Are you considering starting a professional corporation in Wyoming? Congratulations! Establishing a professional corporation is an excellent choice for entrepreneurs and professionals alike who seek to benefit from a business structure that provides limited liability protection, tax advantages, and enhanced credibility. However, navigating the process of forming a professional corporation in Wyoming can be daunting.
This article aims to provide a comprehensive guide on how to form a professional corporation in Wyoming, covering everything from understanding the basics of this business entity to the essential steps and requirements you must comply with to launch your new venture successfully. Let’s dive in and explore the ins and outs of forming a professional corporation in Wyoming!
What is a Professional Corporation in Wyoming?
A professional service corporation (PSC), sometimes called a professional corporation (abbreviated as PC), is a type of organization authorized by state law to allow owners of particularly licensed professions in Wyoming. The owner of a professional corporation is responsible for their own negligence or misconduct, but they are not held personally accountable for the actions of other owners. PC or P.C. is a regularly used abbreviation to identify professional corporations.
How to Form a Professional Corporation in Wyoming
To form a Professional Corporation for the professional service you provide, you must follow a few steps that include verifying if you are qualified for a PC, naming your business, hiring a Registered Agent, filing the Articles of Incorporation, outlining an operating agreement, requesting for an EIN, opening a bank account, getting a business license, and filing for an annual report and taxes.
Step 1: Verify If You Are Qualified for a Professional Corporation
In forming a professional corporation in Wyoming, you should know if you are qualified. There are specific professions that are allowed to form a professional service corporation, including-
- Doctors
- Architects
- Engineers
- Accountants
- Lawyers and others
You should be qualified to have a license to provide your service. In most cases, once you have graduated with your studies, passed the exam, and got your license, you may now form a professional corporation. However, if you work in an industry that doesn’t offer a license or professional certification, you should consider forming a corporation or limited liability company.
Step 2: Name your Professional Corporation in Wyoming
After you have decided on the idea to form a professional corporation in Wyoming, deciding the name for your corporation is significant. There is a complete guide on Wyoming LLC name guidelines for you to have a proper business name. Here are some regulations you must follow while naming your professional corporation.
- The business name should have the word PC, frequently followed by the name of the principal owner in place of Inc or LLC. (Example. John Doe, MD, PC)
- No confusion with a government entity name.
- A unique name is needed with no match
- Limit of restricted words that need a license.
In Wyoming, if you do not wish to file your professional corporation right away but want to hold the name that you have decided on, then you can reserve your corporation name for 120 days. To keep the name, you must file a name reservation application with Wyoming Secretary of State.
A professional corporation, professional association, service corporation, or professional service corporation must be present in the name if it doesn’t already. You might opt to register your business under a different legal name if your preferred name isn’t available. Once you have chosen a name, you can submit an application for a DBA (doing business as). In this manner, you can choose any name you desire to run a clinic or law firm.
What are the advantages of forming a Professional Corporation in Wyoming?
Wyoming offers several advantages for forming a Professional Corporation, such as no corporate income tax, no personal income tax, no franchise tax, and the ability to file annually or biennially.
What are the requirements to form a Professional Corporation in Wyoming?
To form a Professional Corporation in Wyoming, you must submit Articles of Incorporation to the Wyoming Secretary of State and pay the filing fee. The Professional Corporation must also have at least one shareholder, one director, and one registered agent in Wyoming.
