How to Determine Your Wyoming LLC Costs
- How much is an LLC in Wyoming?
- Wyoming LLC Cost: How do I get started?
- What fees go into the total LLC cost in Wyoming?
- What other Wyoming LLC fees should I look out for?
- Are there penalties for paying my fees late in Wyoming?
- What happens if I can't pay my filing fee to the Wyoming government?
- Who receives the filing fees for forming my Wyoming business?
- What is typically the largest fee I will pay when I form my Wyoming LLC?
- What payment methods can I use to pay my LLC or corporation filing fees to the Wyoming government?
- How do I form my LLC in Wyoming?
How Much is an LLC in Wyoming? 💵
Starting an LLC in Wyoming can be an easy process if you know everything that needs to be done and how much things will cost. Let’s go over the details below.
The Cost for a Wyoming LLC
The filing fee for an LLC in Wyoming is $100. The form must be filed with the Secretary of State.
Processing times for an LLC in Wyoming vary. If done online, it can be processed immediately but there will be an additional $2 charge. If mailed, processing can take up to 15 business days. The state currently does not offer expedited processing.
Wyoming LLC Cost: How do I get started? 🏁
Starting your LLC formation means first taking note of what you need to pay for.
What fees go into the total LLC cost in Wyoming?💲
Here’s what you can expect when paying for your Wyoming LLC along with some additional fees.
Wyoming LLC Filing Fee
It costs $100 to file for an LLC in Wyoming.
Annual Report Fee
In Wyoming, you’ll have to pay an annual report license tax for $60 or $0.0002 on every dollar of assets, whichever is greater. The annual report is due on the first day of the LLC’s anniversary month. For example, if you started your LLC on July 13, the annual report will be due on July 1 each year after.
Registered Agent Fee
When submitting your LLC registration, you’ll be asked to provide a registered agent. In Wyoming you must have a registered agent.
What other Wyoming LLC fees should I look out for? ✍️
As you set up your LLC, you’ll inevitably need to deal with some additional fees. Here’s what you can expect.
A Certificate of Good Standing
Although not required, you should consider getting a Certificate of Good Standing for your LLC. You can request one through the Secretary of State. The filing fees vary: online is free and by mail is $10. A Wyoming CGS can make it easier to:
- Get funding
- Register to do business in another state
- Get business insurance
- Get a business bank account
These are just a few benefits, so consider getting a CGS to make running your LLC easier.
A “Doing Business As” (DBA) Name or Trade Name
You should also consider getting a “doing business as” (DBA) name for your Wyoming LLC. This can prove to be helpful if you plan to do business under a name different from your legal one.
In Wyoming, a DBA is called a “trade name” and you can get one through the Secretary of State for $100.
Application to be a Foreign LLC
If you own an out-of-state LLC but wish to do business in Wyoming, then you’ll have to register as a foreign LLC. This carries a fee of $100 and is done through the Secretary of State.
Business Licenses and Permits
You’ll have to apply for certain licenses and permits in order to properly do business in Wyoming. Which licenses and permits you’ll need depends on where you’re located in the state and which industry you’re in. Make sure to research which you’ll need.
Are there penalties for paying my fees late in Wyoming? ⏰
An annual report is the main thing to keep in mind when figuring out what you’ll need to submit on an annual basis for your LLC. Wyoming does not charge a late fee for annual reports, however, if the report is filed over 60 days late, the LLC can be dissolved by the Secretary of State.
What happens if I can’t pay my filing fee to the Wyoming government? ❌
If you aren’t able to pay for any filing fees, then your LLC application will not be accepted.
Who receives the filing fees for forming my Wyoming business? 🇺🇸
All fees for your Wyoming LLC are handled by and paid to the Secretary of State.
What is usually the biggest fee I will pay when I form my Wyoming LLC? 💸
Determining what your biggest fee will be when forming your LLC depends on many factors. For the most part, the biggest fee will be $100 for filing.
What payment methods can I use to pay my LLC or corporation filing fees to the Wyoming government? 💳
Wyoming does its best to simplify the payment methods for business formation. They include check or money order, credit card (VISA or MasterCard), and debit card (VISA or MasterCard).
What are the benefits of starting an LLC? 👍
Starting an LLC has many benefits compared to other business types. Liability protection is a popular one, meaning that the business owner’s assets are protected if the LLC faces a legal issue like a lawsuit.
Two others include a relatively easy startup process and tax flexibilities. If an LLC sounds like a business model you’d like to start, then read on.
How do I form an LLC in Wyoming? 📃
As we mentioned earlier, starting an LLC can be a rather easy process. Here’s a list of a few things you’ll need to do.
Create a Name for Your LLC 👋
Naming your LLC can be a fun process since it allows you to get creative. Keep in mind that Wyoming has a few naming rules for businesses. If you don’t follow these rules, your name will be rejected and you’ll have to go back to the drawing board.
Naming Rules for Businesses in Wyoming
The Wyoming Secretary of State has a PDF dedicated to helping you come up with a great business name. Additional things to keep in mind include:
- The name must not be in use by another business in the state.
- The name cannot suggest the LLC does business in an industry other than what’s outlined in the Articles of Organization.
- The name cannot include offensive language.
Create a list, jot your business name ideas down, and go one-by-one to see which are available and which work best for you.
Use a Business Name Checker
Choose a Registered Agent 👩👨
Wyoming requires all LLCs to have a registered agent that must be chosen during the business’s set-up process.
What is a Registered Agent?
A registered agent is a person or entity that serves as your business’s point of contact and accepts legal documents on your behalf. In Wyoming, an individual serving as a registered agent must be over 18 years of age and have an official physical address. The agent can also be another business. Learn more about registered agents in Wyoming.
Can You be Your Own Registered Agent?
Like in most states, you can be your own registered agent in Wyoming if you’d like, but consider having someone else hold this responsibility. After all, if your business is dealt a lawsuit, papers will be served at your location, which may not look good in front of customers.
Finding a Registered Agent
As we mentioned before, Wyoming requires LLCs to have a registered agent, so look around and decide who you’d like to serve in this position. Keep in mind that registered agents must be paid for, and prices will vary, so be sure to fit this cost into your business budget.
File Articles of Organization 📝
As in other states, you’ll first have to file your Articles of Organization before being able to do business as an LLC in Wyoming. You’ll file this document with the Wyoming Secretary of State for a fee of $100. If you need to amend these articles later on, there’ll be a charge of $60.
Draft an Operating Agreement 🔖
In Wyoming, LLCs aren’t required to have an operating agreement, but it’s best to draft one anyway since they can make running your business easier.
An operating agreement has plenty of benefits that include::
- Legitimizing the business
- Offering operational flexibility
- Making it easier to get a business bank account
- Offering additional protection to members
Although there are more benefits to drafting this document, these are the most common.
Apply for an EIN 🏦
You should also consider getting an Employer Identification Number (EIN) for your Wyoming LLC. This acts as an identifier for your business the same way a social security number does for a person. Like an operating agreement, an EIN has benefits like making it easier to secure a business bank account and streamlining the tax process.
Use our EIN service to get yours today. You can also get one directly from the IRS as well.
Check for Annual Requirements 🗓
Running a business in Wyoming means having to take care of some annual responsibilities.
Wyoming does not impose corporate income taxes. However, the state does have an “annual license tax,” known as a franchise tax. This tax applies to the business’s assets.
Although Wyoming charges no fee for a late annual report submission, your LLC could be at risk of dissolution if the report isn’t filed within 60 days after it’s due. Our Annual Report Service will make sure that this doesn’t happen.
Stay Legally Compliant 🧑🏼⚖️
Staying compliant means keeping your business in good standing with the state. Stay on top of your annual fees and taxes – and don’t forget to file your annual report on time each year! Our Worry-Free Compliance Service ensures that your business is in the right spot.
We Can Help! 🙋🙋♂️
Running a business isn’t easy, and keeping track of everything to ensure your Wyoming LLC is compliant can be hard. That’s why we offer a variety of business formation services along with guidance to ensure that you’re running your LLC correctly. Let’s get started today!
Disclaimer: The content on this page is for information purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
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