How to Pay Your Wyoming LLC Annual Fee
Learn how to properly pay your annual fees for your Wyoming LLC with this guide.
Choosing your preferred business type is a fundamental part of a startup. That is why you have to assess your situation first before pushing through with your plan. Do you have sufficient resources to keep up with the changing market demand? Are you capable of running it on your own? Can you oversee it even in the comfort of your home? Do you prefer to be an invisible figure in the business world?
You have to consider a business type that matches your needs and preferences. Whether you want to go solo or have someone to lean on, sustaining a business can be challenging at times. Having to work in a fast-paced environment, you may wish to have someone who can act in your absence.
Given all these, business owners are enticed to put up or switch to a Limited Liability Company (LLC). In the US, Wyoming is one of the most popular states when it comes to LLCs. Yet, you have to understand first the demands of this business entity before joining this popular trend. In this article, we will look at the requirements and fees associated with Wyoming LLC.
What’s the LLC Annual Filing Fee?
Business owners put a greater emphasis on protection, tax efficiency, and lower fees. A Limited Liability Company appears as a fusion of a partnership and corporation. LLC owners or members can be as many as those in a corporation. But, it has fewer formalities and more straightforward governance.
After registering and getting the approval for your LLC, all you need to do is run and grow it. Your registered agent will handle the legal matters that concern your business. Even so, you have to ensure that your business remains in good standing.
The LLC annual filing fee is an ongoing fee to maintain your business's good standing in the state. Depending on the state, LLC annual fees can be paid every one or two years. You must pay annual fees regardless of your business income and activities. Hence, failure or delay in payment may affect your business standing in Wyoming. In over 40 states, LLCs can be dissolved or forced to shut down.
Like all the US states, forming and renewing an LLC follows a specific guideline. It varies when it comes to requirements and fees. Amidst their differences, Wyoming is one of those that stood out. For a long time, Wyoming has maintained unparalleled advantages over many other states. Aside from its straightforward process and requirements, fees are also relatively lower.
What are the Wyoming LLC Fees?
From forming to growing a business, owners must pay the corresponding fees. Although there are variations across different states, Wyoming remains conducive for LLC startups. Here are the fees in a Limited Liability Company.
Starting Cost to Form an LLC
The cost to form an LLC varies across different states. In Wyoming, these are the fees associated with LLC formation.
- Wyoming LLC Online Filing Fee
The main fee for Wyoming LLC formation is the Articles of Organization filing fee. You have to pay $100 to the office of the Wyoming Secretary of state. There is an additional convenience fee of $2 when you file it online. Although the Wyoming LLC filing fee is not the cheapest, it is lower than the average filing fee of $134. The number of LLC applications still increased even at the height of the pandemic.
- Registered Agent Fee
In Wyoming, an LLC owner or member can also be a registered agent. But, running a business while handling legal documents can be challenging. Hence, Wyoming recommends an LLC seeking a registered agent service. He helps keep your company in good standing. He notifies you when there are notices and other important things to attend to. He also gives constant reminders of filing fees and deadlines to avoid delays. His details are on the public record. Most Wyoming LLCs pay $468 annually for the registered agent fee.
- Publication Fees
Depending on the state's requirements, the publication fee can be as low as $40 and as high as $2000. Some states require LLCs to publish a statement of formation in a local newspaper.
- Business Permits and Licenses
Business license and permit fees depend on your LLC location. Even other business types adhere to it. In Wyoming, foreign LLCs have to pay a registration fee of $100. Licenses and permits are not included yet.
Other LLC Filing Costs
- LLC Name Reservation
You may wish to have your LLC name reserved by filing an Application for Reservation of Name for a fee of $50. As long as you follow Wyoming LLC naming guidelines, you can proceed with the reservation. Your LLC name must be distinct, not lewd, and not affiliated with a bank. Once done, the reservation lasts for 12 months before the actual filing and formation.
- “Doing Business As” (DBA) Name
You may also use the “Doing Business As” (DBA) name for your LLC. All you have to do is file an Application for Reservation of Trade Name and pay $100. Doing so will allow your LLC to have another name aside from the legal business name.
What are the Annual Fees Associated with an LLC?
Once the LLC is formed, all you have to do is focus on its management and growth. But, you have to ensure its good standing in the state. Paying the Wyoming LLC annual filing fee is a great step toward this. Since Wyoming does not levy state income taxes, LLC members must pay annual license taxes.
The LLC annual fee differs in every state. It varies depending on where your LLC is doing business. If you don’t know where it’s best to establish an LLC, you may seek help from LLC professionals or registered agents. Better yet, do it in your home state. If you fail to pay the annual filing fee, your good standing in Wyoming will be affected. It can lead to the dissolution or forced shut down of LLCs.
Form a Fictitious Name
Forming a fictitious or trade name for your LLC is optional in Wyoming. Even so, having a trade name can provide some advantages. It provides an extra layer of privacy for LLC owners. Moreover, it can help identify a new line of business or drop the official abbreviation LLC.
An LLC trade name is also known as a Doing Business As (DBA) name. If you plan to have one, you must file an Application for Reservation Trade Name and pay $100.
How Much is the Annual Report Fee in Wyoming?
State taxes are not a problem for most LLC owners in Wyoming. But, the state requires them to pay the annual fee for Wyoming LLC. Given this, an LLC has to file an annual report and pay the filing fee. The annual filing is done at the beginning of the second business year. For instance, your LLC was formed on March 5. You will have to pay the annual filing fee on the first day of its anniversary month of the following year.
The annual filing fee is also referred to as annual license taxes. Technically, the minimum annual filing fee in Wyoming is $60. Even so, it may still vary depending on the size of your business. If the total assets exceed $250,000, a particular calculation will apply. The annual report filing fee is $60 for every $250,000 asset. So, if your LLC has $1 million assets, you will have to pay $240. If you want a more convenient method, you may do it online and pay $2.
In recent years, the majority of LLC members have been paying $62. It means that most LLCs in Wyoming have assets below $250,000. Indeed, Wyoming is a domicile of choice for many small and medium businesses. Moreover, Wyoming LLCs’ annual fee is lower than the average fee of $90. There are states with lower and even $0 annual filing fees but levy state income taxes. Meanwhile, Wyoming is one of the few states that do not levy state income taxes and have lower fees. But, LLCs are required to have a registered agent.
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What are the Wyoming LLC Requirements?
Since we have already discussed LLC formation, we will focus on LLC annual filings. Here are the requirements for your LLC annual filings.
Annual Filing Fees
Wyoming requires LLCs to pay an annual fee of $60 for every $250,000 asset to the Secretary of State. Technically, this annual fee corresponds to annual license taxes. Like in the formation phase, you may also do it online for a fee of $2. if the total amount is higher than $500, you must print the report and file it by mail.
Keep in mind that the Secretary of state requests the name of those filing the annual report. As such, it is recommended that you have a registered agent to do so on your behalf. In that way, you will maintain your privacy.
LLCs have fewer formalities, unlike Wyoming corporations. There are no shareholders or board meetings. Hence, annual meetings are not required in Wyoming. But, the members must be on the same page. It is pivotal in updating the members on the business plan and annual filing guidelines.
You must meet with your advisers and registered agent to review your LLC performance. As such, you must scrutinize annual reports and other documents. You must also document member meetings if there are any. You and your financial advisors will assess the investment assets held by the LLC.
By doing the periodic review, you can see if you need to make amendments. It may extend from ownership, management, and day-to-day activities.
How Much Is the Late Fee for Filing After Due Date?
Wyoming business owners can maintain their good standing by complying with the guidelines. One way is by paying annual fees. Delayed payments or unpaid fees may affect your standing. You do not have to pay more fees for late annual filings. But, it may cause problems with your business. The Secretary of State may dissolve or force you to shut down your business. Hence, you can no longer do business in Wyoming.
How Can I Pay Wyoming LLC Annual Filing Fees and File Annual Reports?
The Secretary of State requires the filing of Wyoming LLC annual reports. You are free to choose whether you file it using an e-file or personally go to the office. Here are the basic steps to do the annual filings.
Assess Your LLC Assets
Wyoming requires LLCs to file an annual report and pay annual license taxes of $60. This applies to businesses with assets below $250,000. If your assets exceed the ceiling value, you have to pay $60 for every $250,000. If your LLC assets amount to $1 million, you have to pay $240. But, if your annual filing fee is higher than $500, you have to print and mail it to the office.
File Your Annual Report and Pay Annual License Taxes
After assessing your assets, you are free to file the annual report online or by mail. Online filings have an additional convenience fee of $2. Yet, if the fee exceeds $500, you will have to print the annual report and send it by mail. Here is the mailing address of the Secretary of State:
Wyoming Secretary of State
State Capitol Building Room 110
200 West 24th Street
Cheyenne, WY 82002-0020
Ensure that Your Annual Report is Filed and Approved
You must ensure the filing and approval of your annual report. You have to maintain your LLC's good standing to avoid problems or dissolution.
Not Sure Where to Start? Seek Professional Help Today!
Timely annual filings will help you maintain the standing of your business. You may wish to seek help from a registered agent in determining your Wyoming annual LLC fee. At Startpack, we will help you incorporate and access US Payment systems and stay legal. For more information, reach out and seek assistance from our LLC professionals.
Wyoming LLC Annual Fee FAQs
Will my LLC be dissolved if I owe taxes?
If your LLC owes taxes to Wyoming, you have to pay right away. There are additional fees for late filings and may affect your good standing. There are many instances of forced shutdowns because of unpaid annual license taxes.
Can I amend my LLC annual report in Wyoming?
Yes, you can amend it by submitting a change of Officers/Directors form. If you do it online, you may check the Secretary of State Website for LLCs and corporations.
What happens if I don’t pay the LLC annual fee?
If you don’t pay the LLC annual fee, it will affect the good standing of your LLC in Wyoming. In many states, unpaid LLC annual filing fees led to dissolution.
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