As you may already know, Wyoming is a popular business go-to state for its incredibly low fees. However, despite offered financial perks, there’s no denying that complying with these yearly obligations can easily be miscalculated. In this post, our business experts will comb through all Wyoming LLC fees so that you can avoid non-compliance risks like penalties and dissolution.
Formation Costs for a Wyoming LLC
Business Name Reservation
While it’s not necessary to reserve your desired business name, you’ll be able to hold on to the selected LLC name within 120 days before your official filing, along with a $50 reservation fee. It’s mainly on a case-to-case basis, but we advise you to check public state records to see if your trade label is available for registration. By doing so, you’ll definitely save more time and money.
Articles of Organization
After confirming that your chosen LLC name is available and your business plan is already laid out, it’s time to prepare and file your articles of organization. This formation document contains all the basic information about your company that the Secretary of State must know before processing your application.
You have to option to submit a paper filing via mail, which costs $100, or you can submit it online for an additional $2 for the processing fee.
When running a business, there are crucial transactions that you’ll need to accomplish, like opening an LLC bank account or hiring employees. These procedures will oblige you to acquire an Employer Identification Number (EIN) or commonly referred to as Federal Tax ID number, from the office of the Internal Revenue Services (IRS).
Among the many Wyoming LLC fees, business licenses are the requirements that vary the most. After filing your articles of organization, you’ll now have to apply for specific permits depending on the nature of your business.
This condition is especially true if you’re offering professional services like real estate. You may need to check which licenses you’ll need to obtain before you can legally operate. For local licensure laws, our team suggests checking Wyoming’s Business licensing and permitting website .
Your LLC’s registered agent plays a crucial role in maintaining your good standing with the state. According to the law, any individual or entity of legal age with a business address and available during business hours could assume this role. In fact, you can even act as your own statutory agent if you qualify.
However, considering the significance of this requirement, one missed tax notice or court demand could lead to incurring penalties or administrative disputes. Therefore, our trade enthusiasts recommend hiring the best professional registered agent services to ensure total compliance.
Foreign LLC Registration
Are you running an out-of-state LLC and eyeing to expand in Wyoming? If so, then you have to submit an Application for Certificate of Authority to the secretary of state to officially register as a foreign LLC and gain operation rights within the state.
Once you filled out the form, you can file it via mail or online for a $100 filing fee.
LLC Formation Services (Optional)
Most companies who want to focus on running the business and making money would leave all filing legwork to the LLC formation professionals. Through these services, the entire registration process will be accomplished efficiently with just a few clicks.
Some providers also offer registered agent services and lifetime business support in their packages, so we can assure you that investing in one could greatly benefit your LLC. The annual subscription for these features ranges from $0 – $300. This is besides your actual LLC formation expenses and yearly fees.
Wyoming LLC State Annual Fees
Annual License Tax
Unlike most states which require annual reports, Wyoming doesn’t impose any fees in its filing every year. However, LLCs under its jurisdiction are obliged to pay a yearly license tax minimum of $50 to the Secretary of State.
License Tax Calculator
The calculation of your annual license tax depends on your existing LLC assets. The state will impose another $50 fee for every $250,000 worth of assets.
Along with your annual report, Wyoming LLCs may pay their yearly taxes online with an additional $2 convenience fee on top of your dues.
(To make the formation process fast and easier, you can also consider hiring the services of these top-rated online incorporation providers)
How much does a Wyoming LLC cost?
Wyoming LLC costs $100 upon filing your formation documents via mail and an additional $2 fee for online submission. On top of these expenses, you’ll be obliged to pay an annual license tax worth $50 for every $250,000 asset declaration. All these mandatory costs must be settled at the state’s secretary’s office.
While Wyoming LLC fees may seem affordable compared to other states, there’s no need to rush on making a decision. As enticing as it seems, our business experts would like to remind you that consistency in fulfilling these obligations is the key to a smooth operation. Therefore, it’s crucial to thoroughly handle each procedure to avoid incurring penalties in the long run.