Comparing Wyoming and New Mexico LLC: Which State is Right for You?

Businesses in Wyoming vs. New Mexico

One of the most important factors to consider when incorporating a business is its location. Your primary location determines how high your company's chances of surviving are. It also affects how much it would cost you to run your startup.

Each state has its unique features, from low registration fees to major tax advantages. The more benefits a state offers, the better it is for your startup. If you want your company to succeed, you need to find an environment that could help you do that.

Choosing the right state for your startup isn't easy. So, to help you out, we've compared the benefits of starting an LLC in Wyoming and New Mexico.

This guide will show you why Wyoming is the most business-friendly state in the country.

Registration Fees

The initial filing fee for forming an LLC in Wyoming is $100, and the annual report fee is $50. New Mexico has relatively moderate registration fees compared to Wyoming. The filing fee for forming an LLC is $50, and there is an additional fee of $10 for the annual report.

Tax Advantages

Wyoming does not have corporate income tax, personal income tax, franchise tax, or business license tax. Moreover, Wyoming does not tax LLCs based on their income. In contrast, New Mexico imposes a corporate income tax rate of 4.9% to 5.9%, depending on income levels. Its personal income tax rate ranges from 1.7% to 4.9%.

Business Regulations

Wyoming has a reputation for having business-friendly regulations. It offers strong privacy protection for LLC owners, as the state does not require the disclosure of member names in public records. New Mexico has relatively standard business regulations, and LLC owners are required to disclose member information in public records.

Business-Friendly Environment

Regarded as one of the most business-friendly states in the United States, Wyoming offers a minimal bureaucracy, a pro-business attitude, and a reliable Secretary of State office. This allows the state to provide efficient services to any business incorporated in Wyoming. 

Similarly, New Mexico offers various economic development programs and incentives to support businesses. It has a diverse economy with energy, technology, and tourism sectors.

Want to Know More? Speak With Wyoming's Best LLC & Business Formation Company

NCH is Wyoming’s leading business formation services provider. Our team of specialists will provide you with all the support you need from start to finish. We'll help you explore the difference between incorporating in Wyoming and New Mexico.

NCH also has business formation services that make the incorporation process much easier. We'll help you acquire the business license you must incorporate in Wyoming. And if you need a registered agent to manage your legal documents, we'll assist you in hiring one.

Additionally, NCH also offers private consultations for tax and legal services. Our experts will guide you through developing effective strategies for minimizing tax liabilities and preserving your wealth. 

Incorporate your venture in Wyoming and unleash its full potential today!