Wyoming is the most sparsely populated and the 10th largest state of the 48 contiguous states. The state’s name is from the Native American word mecheweami-ing, which means “on the big plain.”
As its name suggests, Wyoming is a pretty remote place. It’s economy is dependent on industries such as mining, tourism, and real estate, and some of the biggest players in these are small businesses (SMBs).
Small business owners, particularly in the tourism sector, have managed to take advantage of the state’s environmental appeal to earn a living, so much so that small businesses now represent the largest number of employers in the entire state.
Here are some interesting statistics about Wyoming’s small businesses:
- SMBs account for 98.9% of all businesses in Wyoming. Approximately 68,641 small firms are spread across the state territory.
- There are 128,883 small business employees, or 63.8% of all employees in the state.
- Self-employed individuals running their own incorporated businesses have a median average income of $60,000 per annum. For those with unincorporated businesses, the median income is $23,000.
- In total, 682 start-ups emerged in the fourth quarter of 2018, generating 2,330 new jobs.
- Out of a population of 37,000 minorities, just 3,364 are self-employed.
- In 2019, small businesses created 5,762 new jobs. About 3,133 of these jobs were created by businesses with fewer than 20 employees.
- Wyoming has a tax on business assets called the “license tax,” which is $50 or two-tenths of one million per dollar of assets ($.0002), whichever is greater. This tax applies to corporations, limited liability companies (LLCs), and limited partnerships.
- Wyoming state law requires that every new Wyoming LLC designate a Wyoming registered agent that will be available during regular business hours at a physical address within the state.
- With the exception of South Dakota, Wyoming is possibly the most tax-friendly state in the Union, as evidenced by the fact that the state does not impose corporate income tax or a personal income tax.
- In Wyoming there is no inheritance tax, meaning that when you leave an estate to your children or family members, there are no estate taxes charged on their inheritance.
- The state does not charge excise tax on food commodities and gas.
- There are a total of 359 SMBs in the export business that are responsible for 67.6% of Wyoming’s $1.3 billion in total exports.
- Small businesses in the accommodation and food services sectors account for 82% of the private workforce with 22,778 employees.
- The real estate, rental, and leasing sectors have the largest share of small enterprises with 9,141 businesses operating in these industries.
- The utilities sector is the smallest in the state with only 88 small firms.