Wyoming and Nevada compete for the same business and clients often ask us how our products differ from Nevada’s. Here we provide an analysis of fees, taxes, privacy, simplicity and court systems as they relate to LLCs and Corporations. Before we begin, we will tell you what we have told many clients, “We are not promoting Wyoming companies because we are in Wyoming, we are in Wyoming because of their companies”.
Everything You Need To Know
Wyoming vs. Nevada Fees
Wyoming charges significantly less to begin and maintain a company. Nevada tries to make this less obvious through adding additional fees AFTER you form your company.
WY LLC: The state charges $100 to form an LLC and $50 every year after. That’s it. Our fee is $199 for the first year and we handle everything. Each year after is $50 to the state and $25 for our registered agent service. So $75 per year.
NV LLC: The state charges $75 to form your company. Then you must pay $125 to file your members and managers with the Secretary of State. This puts you at $200 and you have to handle everything yourself. There is also a $200 business license fee if you plan on doing business in NV. WY doesn’t have this. In future years, you must pay $150 to file your paperwork plus whatever registered agent service you choose.
Take a look at the simplicity section below to see more examples of Nevada fees… (for example, having everything done the same day costs $125 more, whereas same day service is included in our fee).
The winner: Wyoming is the clear winner when it comes to LLC fees. Why pay more when you don’t have to?
WY Corporations: Wyoming corporations pay $100 the first year and $50 each year after. Our fee is $199 the first year and $25 every year after for being your registered agent.
NV Corporations: Nevada charges $x to form the corporation, $y to file your officers and another $75+ plus for authorized shares. This means your out the door price is $xyz doing it yourself. A business license is $500.
The winner: Again, Wyoming is the clear winner. Further, WY has not raised fees for ten years whereas Nevada has shown a worrying trend of consistently raising fees.
WY LLCs & Corporations: No state taxes.
NV LLCs & Corporations: No income tax. They do have a gross tax on businesses with more than $4 Million in revenue.
The Winner: These differences may not matter to you. However, the willingness to impose a tax, in addition to consistently raising fees, means Nevada may not remain income tax free for long. Learn more about how to benefit from Wyoming's low LLC taxes and fees here.
WY LLC: Neither owners nor managers are listed with the state. Only we know who owns the company and this is protected by attorney-client privilege.
NV LLC: Owners are not listed with the state, but managers are. This means complete privacy will require adding a nominee service (at a price).
WY Corporations: No information is listed the first year. Officers must be listed in future years. You may use our nominee officer service for $100 to maintain your privacy.
NV Corporations: Owners are not listed, but officers are. This means you will require a nominee service in your first year.
Before we declare a winner, we should address information sharing with the IRS. It is commonly stated Nevada is the only state that does not share information with the IRS and is thus better. This is a half-truth. Wyoming only shares information if you own real-estate IN Wyoming. Further, our willingness to comply on these grounds, and Nevada’s flat refusal, mean our companies avoid increased scrutiny. This is something Nevada cannot claim.
The Winner: Wyoming wins again for having nearly identical privacy, but at a lower cost and with less scrutiny. Learn more about anyonymous limited liabiility companies here and about corporation privacy here.
Wyoming: Everything can be done online and is handled the same day by us.
Nevada: The standard (inflated) fee requires the articles be mailed in. Add processing time and it usually takes 7-10 days. Having everything handled the same day is an additional $125 dollars, 2 hours is $500 and one hour $1000.
The Winner: Wyoming. We offer guaranteed same day service and will expedite within the hour for only $100 more.
The above analysis demonstrates why Wyoming companies are preferable to Nevada’s. Business owners are often concerned about fees, taxes, privacy and the ease of starting up. Wyoming beats on all four. View our list of
Wyoming LLC benefits here and
Corporation Benefits here. Want further proof? Check out
Legal Zoom's website detailing the extra costs for Limited Liability Companies in NV if you want further connfirmation.
These advantages make Wyoming the preeminent destination for incorporating.
Learn more about how we differ from
Delaware by clicking the respective links. We also have articles on
establishing a corporate nexus, a non-profit, and a
sole-proprietorship. Also, learn about how
LLCs differ from corporations and