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Forming an LLC in Wyoming comes with several advantages, including low formation costs. It charges a competitive initial filing fee, plus new LLCs don’t incur hidden charges or pay a considerable amount of maintenance fees.
Still, you must know how much you’ll pay for Wyoming LLC formation before starting the process. NCH’s business formation experts have broken down these costs below.
Key Takeaways
- The Wyoming Secretary of State charges $100 for filing an LLC’s Articles of Organization. This low cost makes Wyoming ideal for LLC formation on a budget.
- For ongoing compliance, all Wyoming LLCs must pay an annual report license tax. Their minimum annual report fee can cost $60 or $0.0002, whichever is greater.
- Wyoming also requires LLCs to appoint and maintain a registered agent. Individual agents and professional service providers may charge annual fees that range from $150 to $300.
- Wyoming LLCs incur other startup costs such as those associated with drafting operating agreements.
- Compared to other states, Wyoming offers lower LLC formation and maintenance costs. However, these benefits can be outweighed by the other advantages of LLC formation in jurisdictions like Nevada.
A Quick Overview of Wyoming’s Filing Fee for New LLCs
If you’re filing a Wyoming LLC’s Articles of Organization, you’ll be charged $100. Online registration via the Wyoming Secretary of State’s website adds $3.75 to the basic filing fee. This extra cost is the convenience fee for online filing.
Overall, Wyoming’s filing fee for new LLCs costs less than that of other states, making it ideal for LLC owners on a budget.
Related Resource
Read NCH’s guide to starting a Wyoming LLC here.
The Costs of Ongoing Compliance for Wyoming LLCs
A Wyoming LLC’s ongoing compliance requirements come with significant costs for the following:
Annual Report Filings
To renew a Wyoming LLC, you must file an annual report by the first day of your LLC’s anniversary month. The state charges an annual report license tax that must be computed using a state tax worksheet.
Domestic and foreign LLCs in Wyoming must calculate the total amount of their assets and apply it to their tax schedule. They can pay the greater of $60 or two-tenths of one mill on the dollar ($0.0002).
Annual reports can be filed online via the Wyoming Secretary of State’s website. This comes with an additional fee that varies depending on the amount of your annual report license tax.
| Annual Report License Tax | Convenience Fee for Online Filing |
| $25 to $99.99 | $2.25 |
| $100 to $250 | $3.75 |
| $250.01 to $500 | $8.95 |
| Over $500 | No online filing required |
Registered Agent Services
Wyoming LLCs are also required to appoint and maintain a registered agent who receives official documents on their behalf.
This individual or business must have a physical address in the state, meaning they can’t use a P.O. box, drop box, mail forwarding service, or similar. More importantly, Wyoming registered agents must be available during regular business hours to conduct process service.
Your options for a registered agent include professional service providers with annual fees of $150 to $300. The total cost varies depending on the services offered, including document management and compliance monitoring.
Alternatively, you can act as your LLC’s registered agent to save on costs. However, it can compromise your privacy since your home address will be listed on public records. A professional registered agent has a physical address that you can use for privacy protection.
Additional Costs for Newly Formed Wyoming LLCs
While the initial cost of forming a Wyoming LLC remains low, you may incur additional costs during and after the process.
Operating Agreement
Wyoming LLCs aren’t legally required to have an operating agreement. Still, this document is important to help you run your business without issues.
If you’re writing an operating agreement yourself, you can save on potential costs. A lawyer can also draft the document for you, with fees averaging $570.
Business Licenses & Other State Taxes
Wyoming doesn’t issue a general business license to LLCs. Also, you may need to apply for sales and use tax, workers’ compensation, or unemployment insurance. The Wyoming Secretary of State’s website has more information about these requirements.
Business Bank Account
U.S. banks charge businesses varying fees for opening bank accounts.
- Initial deposits – You may be asked to deposit anywhere from $100 to $500 in your business bank account after opening it.
- Monthly maintenance fees vary by bank and account type. Some banks don’t charge these fees, while others can charge up to $95 per month.
- Transaction fees – Most banks will charge you a fee for additional transactions. Currently, this fee ranges from $0.40 to $0.50.
The Total Cost of Operating a Wyoming LLC
To recap, here’s the full breakdown of Wyoming LLC formation costs, annual fees, and other startup costs.
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| Category | Cost(s) |
| LLC formation | $100 + additional convenience fee for online filing |
| Ongoing compliance |
|
| Additional startup costs |
|
Comparing LLC Filing & Annual Fees by State
If you compare Wyoming LLC’s filing and annual fees to those of states like Delaware and Nevada, you’ll find them more competitive.
| State | Initial Filing Fee | Annual Fee |
| Wyoming | $100 + convenience fee for online filing | At least $60 for the annual report filing fee |
| Delaware | $110 |
|
| Nevada | $75 |
|
| California | $70 |
|
| New York | $200 | $9 for the Biennial Statement |
However, the other benefits of LLC formation in other states may outweigh Wyoming’s LLC formation costs. Let’s say you’re operating in a high-risk industry. In this case, Nevada becomes a better option since it offers stronger legal and asset protection to LLC owners who want to avoid personal liability.
Related Resources
- Get a full guide to Wyoming’s business tax rates and regulations from NCH.
- Watch the video below to know the benefits of forming a Wyoming LLC.
Frequently Asked Questions
How much does it cost to form a Wyoming LLC?
It only costs $100 to form a Wyoming LLC. If you register your business online, you’ll be charged an additional convenience fee. The Wyoming Secretary of State charges $3.75 for online LLC registration.
Does Wyoming LLC formation come with hidden fees?
No, Wyoming LLC formation doesn’t come with hidden fees. However, expect to spend a significant amount on other startup costs and ongoing compliance requirements. Consider setting a budget for expenses like sales and use taxes, your registered agent’s fees, and initial deposits on your LLC’s business bank account before formation.
How much does it cost to maintain a Wyoming LLC?
The cost of maintaining a Wyoming LLC is mostly based on the state’s annual report fee and your registered agent’s service fee.
When filing your annual report, you’re expected to pay an annual report license tax and a fee of at least $60. Meanwhile, registered agents can charge $150 to $300 or more annually.
Can I save money by forming a Wyoming LLC myself?
Yes, you can save money by forming a Wyoming LLC yourself. But if you live out-of-state or want to focus more on your operations, a trusted business formation service provider can register your business for you.
How do Wyoming LLC formation costs compare to those of other states?
Wyoming is one of the states with low LLC formation and maintenance costs in the U.S. Moreover, it doesn’t impose income taxes on LLC owners. These benefits may outweigh the other advantages of starting an LLC in states like Nevada, though.
What payment methods does the Wyoming Secretary of State accept for LLC registration?
The Wyoming Secretary of State accepts the following payment methods for LLC registration:
- Credit and debit cards (Visa and Mastercard only)
- Checks
- Money orders
If you’re registering a Wyoming LLC online, you can pay the filing fee with a credit or debit card. Checks and money orders are accepted for mail filings.
Do Wyoming LLCs need to pay other taxes?
Yes, Wyoming LLCs need to pay other taxes. Your LLC’s specific tax obligations vary depending on its business activity.
For example, your business may be subject to a 4% sales tax on taxable goods and services. And if your LLC purchases tangible personal property from another state, it must pay use tax.
Does Wyoming require LLCs to obtain a state business license?
No, Wyoming doesn’t require LLCs to obtain a state business license. They only need to pay the state’s filing fee for LLC formation, their annual report license tax rate, and the annual report fee. However, certain professions or local authorities may require you to secure additional permits or licenses.
Is Wyoming’s annual report fee based on income?
No, Wyoming’s annual report fee isn’t based on income. All LLCs registered with the state must compute an annual report license tax rate based on the total amount of their assets. They pay a minimum fee of $60 or $0.0002 per dollar of assets located in Wyoming, whichever is greater.
Does Wyoming charge more for foreign LLC registration?
Yes, Wyoming charges more for foreign LLC registration.
Those forming an LLC outside of the state must submit a Certificate of Authority form to the Wyoming Secretary of State. They’ll be charged $150 for filing this document. The filing fee can be paid with checks or money orders.
Expert Tips From NCH
- Set a budget for your Wyoming LLC’s first year in operation. Your budget should cover the state’s initial registration fee, your registered agent’s service fee, and other startup costs.
- File your Articles of Organization early in the week for fewer delays. The Wyoming Secretary of State processes applications in the order received, and those submitted on Friday may not be processed until the following Monday.
- Compare your options for registered agent services carefully. Choose a provider with great expertise and services that meet your LLC’s specific needs.
- Keep detailed records of your LLC’s startup costs. You’ll need them once you choose to write off your startup costs.
- Plan for your LLC’s growth and any potential changes to its operations. While Wyoming offers low LLC formation and maintenance costs, your LLC’s growth may affect these expenses.
Start a Profitable LLC Today
LLC formation in Wyoming costs less than that in other states. However, you may want to consider the advantages of opening an LLC in jurisdictions like Nevada. The Silver State shares some of the same benefits as Wyoming, although it offers more protection for high-risk business owners and investors.
If you want to know why you should form an LLC in Nevada (and how to start the process), contact NCH for expert advice.
DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.