Wyoming Registered Agent
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What Is a Wyoming Registered Agent?
A registered agent receives all communication from the state of Wyoming on behalf of your business. This includes service of process. Registered agents are also known as resident agents and statutory agents. Whenever the state reaches out to a registered agent, the agent will notify the appropriate contact at the business as well as upload any important documents to a digital server. This way, businesses have easy access to files immediately after the agent receives them. Wyoming state law requires all formal businesses to have a registered agent for the entire duration of their operation. If businesses do not have a registered agent, the state can forcefully dissolve them.What Are the Requirements to Be a Registered Agent in Wyoming?
The requirements to be a registered agent in Wyoming are not that strict. In fact, just about anyone can be a registered agent. One must be 18 or older, maintain a physical address in the state (which cannot be a P.O. box or any type of mail forwarding service), and keep regular business hours. As you can see, this means that you yourself could be the registered agent for your business if you wanted to. Many businesses, however, prefer to hire registered agent services. We’ll talk about why in our next section.Why Businesses Need a Wyoming Registered Agent
As we mentioned, it’s against the law in Wyoming for businesses not to have a registered agent. However, registered agent services can benefit businesses in many ways. In this section, we’ll talk about how registered agents can be a great resource as well as why it can be preferable to hire one instead of be one yourself.
Compliance
Businesses are required to file certain documents, like annual reports, every year. It’s important for businesses to meet deadlines for such documents in order to remain compliant with the state. Failing to do so could cause a business to lose its good standing. Should a business lose good standing, it could lose its limited liability protection as well. In the worst-case scenario, Wyoming can ban companies in bad standing from operating within the state. Similarly, businesses must respond to service of process before the given deadline. If they don’t, they may incur fines. Ignoring service of process won’t do a company any favors for winning a case, either. Registered agents help businesses remain compliant with the state by keeping track of important deadlines. They also send reminders of these deadlines so that businesses have ample opportunity to complete annual reports and other important documents on time.Privacy
A registered agent’s address is public record and easy to find on the Wyoming Business Search. If you value your privacy, then you may prefer to hire a registered agent in order to keep your own address confidential. You may consider using the address of your business’s location, if it has one, in order to be the registered agent for your company. While this is an option, there are some disadvantages you should be aware of. First, legal mail will be mixed in with any other mail your business receives. Second, you’ll have to be careful about who brings in the mail so that important documents don’t get misplaced. The third and perhaps worst disadvantage is that if your company ever lands in a lawsuit, you will receive service of process at the location you listed when you made yourself the registered agent. If that’s your company location, then you could be served in front of clients and employees. Not only would this be embarrassing, but it could lower the morale of employees as they wonder if a lawsuit will affect their job security. If you hire a registered agent, service of process will take place at their location, away from any unwanted witnesses. You’ll be notified discreetly.Online-Only Business
It’s no secret that the internet has taken over the world. In 2018, 85% of U.S. households reported having an active internet subscription. The internet’s utility and success have made it a fantastic resource for businesses to lower start-up costs by forgoing the purchase of physical locations and setting up online storefronts instead. Both goods and services can be sold easily online. One of the few disadvantages to online-only businesses is that you will not have a physical location to use if you want to be the registered agent for your company. Of course, you could use your home address, but this runs into the privacy issue we mentioned earlier. For those who have online-only businesses, hiring a registered agent is often the best option.Irregular Business Hours
One of the few requirements to be a registered agent is that you must keep regular business hours. However, working nine to five isn’t possible for everyone. Not only that, but as a business owner, you may have to take trips or visit other company locations. In doing so, you won’t be able to keep regular hours at a specific address. Registered agent services always have someone available to receive important communication from the state of Wyoming. Hiring a registered agent can give you the freedom to work whenever you want, wherever you want.Organization
Registered agents have to keep track of a number of important documents, both paper and digital. A good registered agent will organize documents so that they are easy to sort through as well as easy to find on digital servers. Registered agents typically scan and upload documents immediately after receiving them. They also keep track of important due dates. This allows them to create a schedule of reminders which they will send you until you file important documents with the state. Though anyone could do this kind of work, as a business owner you may not have the time to organize a document immediately after receiving it. Speaking of time, you can save a decent amount of it if you hire someone else to take care of these types of tasks.Locations in Different States
If your company will operate in different states, then you will need a registered agent in each state. It’s often a good idea to hire a registered agent service with locations in many states because it keeps things streamlined; if you have any issues or need anything, you’ll only have to call one phone number instead of several.What To Look for When Choosing a Wyoming Registered Agent
Now that you know why registered agents are worth hiring, you may be wondering how to choose between them. We recommend considering three factors when comparing services: the price, the services provided, and the amount of time saved.