Are you trying to figure out the Wyoming LLC cost? This article explores the cost of setting up an LLC in Wyoming, including start-up costs, annual fees, taxes, filing fees, and extras. Therefore, you can budget your funds correctly and set the right expectations.
Overall, setting up an LLC in Wyoming is inexpensive. That’s especially true when you consider the benefits of having an LLC for your business. This includes liability protection, a better chance to get a bank loan, and a flexible management structure.
Read to the end of the article to learn about how Business Anywhere can help with LLC Wyoming registration. We have already helped countless happy clients with fast business registration.
How Much Does It Cost to Set Up an LLC in Wyoming?
You will need to spend $100 to create an LLC in Wyoming. This fee is required to pay for the Articles of Organization, which is basically a document that’s used to apply for the LLC. You’ll need to submit the Articles of Organization with the state of Wyoming along with personal identification. The filing fee is a one-time payment that you will not need to pay again in the future.
Extra Wyoming LLC Fees to Consider
There are many other fees that you need to be aware of when starting an LLC in Wyoming. Some of these are optional, yet the service they provide can help get your business off to the right start.
LLC Name Reservation
You will need to enter a name for your LLC during the application process. This name must not already be taken in the state of Wyoming and cannot sound too similar to other business names. This rule exists to avoid confusing the marketplaces or trying to piggyback on the success of other companies.
However, if you think of a great LLC name that’s not already taken, yet you’re not ready to start a business, you can reserve the name. This requires a payment of $60, and you’ll need to submit a Wyoming LLC Application for Reservation of Name document.
The document can be submitted via email or the State of Wyoming website. The reservation lasts for 30 days, and you can renew the reservation with another payment.
Registered Agent
You will need to get a registered agent when applying for an LLC in Wyoming since that’s the law. A registered agent is a company or individual who can legally accept and process documents for your LLC.
The registered agent must have a street address, which will be used for your LLC business address. When choosing a registered agent, make sure that they have a good reputation and charge a competitive rate. Overall, the cost is around $125 per year.
Do you want to start using an industry-leading registered agent in Wyoming today? Then take advantage of what Business Anywhere has to offer. We provide professional registered agent services to help your business grow.
What Is Annual Renewal Fee for LLC Wyoming?
The Wyoming LLC annual fee is $60 for maintaining your LLC in the state. You’ll need to pay this fee to the state of Wyoming, and you can complete this payment online. This payment is smaller than in other states like California, where the annual fee is $800.
Is It Worth Getting an LLC in Wyoming?
Given the cost of LLC in Wyoming, you might be wondering if it’s worth getting one. To help you decide, let’s look at the top benefits that LLCs bring to the table.
- Tax reduction: There are different tools available for LLCs to reduce the amount of taxes your business pays. For example, you can choose a S-Corporation or Corporate to reduce your taxes. However, you need to consult a tax lawyer to help you figure out the precise laws and tax rates applicable to your business.
- Personal liability protection: You’ll receive protection from personal liability when customers want to sue your business. That’s because it is the LLC that will be liable instead. This can potentially help you prevent bankruptcy or other financial disasters.
- Money management: You can improve your money management with an LLC since all transactions go through your business bank account. Also, all business partners can see every transaction, which promotes transparency.
- Bank loan: You have a higher chance of receiving a bank loan with a Wyoming LLC. That’s because banks pay attention to the professionalism of a business, and getting an LLC is a step in the right direction. Also, you have a chance of getting a higher loan amount. This means more funds to invest in inventory, marketing, product development, and more.
- Authority: Your authority in your niche will improve as a result of registering an LLC. Customers who research your business will feel more secure buying from a business with LLC registration. Likewise, when negotiating with suppliers, you may find that you’ll receive better rates. That’s because suppliers and manufacturers want to work with businesses that can potentially become long-term partners.
Wyoming LLC Cost Final Thoughts
To conclude, the Wyoming LLC filing fee is just $100, but there are extra costs you need to consider. This includes an LLC name reservation, a registered agent, and an annual fee. Make sure to budget for these costs to avoid unexpected surprises.
However, the benefits you receive in return for the cost of setting up an LLC are worth the investment. You’ll have an easier time setting up your business for success in any industry.
Finally, if you need help setting up an LLC in Wyoming, consider the service here at Business Anywhere. We specialize in business registration services that are affordable and help every step of the way.
