Here Are the Most Important Wyoming LLC Advantages
- Anonymous Formations
- Low Fees
- Nation Leading Asset Protection
- No State Taxes or Forms
- Flexible Ownership
- No Residency or Travel Requirements
- Close LLCs Available
- No Minimum Capital Contribution
Forming a Wyoming LLC offers a unique blend of benefits which make them highly sought after. They offer anonymity, asset protection and low annual fees. These advantages make them ideal for setting up a holding company, or for operating small to medium sized businesses.
|Service:||Wyoming LLC Formation|
|What’s Included:||First Year Registered Agent and Business Address, Operating Agreement, Free Bank Account|
We will keep your LLC anonymous, and everything can be handled online. Any bank can open an account for a Wyoming company which means you do not need to travel. This page covers the pros and cons of Wyoming LLCs. It also compares them to New Mexico, Delaware and Nevada LLCs. Businesses with operations in other states can still benefit from corporate structures utilizing a Wyoming company. Continue scrolling to learn more about Wyoming LLC Benefits or click the link which interests you:
WY has led the country in business innovation since being the first state in the union to allow LLCs. We also have a $10,000,000,000 rainy day fund. This means we have no interest in scaring away limited liability companies with frivolous fees and taxes. Read below for insights into WY LLC benefits, and find a discussion here of Wyoming, Nevada, Delaware and New Mexico LLCs.
Annual Fees & Requirements
Our first year fee is $199 and this includes the $102 fee to file your Articles of Organization with the Secretary of State. This includes everything you need for the first year, including an operating agreement, free business address, privacy and first year of registered agent service. Learn more here about Wyoming LLC Fees & Requirements.
The only additional item you will require for opening a bank account is an EIN which we can provide or you may obtain from the IRS yourself using our guide in the navigation bar under "Resources". There are no hidden fees or surprises, unlike forming an LLC in Nevada.
- First Year: $199 Total
- Every Year After: Our $59 Registered Agent Service & $50 Annual Report
Wyoming does not require an operating agreement nor are there additional documents to file with the state. Every year after the first, LLCs must file a $50 Annual Report with the Secretary of State. You must also maintain a registered agent in Wyoming. We only charge $59. This makes your annual fees to maintain the company $99.
Wyoming's Anonymous LLC
Wyoming allows the members and managers of LLCs to remain private. Only we know who forms and owns the LLC. This information is protected by attorney-client privilege. Other registered agents in Wyoming can sell your information, but we cannot. The state only knows who organized the LLC, which is us. Contrast this with other states which require a TIN/EIN and personal guarantee on the state license.
Privacy is important and should not be forsaken. The more information which appears in the public record the easier it is for creditors to pursue you and nosy neighbors and family to know your business. No one gains anything by flaunting their wealth. Discover more here about Wyoming LLC Privacy.
LLC Asset Protection
Owning and operating a company comes with inherent risks including lawsuits, damage claims and professional liabilities, just to name a few. Forming a Wyoming LLC provides members and managers protections unavailable elsewhere because many laws concerning asset protection are determined at the state level. This provides breathing room from relentless creditors and egregious attorneys.
Wyoming LLCs offer the traditional corporate veil which protects personal assets from business creditors. It also offers charging order protection, even for Single-Member LLCs, which protects business assets from personal creditors. These liabilities can arise through no fault of your own because of wayward employees, greedy customers or personal vendettas.
Handling these risks properly can prevent disastrous losses damaging to your business and or personal assets. Mitigating such risks requires you begin sooner rather than later given many asset protection plans become stronger with age and should be in place BEFORE a lawsuit or claim arises. Wyoming offers single-member LLCs the strongest charging order protections in the USA. This benefit is extended by statute, unlike for Nevada's LLC for which it is a gray area.
Wyoming LLC Taxes
Wyoming companies have no state tax returns to file. Beyond this benefit, Limited liability companies in general have the most flexibility in determining how they will be taxed. They are taxed as pass through entities by default, but can choose corporate taxation as well if desired.
The three forms of pass through taxation are disregarded entity, partnership and the S-Corp election. Being taxed as a pass-through entity means there will be no double taxation. Those with large retained earnings, however, may take advantage of the new low federal rates by choosing corporate taxation.
The lack of taxes are another benefit Wyoming LLCs enjoy. They make our state an attractive destination for both new and established companies and High Net Worth Individuals seeking to minimize their annual taxes. The important part is properly working a WY LLC into your corporate plans. We recommend speaking to a Certified Public Accountant to fully understand the implications of doing business in Wyoming. Note, Nevada and Delaware have high franchise tax fees which can add hundreds to thousands to your tax bill every year. Follow this link to learn about Wyoming LLC Taxes.
Flexible Regulatory Environment
Corporate formalities and other such restrictions are minimized when you incorporate and do business in Wyoming. Less red tape means more time to focus on what really matters. Wyoming has:
- No citizenship requirement
- No need to visit Wyoming
- Everything can be handled online
- Close Corporations are allowed
- Operating agreement not required
- No minimum capital contribution
vs. Nevada, Delaware & New Mexico LLCs
WY LLCs beat the nation when it comes to privacy, asset protection and cost. Yes, this means we are cheaper than Nevada too. In fact, Nevada has consistently raised filing fees for nine years and recently implemented a gross receipts tax which offers no deductions. Wyoming, on the other hand, has no business license fees or officer filing fees and the annual renewal fee is $50. Find more details on our page comparing Wyoming, New Mexico, Delaware and Nevada Limited Liability Companies.
|Corporate Income Tax at the State Level:|
|No Tax on Corporate Shares:|
|Low Ongoing Fees:|
|Single Person Corporations:|
|Stockholders Aren't Revealed to Secretary:|
|No Annual Report Until the First Anniversary:|
|No Initial List of Members/Managers Filed With the Secretary:|
|No Required Business License:|
|Unlimited Stock - Any Par Value:|
|Nominee Shareholders Allowed:|
|Share Certificates Aren't Required:|
|Low Filing Fees:|
|No Minimum Capital Requirements:|
|Meetings Required in State:|
|Employees, Directors, Officers & Agents are Statutorily Indemnified:|
|Move Company & Keep Start Date:|
|Doesn't Share Information w/ IRS:|
Wyoming's Close LLC
A Close LLC is ideal for single-member, family owned and small companies. Wyoming's LLC Act provides Close LLCs the ability to avoid burdensome rules such as holding an annual meeting. The reduction in formalities does not limit your asset protection features nor does it impact your tax classification. Some online resources refer to the as "Closed Limited Liability Companies", but that designation is technically incorrect. Find out more about Wyoming Close LLCs here.
The value of each benefit above depends on the facts of your situation. Some are seeking to lower their tax bill, while others strongly desire privacy. We sincerely believe our LLCs offer an unbeatable mix of attributes for a majority of individuals and companies looking to start or expand their business. If you want to know more about our offerings and whether they can be of assistance for you, then please reach by completing the contact form below or allow us to form a Wyoming LLC for you today!
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Frequently Asked Questions
Wyoming is the best state for LLCs because it was the first to allow them and the legislature continues innovating to this day. From strong single-member LLC protections to anonymity, Wyoming companies out-compete Delaware and Nevada.
An LLC in Wyoming is taxed the same as every other state. The default is for a single-member is a sole-proprietorship, and a multi-member as a partnership. Owners may elect S-Corporation or Corporate to reduce taxes as well, but this generally done after advising an accountant.
An LLC in Wyoming has no state taxes or tax returns to file. There are no income, gift, estate, crypto or other taxes. There may be taxes due at the federal level to the IRS though.
Wyoming is a leading incorporation domicile due to low fees, no taxes, simple filing and maintenance requirements along with allowing anonymous corporations.