LLC Cost In Wyoming - How Much To Pay In Fees & Taxes in WY
Listed among the best states to start a business in the US, Wyoming is a point of attraction for small businesses. More and more entrepreneurs consider launching a private venture in the state and look into how to start an LLC in Wyoming.
In this article, we are going to unveil costs related to starting and setting up a limited liability company in the state to help you make up a detailed estimate and calculate your ongoing and upcoming expenses.
How Much Is an LLC in Wyoming?
Creating an LLC is payable across the country. It means that no matter the state, the business formation will bring certain costs. Yet, since LLCs are governed by state laws that slightly differ in different jurisdictions, formation costs also vary by state.
It’s worth noting that the LLC cost in Wyoming is not just a state filing fee as you might think. The whole price embraces a number of both regulatory fees and additional related expenses that will make your subtotal in the end.
To help you discern which of the possible costs are appropriate for your business plan and future scenario, we’ve divided WY LLC-related expenses into two generic categories:
- Baseline costs characteristic of nearly any company registration process;
- Added costs mostly specific to a certain situation or additional service you might need.
| Service | Cost |
|---|---|
| State filing fee | $100 |
| Foreign LLC filing fee | $100 |
| Annual license tax | $50 or 0.0002% of the LLC assets value (whichever is greater) |
| Registered agent change fee | Free |
| Name reservation | $50 |
| Certificate of Good Standing | $10 |
| DBA Name | $100 |
| Certified document copies | $3+ |
| LLC amendment rate | $50 |
| LLC dissolution rate | $50 |
Baseline Wyoming LLC Costs
These are basic or standard costs nearly all companies will come across in Wyoming. Some of them are one-time payments and many will become regular charges to pay annually.
Hence, many of those costs will become a permanent part of your operational business expenses.
Wyoming LLC Filing Fee: $100
Despite being a registered entity, a limited liability company is one of the easiest legal structures to form. The whole process is as simple as filing a Wyoming Articles of Organization with the Secretary of State.
You can file either by mail or online. A Wyoming LLC filing fee is $100 for postal filings and $102 for online filings. The latter entails a $2 online processing fee.
The WY Secretary of State’s Office will review and approve your company’s statute within 10 to 15 business days from the moment of your formation documents' receipt. The state has no expedited filing option and considers all applications in the order they are received.
Notably, the Articles of Organization are a generic document covering basic company information. Formal by nature, though, it officially brings your LLC to life and activates all the privileges it offers.
LLC Fees in Wyoming: Registered Agent: $0 - $150
First and foremost, a registered agent (RA) is a law requirement for an LLC. And you can’t skip it in Wyoming. An RA function is to receive legal mail on behalf of your company and keep you informed about any crucial letters in a timely manner.
Keeping an eye on matching your filing commitments, an RA is a part and parcel of your LLC’s compliance and good standing status with the state.
Since RA rules are not limiting, it might not add a cent to your LLC’s operational costs if you choose to serve your own agent in Wyoming or delegate this task to any of your close acquaintances who can handle it for free.
However, one of the best options you have today is to hire one of the WY registered agent services that will
- Organize your mail processing in a professional and efficient manner;
- Keep your personal info private and protected;
- Ensure compliance assistance;
- Provide additional helpful business services.
Dedicated RA services normally operate under annual subscription conditions. The average price is around $100 per annum.
Annual LLC Fee in Wyoming: Annual License Tax: $50+
Most US states call for LLCs to file annual reports to stay compliant by keeping their essential company info updated. Wyoming is not an exception. The state has reporting requirements in place, yet the annual report fee in Wyoming is a bit different.
Other states normally have a fixed reporting fee in place common for all limited liability companies. Yet, in Wyoming, you’ll have to pay an annual license tax that is calculated based on the cost of the company assets.
The tax is $50 or 0.0002% of the LLC assets value depending on which amount is greater. Should a fee be over $500, it’s to be paid when you complete the online filing process.
The annual tax is payable on the first day of the LLC’s registration month. Failure to report in time will nullify your LLC’s good standing status and might cause administrative dissolution.
Foreign LLC Cost in Wyoming: $100
While a state-specific entity, an LLC can expand its activity to other jurisdictions via a foreign qualification in the targeted state. If you already have an existing LLC in another state and seek to make it operable in WY, you need to foreign qualify in WY.
Similar to domestic entities, foreign LLCs require state filing. You should submit an online application and pay a processing fee of $100.
Business Licenses and Permits in Wyoming: Prices Vary
Luckily, the state has no general business license requirements in place, unlike many other jurisdictions where you have to pay just to operate within their territories. And this is one of the state-specific benefits that make WY attractive for businessmen.
While you avoid annual charges under a general license, there are local licenses and permits your LLC might need to register for in Wyoming including the following:
- Occupational licenses for certain professions and types of businesses;
- Health permit which is a must for the food industry in WY;
- General contractor license for those engaged in contractor services;
- Zoning permit when setting up a new building;
- Fire department permits for those operating on the premises, etc.
In the Business Permitting and Licensing Guide, you can check for professions and industries that are subject to licensing as well as for the appropriate licensing agencies.
Besides, it’s advisable that you check with your county office for local licensing rules.
Licensing costs will vary by industry, profession, and locality and could fall anywhere between $50 and a few hundred dollars.
Wyoming LLC Taxes
As with any other business, your Wyoming LLC will have to pay taxes at different levels to stay eligible and compliant. Thus, along with an annual license tax, you’ll have to take into account the following other levies for your LLC in WY:
- Standard LLCs are free from paying a state income tax. In WY, though, there is no personal income tax, so, owners won’t pay levies over their LLC profits;
- LLCs that choose a C-Corp tax status are normally required to pay a corporate income tax. Yet, Wyoming doesn’t tax corporate incomes as well;
- Self-employed LLC members will have to pay a federal self-employment tax at a flat rate of 15.3%;
- A sales tax across the state is 4%, with local tax rates hitting 2% at the highest point. So, an average combined sales tax is around 5.22% in WY;
- If you plan to employ workers, get ready to pay unemployment taxes to the state charged at rates from 0.48% to 9.78% depending on the wage base;
- Property tax in Wyoming is fixed at an 11.5% rate for industrial property and 9.5% for commercial property.
Additional Wyoming LLC Costs
While the above-mentioned basic costs are common for pretty much all LLC types, there are also additional costs determined by specific business situations. It means you won’t have them all on your list.
These costs are usually one-time payments since they are related to one-time services. As a result, they won’t add to your operational expenses.
LLC Name Reservation in WY: $50
Your Wyoming LLC starts with a name that should be distinguishable and available in the state. Otherwise, you won’t be able to use it for registration and your filing application will be rejected.
Hence, Wyoming allows businessmen-to-be to reserve the desired name version if it appears not occupied and they are not ready to form a company yet. This will make the moniker unavailable for other filers.
Unlike other states putting business names on hold for up to 4 months, Wyoming allows reserving the name for a 12-month period. You just need to file the reservation form and pay a $50 processing fee.
DBA Name Registration in WY: $100
LLC’s structure flexibility is second to none. And the ability to get more than one name for your business is one of those flexibility aspects.
A DBA (doing business as) name or a fictitious name is an alternate LLC name different from the company’s legal or registered name and normally used for marketing purposes.
The best thing about DBAs is that you can have as many alternate names for a single LLC as you need. Thus, you’ll be able to launch different brands or product lines without the trouble of running several legal entities.
To use a DBA in Wyoming, you’ll have to register it with the state by filing a trade name application form and paying a $100 fee. Each name should be registered separately to be lawful.
Certificate of Good Standing in WY: $10
Wyoming is by far the best state in the US for running a business for a reason. Not only does it boast a low tax burden for enterprises but also it has fewer legalities to stick to. Thus, it doesn’t require a good standing certificate for LLCs when operating in the state.
However, if you decide to transact outside the state or set up a business bank account, you’ll need a certificate of good standing to verify your LLC’s compliance. The document is easily ordered from the Secretary of State and it costs only $10 in WY.
Certified Document Copies in WY: $3+
A certified document copy is a true-to-life copy of any filing you’ve made with the state. You can order it from the Secretary of State, and it comes signed, stamped, and endorsed by the regulator.
Certified copies are often needed to secure a bank loan, register for a business license, sign a long-term contract, prove your DBA registration, etc.
In Wyoming, certified copies of your LLC papers are issued at $3 per document plus $0.50 per page for the first 10 pages and $0.15 per page thereafter.
Articles of Amendment in WY: $50
Once your LLC statute is registered with the state, to make any changes in this document, you’ll have to officially file amendments.
Notably, the Articles of Amendment allow making the following changes in the registered statute:
- LLC name;
- Mailing address;
- Principal address.
These changes are to be submitted in the form of the Amendment to the Articles of Organization mailed to:
Wyoming Secretary of State
State Capitol Building, Room 110
200 West 24th Street
Cheyenne, WY 82002-0020
Meanwhile, for the registered agent and original organizers’ changes, the state has free forms that are to be filed separately.
Articles of Dissolution in WY: $50
Normally, a detailed LLC dissolution procedure is stipulated in an Operating Agreement as it’s worked out by the company’s owners. Technically, though, it takes the following steps:
- Closing active LLCs tax accounts;
- Dealing with tax clearance if your LLC is a federal taxpayer;
- Filing the Articles of Dissolution.
To legalize the LLC’s dissolution, you should download and fill in the Articles of Dissolution form, complete the doc, and mail it to the Secretary of State’s office. The filing fee is $50.
The approval process usually takes from 3 to 5 workdays. You’ll get a hard copy of your Articles of Dissolution back by mail.