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? It’s important to consider a few different factors, such as the cost of filing the Articles of Organization, as well as any additional fees you may need to pay. The filing fee for Wyoming Articles of Organization is $100, or $102 if you file them online. If you have employees or plan to sell products, you may need to register for unemployment insurance tax, among other taxes.
As with any business entity, LLCs must file annual reports. These reports should include the official business name, Wyoming filing ID number, mailing address, and email address. In Wyoming, you cannot change the registered agent without filing separate forms. However, Wyoming LLC maintenance isn’t that expensive. Here’s how to maintain an LLC in Wyoming:
The Wyoming Secretary of State requires LLCs to file annual reports. Each year, the Secretary of State charges an annual filing fee. This fee depends on the value of the LLC’s assets. For example, if your assets are under $300,000, you’ll pay $60. The same amount applies if you have more than $400,000 in assets. To avoid these filing fees, you can use an online service to file your Wyoming annual reports.
When forming an LLC, you need to determine how much you plan to invest. Wyoming businesses that have a physical location should get business liability insurance. This policy will cover the common risks that you’ll face as an owner. In addition to liability insurance, your Wyoming business might need other licenses, permits, and professional certificates. Some of these may cost money, so you should compare professional services to see what your expenses will be.
Another important aspect of starting an LLC in Wyoming is the hiring of a registered agent. This person will serve as the primary point of contact for the state and accept service of process, in the event of a lawsuit. You can find a free registered agent service through a company like ZenBusiness. The costs of maintaining an LLC are lower than other states. There are many other aspects that make it easier to run your business in Wyoming.
Another important factor to consider is the amount of taxes you’ll need to pay for your business. Wyoming does not collect corporate income tax or franchise tax. However, there is an annual license tax based on the value of your company’s assets. If you have $10k in assets, you’ll only have to pay $60, while a $1 million business will pay $200. All in all, the ongoing costs of running an LLC in Wyoming are minimal.
The most important and expensive aspect of maintaining an LLC in Wyoming is choosing the name for your business. You will need to choose a name that distinguishes it from other businesses. If you aren’t sure about the name, the Secretary of State’s website will help you choose one. The search costs $4.99. If you decide to use a Wyoming registered agent, make sure you have the necessary contact information ready.
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.