Perhaps you are hoping to form an LLC in Wyoming. People assume that starting an LLC is difficult and costly. However, it’s generally not difficult, and the cost would vary across states. We have all the info you need to know about the cost of forming an LLC, particularly the LLC cost in Wyoming.
On this page, you’ll learn about the following:
Wyoming LLC Cost of Filing
Here are the costs involved in forming an LLC in Wyoming.
Cost of Filing Formation Certificates
The Wyoming Certificate of Formation is responsible for the majority of the cost, which could also vary depending on whether you’re forming a domestic LLC or a foreign LLC. Still, you can file both at the Wyoming Secretary of State.
Wyoming Domestic LLC
- Online filing fee costs $102
- Annual License Tax filing costs $50+ up to $500
- Name Reservation fee costs $60
- By mail: Fill out the Application Form PDF, and submit it to the following address: Wyoming Secretary of State, Herschler Building East, Suite 101, 122 W 25th Street, Cheyenne, WY 82002-0020. costs $100
Wyoming Foreign LLC
- Online filing not available
- Annual License tax filing fee costs $50+ up to $500
- Name Reservation fee costs $60
By mail: Fill out the Application Form PDF, and submit it to the following address: Wyoming Secretary of State, Herschler Building East, Suite 101, 122 W 25th Street, Cheyenne, WY 82002-0020. costs $150
Note that filing online is ideal, not only because you need to go to the Secretary of State office, but also it would be faster. You won’t have to wait in a queue in doing so.
Wyoming LLC Formation Service or Registered Agent Fee
You need a registered agent to form an LLC in Wyoming, hence, added costs for service fees. Here are three of the best LLC services on our list that will provide you with registered agents to ease your worries.
Business Permits and Licenses
The business licenses depend on your business’s activity and location and are renewed yearly. As such, the cost will vary. Check the Wyoming Department of Revenue for regulatory boards or agencies requiring licensing.
Wyoming LLC Taxes to be Paid
The State of Wyoming is one of those rarest States in the United States that does not levy any personal income tax on businesses. However, the business LLCs are obligated to file other taxes with the State authorities.
Wyoming Sales Tax
Wyoming charges sales tax at the rate of 4%. The rate may get higher up to 6% due to additional local county tax charged on the sales activities of the business.
Wyoming State Income Tax
No State Income Tax is imposed on the earnings in Wyoming.
Wyoming LLC Federal Self-Employment Tax
Any profit that Wyoming LLC Business members draw out from the business is liable to pay self-employment tax. The standard tax rate is 15.3%.
Wyoming LLC Employer Payroll Tax Withholding
If you hire employees in Wyoming, you must withhold payroll tax from their salaries. The standard rate of withholding is 7.65% of the taxable salary of the employees.
Wyoming Property Tax
The property tax is fixed at 11.5% of industrial property and 9.5% for commercial and residential, agricultural, and all other property.
Cost Comparison Among States
Every state has different costs of filing for an LLC to their respective State Authorities. If you wish to gain a better understanding of the costs of opening an LLC in a different state in comparison to Wyoming, read the table below:
|State||Filing Fee||Annual Fee/Biennial Fee||Sales Tax|
|Wyoming LLC||$102 (Online)$100 (mail)||$50+ up to $500 (Annual)||4.00%|
|Montana LLC||$70||$20 (Annual)||0%|
|South Dakota LLC||$150||$50 (Annual)||4.50%|
|Idaho LLC||$50||$10 (Annual)||6.00%|
The major contributing industries to Wyoming’s economy are mineral extraction, mining, tourism, and agriculture. With no income tax, Wyoming has among the lowest property taxes and sales tax in the United States.
- Wyoming Name Reservation: $60 for filing by mail
- Doing Business As (DBA): $100 if filing by mail
- Certified Document Copies: $5.50 for up to five (5) pages + $0.50 per additional page.
- Certified of Good Standing: $14
- Business Domain Name and Website: depend on your preference, but domain name could be as low as $2.99/yr at NameCheap, and web hosting is at least $30/mo at Kinsta.
- Online workspace: at least $4.20/mo for GSuite.
- Business Insurance: would vary depending on insurance type–whether general liability insurance or professional liability insurance–and coverage.
- Dissolution of Wyoming LLC: $60
How Much Does It Cost to Maintain an LLC in Wyoming
To maintain an LLC in Wisconsin you will need to pay an annual fee of $50 + up to $500 along with sales tax at 4%, and federal taxes.
Maintaining a Limited Liability Company (LLC) in Wyoming: An Overview of the Costs
Starting a business requires a great deal of planning, dedication, and financial investment. When choosing to establish an LLC, entrepreneurs are often drawn to the advantageous factors that Wyoming offers for its corporate entities. One crucial aspect to consider is the cost involved in maintaining an LLC in this state, as it must be carefully budgeted to ensure a company’s long-term sustainability and profitability.
To begin, it is essential to note that the cost of maintaining an LLC in Wyoming goes beyond the initial expenses incurred during the formation process. While the actual formation costs depend on various factors such as legal support, the Wyoming Secretary of State’s filing fee, and the use of registered agents, ongoing expenses must also be considered when preparing a comprehensive financial plan for any business venture.
One prominent recurring cost associated with maintaining an LLC in Wyoming is the annual report filing fee. Each year, LLCs are required to submit an annual report to the Wyoming Secretary of State, accompanied by a filing fee. This report helps ensure that the state has up-to-date information about the LLC’s key members and their contact details. It is important to highlight that this process helps promote transparency and legal compliance, protecting the integrity of businesses operating within the state.
Another significant financial consideration is the potential necessity for professional services. Depending on the complexity of an LLC’s operations and its specific compliance requirements, hiring an attorney, an accountant, or both may be a prudent decision. These professionals provide invaluable expertise, guidance, and assistance when it comes to tax planning, annual filings, legal documentation, and any potential modifications or amendments that may be required throughout the life of the LLC. Though such services may come at an additional cost, they can contribute to the overall efficiency and success of the business.
Further, LLCs in Wyoming should keep in mind the cost of licenses and permits that might be needed to carry out specific activities. Depending on the nature of the business, industry-specific licenses or operational permits might be required to comply with state regulations. Factoring these potential expenses into the financial strategy of an LLC can help ensure hassle-free operations from the outset.
Finally, it is prudent to consider unforeseen situations when budgeting for the maintenance of an LLC in Wyoming. These can include potential legal disputes, employee-related concerns, or sudden changes in market conditions. While always hoping for smooth operations, setting aside a contingency fund helps to mitigate any potential financial strains that may arise, ultimately safeguarding the LLC’s stability during turbulent times.
Understanding and allocating the appropriate resources to meet the various costs associated with maintaining an LLC in Wyoming is crucial. Proper financial planning ensures both short-term compliance with legal requirements and long-term success for the business as a whole. While the specific expenses identified here may not represent an exhaustive list, they shed light on critical factors that entrepreneurs must consider when determining the feasibility and profitability of establishing and maintaining an LLC in Wyoming.
In conclusion, the cost of maintaining an LLC in Wyoming extends beyond the initial formation expenses. With factors such as annual report filing fees, professional services, necessary licenses and permits, and contingency funds, entrepreneurs must consider a holistic financial strategy. By doing so, business owners can maintain smooth operations, minimize legal risks, and foster growth while capitalizing on the benefits of operating within the favorable legal framework offered by the state of Wyoming.
It is possible to form an LLC without professional help, but forms still have associated costs, regardless of where your LLC is formed.
It is difficult to say whether forming an LLC is expensive. Nevertheless, the cost could be anywhere from $40 to $500. If you refuse to hire professionals, you’ll still have expenses like form fees to cover.
The need to separate personal money from business funds, thus necessitating the creation of a business bank account for your LLC.
The cost of Wyoming is much lower compared to other forms of business. Apart from the state filing fees and annual taxes, you might bear the cost of the registered agent. Compare the price of professional LLC services and choose the most affordable one.