New York LLC vs Wyoming LLC (2026)
Compare New York LLC vs Wyoming LLC — filing fees, taxes, privacy laws, and annual costs. Find out which state is actually better for your business.
| Factor | New York | Wyoming |
|---|---|---|
| Filing Fee | $200 | $100 |
| Processing Time | 7 day(s) | 1 day(s) |
| Annual Report Fee | $9 | $62 |
| Annual Report Due | Anniversary month (biennial) | Anniversary month |
| State Income Tax | Yes | No |
| Anonymous LLC | No | Yes |
| Publication Requirement | Yes | No |
| Foreign LLC Cost (if forming out-of-state) | N/A — you're in your home state | ~$250 + registered agent ~$150/yr |
Verdict: New York wins for most businesses
For most New York business owners, forming locally in New York is the smarter choice despite higher filing fees. Wyoming only makes sense if you need anonymous ownership or have specific asset protection requirements that justify the extra costs of foreign registration.
Filing Fees & Formation Costs
Wyoming's $100 filing fee looks attractive compared to New York's $200, but that's misleading for New York business owners. If you form in Wyoming but operate in New York, you'll need to register as a foreign LLC in New York for around $250, plus pay for a registered agent in Wyoming ($150+ annually). Your total first-year cost jumps to $500+ versus just $200 to form locally in New York.
Taxes: New York vs Wyoming
Wyoming has no state income tax, while New York taxes LLCs based on gross receipts ($25-$4,500+ annually). However, if you operate in New York, you'll owe New York taxes regardless of where you formed your LLC. Wyoming formation doesn't eliminate your New York tax obligations — you'll just add complexity without savings. The only exception is if you have multi-state operations where Wyoming's tax neutrality could benefit overall planning.
Privacy & Asset Protection
Wyoming allows anonymous LLCs where members' names aren't publicly disclosed, while New York requires member information in formation documents. Wyoming also has strong charging order protections for single-member LLCs, which New York doesn't explicitly provide. However, for typical small businesses, these privacy benefits rarely justify the added costs and complexity of foreign registration. Most business owners overestimate their need for anonymity.
Annual Maintenance Costs
New York charges just $9 for biennial reports (every two years), making it one of the cheapest states for ongoing compliance. Wyoming charges $62 annually, plus you'll need a registered agent ($150+ per year). Over five years, a Wyoming LLC operating in New York costs roughly $1,000+ more than a New York LLC when you factor in foreign registration and agent fees.
When Wyoming Actually Makes Sense
Wyoming formation makes sense if you need anonymous ownership for legitimate privacy reasons, have investors requiring Delaware-alternative incorporation, or operate across multiple states where Wyoming's tax neutrality provides benefits. It's also worthwhile if you plan to raise venture capital, as some investors prefer Wyoming's flexible operating agreement provisions. For simple local businesses, consulting practices, or e-commerce stores serving primarily New York customers, the extra complexity isn't worth it.