How Much Does an LLC Cost in Wyoming? (Filing Fees 2024)
Are you thinking about starting an LLC in Wyoming? It’s one of my favorite states for forming an LLC right now.
But how much would setting up your Limited Liability Company in the Cowboy state cost?
First, a $100 fee is required to file the Wyoming LLC Articles of Organization. After that, expect an annual report fee of $60.
However, additional costs might include hiring a registered agent, reserving your LLC name, securing necessary licenses, and handling taxes. These extra services and fees can add up faster than expected, so knowing the full picture upfront helps you budget more effectively and avoid surprises.
A clear understanding of all the costs makes the process much smoother and keeps you on track.
How Much Does an LLC Cost in Wyoming?
Forming an LLC in Wyoming is affordable, but multiple costs must be considered to keep your business compliant and operating smoothly.
Here’s a full breakdown of what you can expect:
- Articles of Organization Filing Fee: The primary cost to form an LLC in Wyoming is $100. This fee covers filing the Articles of Organization with the Wyoming Secretary of State.
- Annual Report Fee: To keep your LLC in good standing, you must file an annual report starting in your second year. This fee is $60 and must be paid every year.
- Registered Agent Services: Wyoming requires every LLC to have a registered agent. While you can serve as your own, many choose a professional service for privacy and convenience. Registered agent services typically cost between $100 to $300 per year.
- LLC Name Reservation: If you want to secure your LLC name before filing, reserve it for $60. This is optional but useful if you’re still preparing your filing.
- DBA (Doing Business As) Name: If your LLC plans to operate under a name other than its legal name, you’ll need to file for a DBA (trade name), which costs $100 in Wyoming.
- Business Licenses and Permits: You may need local licenses or permits depending on your industry and location. Costs vary by city and county, typically ranging from $50 to $200.
- Certificate of Good Standing: If you need proof that your LLC complies with state regulations (often required for business loans or expanding out of state), you can request a Certificate of Good Standing for $10.
- Additional Costs: You might also need to budget for things like obtaining an EIN (Employer Identification Number), free through the IRS, or professional fees for legal or accounting help if needed.
LLC Costs in Wyoming (Formation Fees)
Here’s a table showing the costs associated with forming and maintaining an LLC in Wyoming:
Wyoming LLC Requirements | Cost |
---|---|
LLC Business Name Cost | $0 |
Articles of Organization | $100 |
Operating Agreement (optional) | $0 (with Northwest) |
EIN Number | $0 (free from IRS) |
Annual Report | $60/annually |
LLC Name Reservation Fee (optional) | $60 |
Certificate of Good Standing (optional) | $10 |
Foreign LLC Registration (optional) | $150 |
Fictitious Name (DBA) (optional) | $100 |
Taxes | Varies |
Wyoming Sales and Use Tax License | $60 |
Registered Agent Services (optional) | $0-$125 (Northwest) |
LLC Formation Services (optional) | $39 |
Total LLC Costs in Wyoming | $160 – $704 |
Wyoming LLC filing fees table
Total LLC costs in Wyoming range from $160 to $704. If you do everything yourself and skip the optional extras, you might only spend around $160. However, if you decide to pay for additional services and requirements, your costs could go up to between $400 and $704.
The first mandatory expense is the $100 fee for filing the Wyoming Articles of Organization, which is essential for officially forming your LLC. Additionally, you’ll need to budget for the annual report, which costs $60 each year.
Now, let’s discuss the optional costs.
Obtaining an Employer Identification Number (EIN) is free from the IRS, and an LLC business name costs $0. An Operating Agreement is recommended but can be obtained at no cost using services like Northwest. If you want to reserve your LLC name, that will cost you $60.
You may also want a Certificate of Good Standing for $10. If you plan to register a foreign LLC in Wyoming, that incurs a fee of $150. If you wish to operate under a different name (DBA), you must pay an additional $100.
Regarding registered agent services, you can either act as your agent at no cost or hire a professional service, which typically ranges from $100 to $300, depending on the provider.
Suppose you use an LLC formation service that typically costs around $39. Additionally, remember that taxes can vary based on your business activities, and obtaining a Wyoming Sales and Use Tax License costs $60.
Wyoming LLC Business Name Cost ($0)
When you start an LLC in Wyoming, your business name can be reserved at no cost. This makes securing the name you want easier without spending money upfront.
You must request a name reservation with the Wyoming Secretary of State to reserve your business name. This can usually be done online or by mail.
The state allows you to reserve a name for 120 days. This gives you time to prepare your LLC formation documents without worrying about someone else taking your chosen name.
This free option can help you make informed decisions before fully committing to your LLC. It will also ensure that you take the necessary steps to ensure that your business starts correctly.
Wyoming Articles of Organization ($100)
You must file the Articles of Organization to start your LLC in Wyoming. Once the state approves this essential document, your LLC will officially be created.
The filing fee for the Articles of Organization is $100. This fee is a one-time charge, meaning you won’t have to pay any ongoing monthly or annual fees for your LLC after the initial cost.
Wyoming LLC processing time varies by filing method. For online filings, you can get your Wyoming LLC approved instantly. If you prefer mail filings, approval takes 4-5 weeks.
Once your Articles of Organization are submitted and approved, your LLC is officially formed. Keeping track of essential filings can help you maintain your business status.
LLC Operating Agreement Cost in Wyoming ($0 with Northwest)
Creating an LLC operating agreement in Wyoming is important for your business. This document outlines how your LLC will operate and helps prevent disputes.
You can obtain your operating agreement for $0 using Northwest Registered Agent. This is a great option for entrepreneurs who want to save money while ensuring their business is structured correctly.
Here are a few key points to remember:
- Importance: An operating agreement defines roles, responsibilities, and how profits or losses are shared.
- Customizable: You can tailor the agreement to fit your business’s needs.
- No State Requirement: Wyoming does not legally require an operating agreement for LLCs, but it is highly recommended.
By choosing Northwest, you don’t incur a cost for this crucial document. This allows you to get started without having to worry about additional expenses. Their service ensures that you have the right framework to operate your LLC successfully.
You can quickly find Operating Agreement templates online, many of which are available for free. However, it’s important to review and tailor any template you use to fit your business’s specific needs and ensure it meets legal requirements.
Wyoming Registered Agent Fee ($0-$300/year)
The cost of a registered agent in Wyoming can vary widely based on how you set it up. There is no fee if you decide to be your registered agent. You’ll just need to provide your name and address.
If you want to hire a professional Wyoming registered agent, expect to pay between $100 and $300 annually. These services typically offer added privacy and support for your LLC. A few popular options are:
- LegalZoom: Charges about $249 per year.
- ZenBusiness: Offers services for $199 annually.
- Northwest Registered Agent: This company offers a great deal by offering the first year for free when you use it to form your LLC. After the first year, their fee is only $125 each year.
It’s important to consider the benefits of using a registered agent service. They can help you manage important documents and keep your personal information private. Even though the costs can add up, their protection and ease can be valuable for your business.
EIN Cost in Wyoming ($0 from the IRS website)
Getting an Employer Identification Number (EIN) for your LLC in Wyoming is free. You will not have to pay any fees to the IRS for this service.
Applying for an EIN is simple and can often be done online. You can complete the application in about 15 minutes. Just visit the IRS website, where the process is straightforward.
Beware of websites that offer to apply for an EIN for a fee. These services are not necessary because the application through the IRS is free.
Your EIN is essential for various purposes. It is used for tax reporting, opening bank accounts, and hiring employees.
When you apply, make sure to have the necessary information ready. This includes your business name, structure, and owner’s details.
Wyoming Annual Report Fee ($60)
In Wyoming, your LLC must pay an Annual Report fee of $60 annually. This fee is required for the second year of your LLC’s operation. It is important to budget for this cost as part of your yearly expenses.
You will file your Annual Report with the Wyoming Secretary of State. You can do this online, but there is a $2 convenience fee for online payments.
If your LLC has assets over $250,000 in Wyoming, your Annual Report fee may be higher. The fee is calculated as $0.0002 for each dollar of your assets. For example, if your LLC has $300,000 in assets, you would still pay $60 since the formula caps the fee at this amount.
Keep track of this fee so your LLC maintains good standing in Wyoming. Missing this payment can lead to penalties or even the dissolution of your LLC.
Fictitious Name/DBA Cost in Wyoming ($100)
If you want to operate your business under a name different from your legal business name, you must file for a DBA (Doing Business As) or a fictitious name in Wyoming. The cost for this filing is $100.
To register your DBA, complete an Application for Registration of Trade Name and submit it to the Wyoming Secretary of State. This form requires your original signature and must be notarized.
Once registered, your DBA remains active for ten years. After that period, you will need to renew it. The renewal cost is $50, and you can complete this process by submitting the Application for Renewal of Trade Name Registration by mail.
To ensure your DBA is accepted, check its availability before filing to ensure the name is not already used.
LLC Name Reservation Fee in Wyoming ($60)
To reserve a name for your LLC in Wyoming, you must file an Application for Reservation of Name. This step is important to ensure that someone else does not use your chosen name.
The fee for reserving your LLC name is $60, paid to the Wyoming Secretary of State. After you submit your application, processing can take up to 15 business days.
Once your application is approved, the name will be secured for 120 days. This gives you time to complete the registration of your LLC without worrying about someone else using the same name.
Wyoming Certificate of Good Standing ($10)
When you form an LLC in Wyoming, obtaining a Certificate of Good Standing is essential. This document shows that your LLC is properly registered and in good standing with the state.
This certificate costs $10. You can easily order it through the Wyoming Secretary of State’s Business Center. This step is important if you plan to open a business bank account or apply for loans.
Lenders and financial institutions often require this certificate to verify that your LLC is legally authorized. It acts as proof that you have fulfilled all requirements.
Wyoming Foreign LLC Registration Fee ($150)
To register your foreign LLC in Wyoming, you must pay a $150 filing fee. This is a straightforward, one-time cost.
When you file, you must also consider the Certificate of Good Standing, which can cost between $0 to $50. This certificate shows your business is in good standing in its home state.
After completing your application, you’ll receive a filed copy of your Wyoming Certificate of Authority. This document is important as it allows your LLC to operate legally in Wyoming.
Wyoming Sales and Use Tax License ($60)
If your business plans to sell goods or services in Wyoming, you need a Sales and Use Tax License. This license ensures that you collect and report the appropriate sales tax from your customers.
The fee for this license is $60. Applying is straightforward and can be completed online. You’ll need to provide basic information about your business, including its name and address.
You must obtain this license if you engage in activities like:
- Selling tangible personal property
- Providing taxable services
- Leasing or renting tangible personal property
Meeting your tax obligations helps maintain compliance with state regulations. Ensure that you renew your license and remain updated on any changes to tax rates or regulations.
Once you have your license, you are responsible for collecting the state’s sales tax, which is currently set at 4%. Keep in mind that local governments may add their own taxes, which can vary based on the area.
Wyoming LLC Taxes (varies)
When you operate an LLC in Wyoming, you face several types of taxes. Understanding these taxes is important for managing your business finances effectively.
- Federal Income Tax: Your LLC may need to pay federal income tax based on earnings. If your LLC has multiple owners, it will be taxed as a partnership.
- State Taxes: Wyoming does not have franchise taxes for LLCs. Instead, you will pay an annual license tax based on the assets your LLC holds in the state.
- Annual License Tax: This tax is calculated at 0.0002 (two-tenths of one mill) for every dollar of assets and has a minimum fee of $60.
- Filing Requirements: To keep your LLC active, you must file an annual report and pay the annual license tax starting in your second year.
- Payroll Tax: If your LLC employs staff, you must also account for payroll taxes. This can include federal, state, and local taxes based on employee wages.
It is often helpful to work with a qualified accountant. The fees for an accountant can range from $400 to $900 per year for small business owners. Investing in professional help can help you navigate your tax obligations efficiently.
Wyoming LLC reinstatement fee ($100)
If your LLC in Wyoming has been dissolved, you can reinstate it. The reinstatement fee is $100. This fee is required to process your application.
You also need to consider other possible costs. If you miss filing annual reports, you will incur a fee of $60 for each late report. Failure to maintain a registered agent can result in a $350 penalty.
Send your application with the fees to the Wyoming Secretary of State’s office to reinstate your LLC.
Submitting your reinstatement application online usually speeds up the process. If you mail it, expect the reinstatement to take about a week.
Keeping track of your filings and fees is crucial to avoiding unexpected costs. Also, make sure to stay current with your annual reports and registered agent requirements.
Wyoming LLC dissolution fee ($60)
When you decide to dissolve your LLC in Wyoming, there is a filing fee of $60. This fee is required when you submit the Articles of Dissolution to the Wyoming Secretary of State.
To complete the dissolution, you need to include specific information. This includes the name of your LLC, the date of dissolution, and the signature of an authorized person. Don’t forget to provide your contact information as well.
You can also dissolve your LLC through administrative dissolution. This happens if you don’t file your annual report. After a 60-day grace period, your LLC will be administratively dissolved without additional fees.
File your dissolution paperwork correctly to avoid potential delays. This process allows you to conclude your business clearly and officially.
Wyoming LLC Change of Registered Agent Fee ($5)
Changing your registered agent in Wyoming is a straightforward process. You can do this for a state fee of just $5. This fee applies when you file the necessary paperwork to switch your registered agent.
Complete the “Appointment of New Registered Agent and Office” form carefully. Provide all required information to avoid delays.
Once completed, you can submit the form by mail to the Wyoming Secretary of State’s office. Remember to include a check or money order for the $5 fee made out to the Secretary of State. This will ensure your application is processed quickly.
Wyoming law requires that all LLCs maintain a registered agent. Your new agent must have a physical address in Wyoming and be available during business hours. This ensures that legal documents can be delivered promptly.
What is the Cheapest Way to Start a Wyoming LLC?
Starting an LLC in Wyoming can be done through different methods. You can file the Articles of Organization online or by mail. The state filing fee is typically $100 when you file by mail and $102 for online applications.
You can also choose to use a service to help with filing. Some companies, like ZenBusiness, offer packages that start at $0 plus the state fees. This can seem appealing, but you must still pay the state filing fee.
If you want to keep costs low, the most economical way is to file the Articles of Organization independently. This allows you to avoid extra service fees while meeting all legal requirements.
While this is the cheapest option, it has some drawbacks. Filing on your own requires you to understand the process and complete the forms without assistance, which can be confusing for first-time business owners.
Additionally, an error in your application can lead to delays or additional costs. Therefore, you should weigh the savings against the potential hassle.
The cheapest start method is to file directly with the Wyoming Secretary of State. Just be prepared to handle the process on your own.
Should You Use an LLC Formation Service in Wyoming? (here’s why)
When forming an LLC in Wyoming, you might wonder if using a formation service is the right choice for you. These services can offer several benefits that simplify the process.
Here are the key benefits of using a formation service like Northwest Registered Agent:
- Peace of Mind: They handle all the paperwork for you, reducing the stress of dealing with important details. This lets you focus more on your business.
- Privacy Protection: These services help keep your personal information off public records, ensuring your privacy as a business owner.
- Compliance Assistance: They help with annual reports and other required filings, so you don’t have to worry about missing deadlines or maintaining compliance independently.
- Expert Support: Many services provide free access to LLC experts and attorneys, so you can easily get advice and answers to any questions you have during formation.
That said, using these services can have costs associated with them. While the fees may be higher than doing it yourself, their support and assurance are often worth the investment. It’s crucial to weigh these factors based on your needs and comfort level.
Frequently Asked Questions
How much does an LLC cost per year in Wyoming?
The annual fee to maintain an LLC in Wyoming is $60. If you file the annual report online, there is an additional convenience fee of $2, for $62. If your LLC has assets over $250,000, additional fees may apply.
How long does it take for LLC approval in Wyoming?
Once you submit the Articles of Organization, approval can happen quickly. Most filings are approved within 24 hours. However, processing times can vary based on the volume of submissions at the state office.
Is a Wyoming LLC worth it?
A Wyoming LLC is often considered worth it due to its benefits, such as strong asset protection, no state income tax, and privacy laws that keep information confidential. These factors create a favorable environment for business owners.
What state is best to open an LLC?
There isn’t a one-size-fits-all answer. The best state for your LLC depends on taxes, regulations, and business needs. Wyoming is popular for its favorable rules, but other states might be better suited depending on your location and business type.
Do I need a Wyoming address for an LLC?
You must provide a registered agent with a physical address in Wyoming. This is required for legal correspondence and ensures that your LLC complies with state regulations.
Can a foreigner own an LLC in Wyoming?
Yes, foreigners can own an LLC in Wyoming. The absence of restrictions on ownership based on nationality or residency makes it accessible to international business owners.
How much does it cost to dissolve an LLC in Wyoming?
To dissolve an LLC in Wyoming, there is a filing fee of $60. This covers the necessary paperwork to end the business officially, and most states require you to complete this process to avoid future penalties.
How much does it cost to reinstate an LLC in Wyoming?
If your LLC has been administratively dissolved, you can reinstate it by paying a $100 reinstatement fee. You must also apply for reinstatement and settle any outstanding fees or penalties.
Do I need a business license if I have an LLC in Wyoming?
In Wyoming, you typically do not need a state business license. However, local permits or licenses may be required based on your business type and where you operate.
Do I need to hire an attorney to form an LLC in Wyoming?
You are not required to hire an attorney to form an LLC in Wyoming. Many people successfully file the necessary paperwork themselves. However, consulting an attorney can be helpful for complex situations or specific legal advice.
Should I hire an LLC formation service in Wyoming?
Hiring an LLC formation service can benefit those who prefer assistance with paperwork and compliance. These services can streamline the process and help ensure all requirements are correctly met.
Are there penalties for paying my fees late in Wyoming?
If you fail to pay your annual fees on time, your LLC may incur late fees. More serious consequences can include administrative dissolution of your LLC if reports remain unfiled for too long.
What happens if I do not file my Wyoming LLC annual report?
The state may administratively dissolve your LLC if you do not file your annual report. This means your business would no longer be recognized legally, and you would lose liability protection.
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