The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes.
Wyoming Corporation: Advantages and Disadvantages
Advantages of a Corporation
Disadvantages of a Corporation
Federal Tax Forms for Regular or "C" Corporations
The Facts on Wyoming's Tax ClimateHere are some basic facts on Wyoming's tax system and how it compares to other states:
Tax Freedom Day Arrives on April 13 in WyomingTax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2011, Wyoming taxpayers work until April 13 to pay their total tax bill, ranking it 11th highest in the nation. This is 1 day after the national Tax Freedom Day (April 12). The Tax Freedom Days of neighboring states are: Montana, April 5 (ranked 31st nationally); South Dakota, March 30 (ranked 46th nationally); Nebraska, April 12 (ranked 15th nationally); Colorado, April 8 (ranked 24th nationally); Utah, April 10 (ranked 19th nationally); and Idaho, April 3 (ranked 36th nationally).
Wyoming's 2008 Business Tax Climate Ranks 1stWyoming ranks 1st in the nation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes; individual income taxes; sales taxes; unemployment insurance taxes; and taxes on property, including residential and commercial property. Neighboring states ranked as follows: Montana (6th), South Dakota (2nd), Nebraska (43rd), Colorado (13th), Utah (17th), and Idaho (31st).
Wyoming Levies No Personal Income TaxesWyoming levies no individual income taxes, joining six other states with the same policy. This makes the tax environment in Wyoming very competitive compared to other states.
Wyoming Levies No Corporate Income TaxesWyoming, in addition to collecting no personal income taxes, collects no corporate income taxes. Only four other states (Nevada, Texas, South Dakota and Washington) join Wyoming in levying neither income tax.
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