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.
How much does it cost to maintain an LLC in Wyoming? There are many things to consider before making this important decision. You’ll need to decide on a name that will be distinguishable from other businesses. The Secretary of State offers guidance on selecting a name. To secure a business name, you must file a reservation form with them. The reservation fee is $50. Once you’ve filed your reservation, you’ll need to pay the Wyoming Secretary of State a fee of $50.
To maintain your LLC in Wyoming, you will need to file an annual report with the secretary of state. Foreign LLCs authorized to do business in Wyoming must file an annual report with the Secretary of State as well. In addition, you’ll need to pay a licensing tax, which is equal to two-tenths of a cent. You can file your report online or via mail, but remember to file it by the first day of the month of your company’s anniversary.
There are also several fees to keep your LLC in good standing. Most fees are one-time, so you won’t get a surprise bill when your company starts operating. You’ll also need to pay Wyoming state fees and annual reports. Depending on your business, you may have additional expenses, such as self-employment and payroll taxes. However, you’ll never be in a position to fully understand what these costs are until you get started.
While the Wyoming LLC filing process is relatively simple, it is necessary to file an annual report. This document will list the official name of your business, the registered agent, and the mailing address of the principal office. You’ll also need to choose an agent for your LLC. You may be the owner of the LLC, or you may choose an employee to act as the registered agent for the company. In Wyoming, it’s not required to have an operating agreement, but it is recommended. It’s also a good idea to sign an operating agreement, as this will prevent ownership disputes from arising.
Another important expense is the licensing fee. The license fee for an LLC in Wyoming is $50 per year. However, you must also pay an annual registration fee for an agent. This fee helps you stay in compliance with the state laws. Some LLCs opt to use a fictitious name, which is known as a “doing business as” name. This filing process can cost around $200.
Another benefit of maintaining an LLC in Wyoming is its flexibility. The LLC can be formed anywhere in the world, and you don’t need to be a US citizen to own the business. You can even move your LLC from another state to Wyoming with ease. Unlike Nevada, Wyoming allows you to move an existing LLC from one state to another. To learn more about the Wyoming LLC service, read this article.
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.