Wyoming Corporation INC

Wyoming Corporation Inc information provided by the Wyoming Secretary of State Business Division

Corporation “For profit, ‘C’ corporation”

The corporation is the stalwart business entity most commonly formed for raising capital and limiting individual liability. The Wyoming corporation INC is a super “person” which may live forever or be empowered to protect the shareholder from economic harm. It may own assets, sue or be sued, transfer its ownership easily, borrow money, mortgage its assets, and file bankruptcy. The corporation’s profits are taxed and dividends paid by the corporation to its owners are also taxed leading to the undesirable element of “double taxation.” A board of directors and corporate officers remove day to day management from the hands of the owners(shareholders). Shareholders may elect the board at shareholder meetings. Corporations may also be held criminally responsible for egregious activities.

General Characteristics

• Separate entity – a corporation is a separate legal entity formed to be a super person.Easy transfer of ownership.
• Legal basis – Wyoming Business Corporation Act (W.S. 17-16-101 et seq.).
• Limited liability – owners (shareholders) are insulated from debts and liabilities of the corporation by state law. Certain provisions must be met.
• Corporate articles – must be filed with the Secretary of State to form the entity.
• Double taxation – corporate profits are taxed at the entity level. Money returned to owners as dividends, etc. is taxed again as personal income.
• Capital generation – may borrow money, issue bonds, sell common and preferred stock,and enter into investment contracts.
• Continuity of life – the entity may live forever without interruption by death of shareholders, directors, or officers.

Advantages

• Limited liability – no shareholder, officer or director may be held liable for debts of the corporation unless corporate law was breached.
• Capital generation – may sell common or preferred stock, issue bonds, borrow money,mortgage assets, or contract for many types of financing.
• Continuity of life – the entity exists forever so long as corporate regulations are met. No need to wind up operations if an owner or manager dies.
• Ease of ownership transfer – the assets may be sold, transferred, pledged, or mortgaged simply by using stock.
• Centralized management – practical control of business is performed by officers at the direction of the board of directors. Control is vested in majority ownership.

http://soswy.state.wy.us/Forms/Publications/ChoiceIsYours.pdf

 

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