This is important for both your year-end taxes, but also maintaining the corporate veil along with other asset protection features Wyoming LLCs offer members.
Establish a checking account for the LLC. That account, and any other accounts of the LLC, should be established in the LLC’s name. The appropriate responsible LLC officials in their official capacities and on behalf of the LLC should execute signature cards for the accounts.
Always observe the distinction between Member, Manager, or individual signatures, even in cases where the individual involved is required to be a signatory (for example, where an individual will be a guarantor of the LLC’s obligations and will sign in his or her individual capacity).
Uncomplicate your finances, with Relay.
FDIC insured banking with no account fees, overdraft fees, or minimum balances.
The easiest way for a non-resident to open a US business bank account for their LLC or Corporation is to use our account opening service. It's included free of charge if we form your company and get your EIN. If you prefer to open it yourself, then please read below.
We have a few suggestions for how international clients can best tackle the problem of remotely opening a business bank account for their company. Please note, the advice below is general, and you should retain an accountant to understand any tax obligations.
1. The easiest option is to use our bank account service to save time and ensure the application is correct. This service is included with every LLC formation.
2. The easiest option is to use our bank account service to save time and ensure the application is correct. This service is included with every LLC formation.
3. The third solution is if you have a friend or family member in the United States. You may appoint them manager or officer of the company. They may then visit the bank and open an account since they represent the company. You do not have to pay them, and they are not generally liable for any business profits.
4. The fourth solution is if you have a friend or family member in the United States. You may appoint them manager or officer of the company. They may then visit the bank and open an account since they represent the company. You do not have to pay them, and they are not generally liable for any business profits.
5. We have had clients report success with Payoneer and Mercury. This is an alternative financial institution which allows you to set up accounts using less stringent requirements than other institutions.
6. Opening a bank account online is one option. There are banks which cater to certain industries and countries which would be able to help you. For example, Stripe Atlas now helps e-commerce stores with not only merchant processing, but account openings as well. Their fees are significantly higher than ours, though.
These documents establish your business's legal existence. They're included for free with our standard LLC or Corporation formation package. The articles are stamped by the Wyoming Secretary of State, serving as official registration proof.
The EIN, or Federal Tax ID Number, is a unique identifier for your business assigned by the IRS. It's crucial for financial transactions and tax reporting. We can help you get your EIN from the IRS, or you can do it yourself.
These internal documents outline your business's operational and managerial structure, including ownership, management roles, and decision-making processes. They are included in our formation service at no extra charge, and are ready for you to print, sign, and present to the bank.
These documents establish your business's legal existence. They're included for free with our standard LLC or Corporation formation package. The articles are stamped by the Wyoming Secretary of State, serving as official registration proof.
We are able to assist trust and 401k LLC clients with remote account openings. We have banks which are familiar with these types of accounts and are happy to assist you regardless of where you are.
Every LLC should have a bank account, but you do not need to open the bank in the same state as the LLC. So, a Wyoming LLC does not require a Wyoming bank account.
An LLC in Wyoming is taxed the same as every other state. The default for a single-member is a sole proprietorship, and a multi-member is a partnership. Owners may elect S-Corporation or Corporate to reduce taxes as well, but this is generally done after advising an accountant.
Starting an LLC in Wyoming requires filing Articles of Organization with the Secretary of State, listing a commercial registered agent and paying a $100 filing fee.
There are hundreds of banks in Wyoming and most have few requirements on opening accounts. A Wyoming company can open a bank account in any state, though, so focusing on Wyoming institutions is an unnecessary limitation.
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