The short answer
If you live outside the US and run an online business, Wyoming is the usual default: low yearly cost, owners kept out of the public record and well-tested LLC law. Pick New Mexico if you want nothing at all to file with the state each year. Pick Delaware if US investors or partners ask for it.
If you will have a real office, staff or warehouse in another state, that state may be the better choice, because you would usually have to register there as well.
Side by side
| Wyoming | Delaware | New Mexico | |
|---|---|---|---|
| State filing fee | $100 | $110 | $50 |
| Every year | $60 annual report (minimum) | $300 LLC tax | Nothing |
| Yearly deadline | First day of your anniversary month | June 1 | None |
| Owners in public record | No | No | No |
| Typical approval | 1–3 business days | Several business days; paid expedite | A few business days |
| State income tax | None | None on business outside Delaware | Only on New Mexico activity |
Fees are as of October 2026 and change from time to time. Our state pages show each state in detail.
Wyoming
Wyoming created the first LLC statute in the US in 1977 and has kept its law friendly to small owners, including strong charging-order protection for single-member LLCs. The annual report is filed online in minutes and costs $60 for most small companies. Members and managers are not listed in the Articles.
The trade-off is minor: some US venture investors are less used to it. For a solo founder or a small team, that rarely matters. More in the Wyoming state guide.
Delaware
Delaware's reputation comes from corporate law and its specialised business court. That reputation matters most for C corporations raising venture capital. For LLCs it is still a familiar name to US lawyers and investors.
The cost is $300 every year, due by June 1, starting the year after formation. There is no annual report for LLCs, only the tax. If you expect to raise from US funds, also ask a lawyer whether you should be an LLC at all. More in the Delaware state guide.
New Mexico
New Mexico requires no annual report from LLCs and charges no yearly state fee, so after formation the only recurring cost is the registered agent. Members do not have to be named in the Articles.
Some banks and payment providers see fewer New Mexico LLCs and occasionally ask more questions. There is also no paid expedite. More in the New Mexico state guide.
Things that do not decide it
- "No state income tax." Wyoming and Nevada have none, but an owner outside the US who does no business in a state usually owes that state nothing anyway.
- "Anonymity." Privacy in the state record is real in Wyoming, Delaware and New Mexico, but your bank, the IRS and your registered agent always know who owns the company.
- "Banks prefer Delaware." Online business banks generally accept LLCs from any state. What they check is the owner and the business.
How to decide in one minute
- Will you raise from US investors in the next year or two? Delaware, and ask a lawyer about a corporation.
- Will you operate physically in a specific state? Consider that state.
- Otherwise, do you want the absolute lowest yearly cost? New Mexico.
- Otherwise: Wyoming.
The cost calculator shows the first-year and yearly totals for each state with our packages.
Changing your mind later
Picking the 'wrong' state is rarely permanent. Many states, including Wyoming and Delaware, allow an LLC to move by domestication or conversion, as long as both the old and the new state permit it. You pay filing fees in both states, and your EIN usually stays the same. The alternative is to form a new LLC and close the old one, which is simpler but means new bank and payment accounts.
If you start trading physically in another state later, for example by renting a warehouse there, you may need to register your existing LLC in that state as a foreign LLC. That adds that state's fees and reports on top of your home state's.
Five-year cost, roughly
Over five years, state fees alone come to about $340 in Wyoming ($100 plus four $60 reports), $1,310 in Delaware ($110 plus four $300 taxes) and $50 in New Mexico. Add a registered agent in every case. For a small company, that difference is often bigger than the formation price itself.
LLCBolt is a filing service, not a law firm or tax adviser. This guide is general information and may not fit your situation. Rules and fees change; check the date above.