THE BENEFITS OF WYOMING
Wyoming may seem like a unlikely new comer when it comes to supporting business owners, but nothing could be further from the truth. Wyoming was actually the first state to ever recognize Limited Liability Companies, now one of the most secure and popular business structures in the country. Minimal reporting requirements and the lowest annual state fees in the nation make WY an incredibly attractive state for small business owners. Business' registered in WY can expect to take advantage of the following:
One of the Lowest Startup and Annual Fees in the US
There are only two state fees a WY business will incur during its lifetime. The first is a one time $100 filing fee to form the business. Unlike other states, which can charge significantly more depending on the chosen business structure, this $100 fee applies to both LLCs and Corporation. After formation, most WY businesses will only pay $52 to the state per year to file their annual report.
Similar to Nevada, there is NO corporate income tax, NO personal income tax, and NO franchise tax in Wyoming.
No State Business License Required
Some states require that business owners pay for and renew a state business license every year. This is not the case in Wyoming; a business owner may simply require a local business license depending on their industry.
Wyoming's reporting requirements are similar to those of Nevada. For corporations, one individual may fulfill the role of President, Secretary, Treasurer and Directors, allowing all the information of all other owners to remain private. Owners of WY LLCs enjoy additional privacy. Their names do not even need to appear on the Articles of Organization, nor the state Annual Report.