Wyoming: The Lowest Incorporation Fees
When thinking about starting a new business in the United States, you must consider many different aspects. One of the main financial issues associated with starting a business are filing and maintaining fees. Wyoming is a very cost effective state to incorporate in and maintain. The initial formation costs are below average and are some of the lowest within the US. By incorporating in Wyoming, you pay about 65% less in fees compared to Nevada.
Another advantage of Wyoming is its low annual state fees to maintain your business entity, which are only $50 if your entity has less than $250,000 in assets in Wyoming, compared to $101, the average US LLC fee. In states such as Nevada or Massachusetts, the LLC annual fees can go up to $500. For example, in California, LLCs need to pay Annual LLC Franchise Tax, which is $800. Delaware applies the same tax and charges $300 a year.
Wyoming not only has the advantage of being a cost effective state with low incorporation and renewal fees and a simple LLC formation process, but also offers more advantages for new LLCs such as increased privacy and strong asset protection.