How much does an LLC cost in Wyoming? (details)
Forming a Wyoming LLC entails more than just paying the first filing fee; it doesn't have to be extremely expensive.
We outline all up-front and continuing costs for a Wyoming LLC and advise how to successfully cut these out of the budget.
How Much Does It Cost to Start an LLC in Wyoming?
There is a $100 filing fee for the Articles of Organization with the Secretary of State when forming an LLC in Wyoming.
This is important in creating your LLC's legal standing, allowing it to function under Wyoming regulations if approved.
Apart from the LLC filing fee mentioned above, additional expenses are associated with establishing a Wyoming LLC (Limited Liability Company).
Costs of Forming a Wyoming LLC
Forming an LLC includes a one-time state filing fee of $100.
There are also ongoing fees (like a $60 Annual Report fee and potential business license fees), which we discuss below.
LLC Costs in Wyoming
| Requirement | Cost |
|---|---|
| LLC Name | $0 |
| Registered Agent | $0 or $125 per year |
| Articles of Organization | $100 |
| Operating Agreement | $0 (free on our site) |
| EIN Number | $0 (free to the IRS) |
| Annual Report | $60 |
| Taxes | varies (filed and/or paid every year) |
The filing fee for a Wyoming LLC Articles of Organization is $100
In Wyoming, forming an LLC requires paying the Secretary of State a $100 filing fee for the Articles of Organization. This paper creates your LLC legally if it is accepted.
After formation, you only need to pay the $100 one-time charge; after that, you won't need to pay any more monthly or yearly fees to keep your Wyoming LLC active.
✎ Note:
LLCs represent the predominant business structure in Wyoming, chosen for their robust liability protection afforded to owners, making them highly favored among business entities.
The form used to establish an LLC can vary by state; it may be called the Articles of Organization.
In Wyoming, it is specifically known as the Articles of Organization. Despite these variations in naming, they all serve the same purpose to create your LLC legally.
Reserving a business name in Wyoming entails a fee of $0
The creation of your Wyoming LLC Name Reservation is completed simultaneously if you want to file online. An additional $0 filing fee is required for an online name reservation when filing online.
Remember to include the Name Reservation with your application if you want to file by mail.
But before forming your LLC, you have to wait for the Name Reservation to be approved. Even though filing by mail can save you a few bucks, it can take longer to form your LLC.
How much does a DBA cost? ($100)
In Wyoming, a DBA is filed with the town clerk rather than the Secretary of State. Therefore, the cost of a DBA will vary depending on the town where your LLC is doing business.
✎ Note:
A DBA, also known as a Trade Name, Fictitious Name, Assumed Name, or Fictitious Business Name, refers to the same concept.
★ Tip:
Obtaining a DBA for your LLC is optional and not a requirement.
Wyoming Registered Agent Fee ($0 to $125/ annually)
Under Wyoming law, every LLC formation requires the appointment of a Registered Agent.
Your Wyoming Registered Agent acts as the liaison for legal documents and state notifications on behalf of your LLC, necessitating a physical address within the state and availability during regular business hours.
You can appoint yourself, a trusted associate, or a family member as your Registered Agent without incurring additional expenses.
Alternatively, hiring a Registered Agent service costs between $100 and $300 per year. These services offer additional business support and safeguard your privacy.
Hiring a Registered Agent service is a good idea if:
- You lack a physical address in the state (Wyoming law mandates Registered Agents to have an address within the state).
- You prefer to keep your address private (some companies allow you to use their address for confidentiality).
Exclusive Offer!
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LLC Operating Agreement Fee ($0)
A Wyoming LLC Operating Agreement functions as a written contract among the LLC's members. It outlines specific details regarding ownership, how the LLC is managed, and the distribution of profits.
Both Single-Member and Multi-Member LLCs should create an Operating Agreement, maintain it within their business records, and provide each member with a copy.
Online services generally charge between $50 to $200 for crafting an LLC Operating Agreement.
LLC EIN Number Fee ($0)
An EIN, also referred to as an Employer Identification Number or FEIN (Federal Employer Identification Number), is essential for handling tax filings, setting up an LLC bank account, and potentially facilitating employee hiring.
While some platforms may charge a fee, you can obtain an EIN for your LLC free of charge directly from the IRS. The process to apply online is simple and typically takes only a few minutes to complete.
Wyoming LLC Annual Report Fee ($20/year)
In Wyoming, the LLC Annual Report is referred to as the Periodic Report.
The state requires you to keep your LLC's information up to date by filing a Wyoming Periodic Report annually.
This keeps your LLC in good standing and compliance with state law so it can continue operating. You simply confirm the information on your Periodic Report, file it with the Wyoming Secretary of State, and pay the Periodic Report filing fee.
The Wyoming LLC Periodic Report is free annually. These costs are required each year for the duration of your LLC's existence.
✎ Note:
Other business entities may file different reports, but LLCs only need to file the Periodic Report each year.
Wyoming Business License and Permit Fees
The locations and industry sectors in which your LLC operates in Wyoming may require you to apply for additional business licenses or permits. For your LLC's specific operating area, for example, it may be necessary to obtain a city business permit.
Location and industry specifics can affect the cost of these licenses or permits. These costs are usually fair. Local governments such as towns, cities, or counties are responsible for administering some licenses and permits, while the state issues others.
LLC Taxes
Wyoming LLC owners face a range of tax obligations, leading to varying annual costs.
Some of the taxes LLC owners pay include:
- Federal taxes
- State income tax
- Local income tax
- Business taxes
- Self-employment taxes
- Sales and use tax
- Payroll tax (if you have employees)
- Property tax (if the LLC owns property)
The Taxes of Your Wyoming LLC taxes are affected by your industry and business activities, making it difficult to predict. Every business is different, and the taxes your LLC owes depend on your specific situation.
✎ Note:
Typically, a Single-Member LLC is taxed similarly to a Sole Proprietorship, while a Multi-Member LLC is taxed similarly to a Partnership.
Hiring an Accountant
Accounting fees can vary, but in general, expect to pay about $300 a year for basic tax returns and up to $900 for more comprehensive filings.
The best person to help you determine your small business tax liability in Wyoming is a certified accountant.
While accounting costs can vary, you should generally budget $300 for simple tax returns and up to $900 for more complicated filings annually.
Need to save time?
Consider hiring a professional to set up your LLC: Northwest Registered Agent offers LLC formation services starting at $39 plus the state fee.
(Find out why Northwest is the top choice for LLC formation)
✎ Note:
Accounting fees can vary, but in general, expect to pay about $300 a year for basic tax returns and up to $900 for more comprehensive filings. We recommend speaking with a few Wyoming accountants to make sure they can help you with all of your local, state, and federal tax needs. For more advice, see our comprehensive guide on how to find an accountant.
Wyoming Secretary of State
If you're curious about the expenses involved in starting a Wyoming LLC, feel free to contact the Wyoming Secretary of State for detailed information.
Wyoming LLC Costs FAQs
How much does it cost to open an LLC in Wyoming?
To start an LLC in Wyoming, it costs $100 for the one-time filing fee of the LLC Articles of Organization.
Additional costs may include local business permits, which vary depending on your industry and location. You might also need business insurance (e.g., business liability insurance) depending on your LLC’s activities.
How much does an LLC in Wyoming cost per year?
All Wyoming LLCs must pay $60 annually for the Annual Report (also known as the Wyoming Annual License Tax) to the Secretary of State. This is the only state-required annual fee to keep your LLC in good standing.
If you hire a Registered Agent service, there will be an annual fee of around $125 per year.
Additionally, some LLCs might need a business license, and local renewal fees may apply. Check with your municipality for any specific requirements and fees.
Should I hire an LLC formation service?
You are not required to hire a professional service company to form your LLC in Wyoming; you can handle the process yourself.
Do I need to hire an attorney to form an LLC?
No, hiring an attorney is not required to form an LLC in Wyoming. You can complete the formation process yourself.
However, if your LLC has a complex structure, involves investors, or requires specific documentation, hiring an attorney might be beneficial. Attorneys typically charge between $800 and $2,500 for LLC formation services.
How do I start a Limited Liability Company in Wyoming?
To set up an LLC in Wyoming, follow these steps:
- Choose an LLC business name and verify its availability
- Select a Wyoming Registered Agent
- File the Wyoming Articles of Organization
- Complete and sign an LLC Operating Agreement
- Obtain a Tax ID Number (EIN) from the IRS
- Open a business bank account
- Check whether you need a business or sales tax license in Wyoming
What’s the cheapest way to start an LLC?
The most cost-effective way to start an LLC is to handle the formation process yourself. This includes paying only the filing fees, acting as your Registered Agent, and using a free LLC Operating Agreement template.
By doing this, you can save over $400 compared to using a formation service.
How long does it take to get an LLC in Wyoming?
The processing time for an LLC in Wyoming depends on your filing method:
- By mail: Approximately 10-15 business days, plus mail time
- Online: Immediately
How much does a Wyoming business bank account cost?
Business bank account fees vary. Some banks charge monthly fees ($10 to $20), but these fees can often be waived by meeting specific requirements, such as maintaining a minimum balance or making a certain number of direct deposits.
It's also possible to find banks that offer accounts with no monthly fees. Contact banks to inquire about avoiding maintenance fees before opening an account.
How much is a Foreign LLC in Wyoming?
A Foreign LLC, which is an LLC formed in another state but operating in Wyoming, costs $100 to register. This fee is for filing the registration form for an LLC in Wyoming after it has been formed in another state.
If you form an LLC in Wyoming, it is considered a “Domestic LLC” in Wyoming. An LLC formed in another state and registered in Wyoming is called a “Foreign LLC.”
Is Wyoming a good state for an LLC?
Yes, Wyoming is considered a favorable state for starting a business. It has no state business license fee, offers quick approval times, and has helpful representatives at the Secretary of State’s office.
However, the most crucial factors in choosing where to start your LLC are your place of residence and where you plan to conduct business. If you live in or operate your business in Wyoming, forming an LLC there is generally advisable. Forming an LLC in a different state while living and doing business in Wyoming may lead to additional fees and complications without providing significant advantages.