Wyoming LLC - Set Up Online for $39 | LLC Class Teach You

What is an LLC?

An LLC, or Limited Liability Company, is a type of business entity designed to safeguard the personal assets of its owners. It blends the benefits of both corporations and partnerships while avoiding many of their drawbacks. A Wyoming LLC is one example optimized for privacy and low fees.

LLCs can be utilized to operate a business or to hold various assets, including real estate, vehicles, boats, or aircraft. Many entrepreneurs choose an LLC for asset protection and streamlined costs.

Where is the Best State to Form an LLC?

The ideal state to form your Limited Liability Company (LLC) is typically the state where you are actively conducting business. For most individuals, this will be their home state. A Wyoming LLC is popular for privacy and low fees, but the best choice is the state where you operate.

For real estate investors, it is crucial to establish your LLC in the state where the property is located, as this is where the business activities occur. If your rentals are in Wyoming, forming in-state can be a strong option.

How Much Does It Cost to Form an LLC?

As of 2024, the average cost to file for an LLC is approximately $128. Filing fees across the 50 states generally range between $50 and $500. A Wyoming LLC typically has among the lower filing and annual report fees.

You can find detailed information about LLC filing fees and annual costs for all 50 states here: LLC Filing Fees by State.

States with Higher LLC Formation Costs

However, high LLC fees in your state don't necessarily mean you should form an LLC in a different state. Registering an LLC out-of-state will require you to file as a Foreign LLC in your home state, which could increase your overall costs significantly.

Wyoming LLC Annual Reports

Most states mandate that LLCs file an annual report and pay an associated fee, commonly referred to as the Annual Fee. On average, this fee is $100, with most states charging between $50 and $100 per year. A Wyoming LLC annual report commonly starts at around $60.

States with No Wyoming LLC Annual Reports

States with Higher LLC Annual Fees

Additional Fees to Watch For

Be aware that even if a state has a low or no annual fee, there might be other costs involved. For instance, in Connecticut, while the Annual Report fee is $20, there is also a Business Entity Tax of $250 due every other year.

To fully understand the costs involved in forming and maintaining an LLC in your state, be sure to review our comprehensive guide for your specific state.

LLC Registered Agent Fees

If you choose to act as your own LLC's Registered Agent, or if you designate a friend or family member for this role, there will be no additional cost. However, if you prefer to hire a professional, Commercial Registered Agents typically charge between $100 and $300 annually.

One recommended provider is Northwest Registered Agent, which offers their services for $125 per year and is known for its excellent customer support.

What is a Wyoming LLC Registered Agent?

A Registered Agent (also known as a Resident Agent or Statutory Agent) is an individual or company designated to receive legal documents and official notices on behalf of your LLC. Most states, with a few exceptions, require that your LLC designates a Registered Agent in its formation documents. Wyoming requires a registered agent with a valid in-state street address.

The role of the Registered Agent is to ensure that there is a dependable person or company and a valid street address (as PO Boxes are generally not accepted) where legal documents can be delivered. Be cautious of companies that may try to pressure you into hiring them as your Registered Agent; you or someone you know can fulfill this role without additional costs.