Starting an LLC in Wyoming is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Wyoming: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
Quick Tip
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Wyoming. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Wyoming will require from you:
- Legal name of the LLC
- Your LLC’s filing ID
- Address for your principal office
- Mailing address for the business
- Email address for the business
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
When the time comes to file your annual report, your gut might tell you to head to the Secretary of State’s website. And that’s a good instinct. The Secretary of State handles a wide variety of business filings, annual reports included.
More specifically, you’ll want to head to the Business Center’s Online Resources. There, you’ll find a link to log in and file your annual report entirely online. We recommend filing online since it’s the easiest method. But if you’d like to file by mail, you can do so. But you’ll still accomplish the bulk of it online; there’s an option to print off the report in the last step.
The annual report isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire a Wyoming LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Wyoming’s Annual Report cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. In Wyoming, however, the fee for the annual report (also called the “license fee”) varies depending on your business’s worth. If you have $250,000 or less in Wyoming assets, the fee is just $50. But if you have more assets than that, you’ll have the $50 fee, plus an extra amount ($0.0002 multiplied by your assets in the state). Don’t let the math freak you out; the online filing portal will help you work through the process.
When is the Annual Report due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. But in Wyoming, the annual report fits its name; you’ll file every year.
More specifically, your annual report due date falls in line with your LLC’s anniversary. You must complete it by the first day of your LLC’s anniversary month. For example, if you filed your Articles of Organization last year on May 9th, then this year, you’ll need to file the report on or before May 1st.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
Wyoming doesn’t charge a late fee for late reports, but there are other consequences! For starters, Wyoming will label your LLC as “delinquent.” But if you leave your report delinquent for 60 days or more past the due date, things get worse: the state can administratively dissolve your LLC.
Long story short, the state will shut down your business by force. If that happens, don’t panic; you can get reinstated. But it’s a hassle to do so. There’s an application for reinstatement, which costs $300. Plus there are other tasks you’ll inevitably have. It’s far easier to avoid this hassle entirely by simply filing on time each year.
Conclusion
Quick Tip
Maintaining a Wyoming LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.