HOW DOES WYOMING COMPARE TO NEVADA FOR LLC FORMATION?
Nevada, Delaware, and Wyoming are all typically referred to as ‘corporate havens’ and are all popular jurisdictions to incorporate your business.
Why Incorporate in Wyoming. Wyoming state fees are less than most other states. Wyoming has no business license fees or officer filing fees. This means we can deliver a quality company package for much less than you would pay in Nevada or Delaware.
The first LLC statutes in the United States were instituted in Wyoming in 1977 and changed in 2010 to stay current with the times. Since Wyoming has had limited liability companies available longer than any other state and has the strongest laws protecting members and managers of an LLC, we feel it is the state of choice for establishing LLC’s.
A Wyoming corporation or LLC offers its officers and directors the highest degree of protection from lawsuits filed in our litigious society. Doing business as a Wyoming Corporation or LLC provides you with asset protection and business privacy.
Wyoming does not require the manager or any of the members of an LLC to be listed on a public database, whereas Nevada requires a tax ID number of the Company and personal guarantee by the owners on the Nevada State Business License.
You can operate your Corporation and live anywhere in the world and you are not required to be a US citizen to incorporate in Wyoming.
NO WYOMING STATE TAXES
There are no State taxes in Wyoming on corporations. If you choose to incorporate in Wyoming, your company may not pay State taxes at all.
NEVADA ON THE OTHER HAND, HAS BECOME HIGH RISK
If you are comparing Nevada and Wyoming, please keep in mind that the Nevada has recently voted in a bill as of June 2015 installing a corporate gross receipts tax (no deductions allowed). That means that some companies in Nevada will pay more in Nevada state taxes than they would pay California. This same bill raised the yearly fee for Nevada corporation filings by 150%. Nevada has raised rates on corporations by about 400% in the last 8 years.
WYOMING HAS A LONG HISTORY OF TAX FRIENDLINESS
According to the new 2015 edition of the Tax Foundation’s State Business Tax Climate Index, ‘Wyoming has the most business-friendly tax system of any state,’ and that is for the seventh year in a row.
LEGAL DISCLAIMER: Lucas Lucas, LLC provides general business information and related services. It does not provide legal, accounting, tax or other professional advice. If you need advice concerning the specific applications of our products and/or services, please consult with an attorney or other appropriate professional. Lucas Lucas, LLC will provide references to attorneys or other appropriate certified professionals upon request.
Posted in: WYLLC