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.
Getting your Wyoming LLC set up can be a complicated process. There are various fees that you will need to pay. The costs vary depending on how you set up your LLC. Some costs are one-time fees while others will be paid annually. It is advisable to do your research and plan ahead. You may also want to consider a service that can assist you with the formation process. These services usually offer tax consultations and phone/email support.
When you set up your LLC, you will need to file Articles of Organization with the Wyoming Secretary of State. These documents include information about your LLC and the registered agent that you will hire. You may also need to obtain an Employer Identification Number (EIN) for your LLC. The EIN will allow you to file your tax forms more easily. The cost of obtaining an EIN varies by industry and location.
Wyoming LLCs also must file an annual report with the Secretary of State. You can file the report by mail or online. If your report is not filed by the deadline, you could lose your LLC. The fees for filing an annual report in Wyoming range from $50 to $500, depending on how many assets your LLC has. It is recommended to file the annual report by the first day of the month of your LLC’s anniversary. It is important to pay the fee on time because late filings may cause your LLC to dissolution.
Wyoming LLCs also need to pay the annual license tax. The tax is calculated by dividing the total value of your business assets in Wyoming by two tenths of a mill on the dollar. If your LLC has assets that exceed $250,000, you will need to pay a license tax of $60. If you have less than $250,000, you will pay a license tax of $50.
You will also need to pay a small convenience fee to set up your Wyoming LLC online. These fees can vary by city, but most of them are one-time fees. When you pay the fee, your LLC will be active within a few days. However, you will also need to apply for your business license, and you may need to obtain permits. Depending on your industry, you may also need to obtain employment taxes or unemployment insurance.
You may want to hire a lawyer to help you set up your LLC. You may also want to hire a commercial registered agent to represent your LLC. This service will act as your registered agent, receiving legal documents and correspondence on your behalf. A commercial registered agent can also represent multiple LLCs from one office. They can be available during normal business hours, and they will keep your personal address out of public records. They can also be available for you in the event of a lawsuit.
Wyoming LLCs must also pay the state sales tax and employment taxes. These taxes vary depending on your industry, location, and business activity. Depending on your industry and location, you may also need to obtain licenses for your business.
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.