Before forming an LLC in Wyoming, it's essential to understand the costs involved. While Wyoming has a reputation for being a business-friendly state with low fees and taxes, there are still expenses associated with forming and maintaining an LLC.
This article will explore the costs you can expect to pay when forming an LLC in Wyoming, including state filing fees, annual report license tax fees, and other Wyoming LLC fees.
By the end of this article, you'll better understand how much it costs to form and maintain an LLC in Wyoming and be better equipped to make informed decisions for your business.
Quick Summary
- The filing fee for forming an LLC in Wyoming is $100 if filed to the Wyoming Secretary of State or $102 if filed online.
- LLCs in Wyoming do not have to pay a state business income tax or personal income tax.
- LLCs in Wyoming can also reserve a name up to 12 months before formation by filing an Application for Reservation of Name and paying a $50 filing fee.
How Much Does An LLC Cost In Wyoming?
An LLC in Wyoming costs $100 to file the Articles of Organization directly to the Wyoming Secretary of State, or $102 if filed online.
After establishing an LLC in Wyoming, you may need to pay additional costs to reserve a business name, get a basic business license, obtain a certificate of occupancy, and submit your LLC's biennial report [1].
How Much Is Wyoming LLC Filing Fee?
The Wyoming LLC Filing Fee is $102, paid to the Wyoming Secretary of State's Office when filing the Articles of Organization.
This fee covers the cost of processing and filing the LLC formation documents and is the only required fee paid to the state to establish an LLC in Wyoming [2].
Wyoming Registered Agent Service Fee
The cost of a registered agent service in Wyoming can vary depending on the provider. On average, you can expect to pay between $100 to $300 annually for this service.
Your registered agent is required by law in Wyoming to receive legal and official documents for your LLC.
While you can technically serve as your registered agent, using a professional service is often recommended to ensure the timely receipt of essential documents and avoid potential legal complications.
Some providers may also offer additional services and benefits, such as compliance monitoring and access to legal resources.
Wyoming Business/License Tax
Wyoming does not have a state business income tax, nor does it have a personal income tax. This makes it an attractive state for entrepreneurs and businesses looking to start or relocate.
However, there are still some taxes and fees that businesses in Wyoming may be required to pay. They include:
- Sales and Use Tax: Wyoming imposes a state sales tax rate of 4% on the sale, lease, or rental of tangible personal property and some services. Some local jurisdictions may charge additional taxes, resulting in a total sales tax rate of up to 6%. Use tax is also due on the purchase or lease of taxable tangible personal property that will be used in Wyoming but was not subject to Wyoming sales tax [3].
- Excise Tax: Excise taxes are levied on specific goods or services, such as gasoline, tobacco, and alcohol. Wyoming imposes an excise tax on gasoline, diesel, and other fuel. The current tax rate is 24 cents per gallon of gas and diesel fuel.
- Property Tax: Wyoming imposes a property tax on real and personal property. The rate varies depending on the property's location and the type of property.
- Employment Taxes: Employers in Wyoming must pay unemployment insurance taxes, which are used to fund the state's unemployment insurance program. The rate varies depending on the employer's history of layoffs and other factors.
Other LLC Filing Costs
There are also some other optional costs associated with establishing an LLC in Wyoming:
1. LLC Name Reservation
Before forming a limited liability company (LLC) in Wyoming, you should look up a Wyoming LLC and reserve your desired company name for up to 12 months by filing an Application for Reservation of Name and paying a $50 filing fee [4].
LLC Name Reservation is reserving a desired business name for a limited period before officially forming a Limited Liability Company (LLC).
This process ensures that no other entity takes your chosen name while you prepare for LLC formation.
If you are still waiting to be ready to form an LLC immediately but want to secure your desired company name, reserving the name is a simple and affordable solution.
2. Expedited Processing Fees
In Wyoming, the expedited processing fee is $50. Expedited processing fees are additional charges that you can pay to receive faster processing of your LLC formation or filing documents.
Expedited processing fees guarantee same-day processing for documents received by noon or next-business-day processing for documents received after noon.
This option can be helpful if you need to form or register your LLC quickly or if you need to make changes to your LLC's registration on time.
3. DBA
DBA, also known as a Trade Name Registration, costs $100. This fee is paid to the Wyoming Secretary of State's office.
It is important to note that filing a DBA in Wyoming is not the same as forming an LLC, corporation, or other business entity.
A DBA is simply a way for a business to operate under a different name than its legal name. In addition to the filing fee, other costs may be associated with obtaining any necessary business licenses or permit to operate under the DBA name.
Cost Of Registering Foreign LLC In Wyoming
When registering a foreign LLC in Wyoming, several costs must be considered. Here is a breakdown of the fees and expenses associated with registering a foreign LLC In Wyoming.
Application Fee
The Wyoming Secretary of State charges a $100 fee for filing the necessary paperwork to register a foreign LLC. This fee must be paid at the time of application and is non-refundable [5].
Certificate Of Good Standing
In addition to the application fee, many states require that foreign LLCs submit a Certificate of Good Standing from their home state as part of the registration process. This document certifies that the LLC is in good standing and has met all obligations in its home state.
The cost of obtaining a Certificate of Good Standing can vary depending on the state but typically ranges from $20 to $100.
Registered Agent Service
All foreign LLCs in Wyoming must have a registered agent with a physical address. A registered agent is responsible for receiving legal and official documents on behalf of the LLC and forwarding them to the appropriate parties.
You can act as your registered agent, but you can seek a professional service if you can’t handle it. The cost of registered agent services can vary but typically ranges from $50 to $200 per year.
Business Licenses And Permits
Depending on the nature of the LLC's operations, obtaining additional business licenses or permits to conduct business in Wyoming may be necessary.
The cost of these licenses and permits can vary depending on the industry and location of the business.
Annual Report Fee
Foreign LLCs registered in Wyoming must file an annual report with the Wyoming Secretary of State. The annual report fee is $50 and must be submitted by the anniversary date of the LLC's registration. Failure to file the annual report on time can result in late fees and penalties.
Professional Services
While optional, many LLCs hire professional services to assist with registration. This can include attorneys, accountants, and business formation services.
The cost of these services can vary depending on the provider and the scope of the work required.
FAQs
Can I Withdraw Or Cancel My Wyoming DBA?
You can withdraw or cancel your Wyoming DBA by filing a cancellation of the DBA form with the Secretary of State. This form must be signed by an authorized individual and submitted with the appropriate filing fee.
How Long Does It Typically Take To Form An LLC In Wyoming?
The typical processing time for forming an LLC in Wyoming is 2-3 business days if you file online. If you file by mail, it may take up to 7-10 business days. You can expedite the processing time by paying an additional fee for expedited processing.
How Much Does It Cost To Reserve An LLC Name In Wyoming?
It costs $50 to reserve an LLC name in Wyoming. You can reserve a name for up to 120 days by filing an Application for Reservation of Name with the Wyoming Secretary of State's office.
Can A Non-Resident Open An LLC In Wyoming?
Yes, a non-resident can open an LLC in Wyoming. There is no residency or citizenship requirement to form an LLC in the state. However, if you are a non-resident, you must appoint a registered agent with a physical address in Wyoming and be authorized to do business in the state.
What Are The Requirements To Start An LLC In Wyoming?
To start an LLC in Wyoming, you must file Articles of Organization with the Wyoming Secretary of State and pay a filing fee of $100. You must also appoint a registered agent with a physical address in Wyoming. You must also obtain any necessary licenses and permits for your business activity.
Why Is Wyoming Good For LLCs?
Wyoming is often considered a good state for forming LLCs due to its business-friendly environment. Some reasons Wyoming is a good choice for an LLC include low filing fees, low annual license tax fees, no state income tax, strong asset protection laws, and a fast and efficient registration process.
Do You Need Professional Help with Your Wyoming LLC
Forming an LLC in Wyoming can be a complex process that requires attention to detail and a thorough understanding of the legal requirements.
While it is possible to complete the process independently, seeking professional help from a qualified attorney or business formation service can ensure everything is done correctly and efficiently. Doing so can save time, money, and potential headaches.
If you're considering getting professional help, these best LLC formation services in Wyoming can help.
Their LLC formation services in Wyoming provide expert assistance with the entire process, from drafting your Articles of Organization to organizing the submission of your legal documents to the Secretary of State.
By choosing a reliable and reputable LLC formation service, you can focus on growing your business while leaving the legal requirements to the professionals.
References:
- https://sos.wyo.gov/business/docs/businessfees.pdf
- https://www.llcuniversity.com/wyoming-llc/costs/
- https://stepbystepbusiness.com/llc-cost/wyoming-llc-cost/
- https://sos.wyo.gov/Forms/Business/General/LLC/LLC-NameReservation.pdf
- https://sos.wyo.gov/faqs.aspx?root=BUS
