You did it. Your Wyoming LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.
There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.
But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.
In Wyoming, an LLC’s annual report consists of two parts: a Franchise Tax and a Public Information Report. Each LLC must submit these filings to the Wyoming Comptroller every year to keep their information current. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.
For brevity’s sake, we’ll refer to these two combined filings as the “Annual Report” in this guide.
What is the Wyoming Annual Report? Why is it Important?
Consider an Annual Report the state’s yearly checkup on your LLC. It’s similar to a census in that its purpose is to collect the necessary contact and structural information about each Wyoming business.
Each state has its own annual reporting requirements, and some don’t even require them. But in most states, you’re required to submit one per year that includes your LLC name, principal office address, registered agent information, and member/manager names and addresses. Whether you run a domestic or foreign LLC, you should plan on submitting an Annual Report.
Don’t be intimidated, but it’s not something you want to take lightly. This is how the state updates your LLC’s record with the most recent information. They need to know how to reach you with important information about your business status, upcoming filings, taxes, and service of process.
For example, if you change your registered agent, or your current agent resigns, you’ll need to keep the state informed so they can update their contact information. Miss one of their communications and your LLC in Wyoming might end up falling out of good standing or, even worse, administratively dissolved.
Moreover, keeping your information current will help other businesses and potential customers find you. If the Secretary of State has the most updated data on record, people can find your business by performing a name search.
How Much Does the Wyoming LLC Annual Report Fee Cost?
If you’re putting together a budget for all your LLC’s costs – like formation costs, name reservation fees, and initial operating expenses – it’s important to include annual filings like this one, just so that there are no surprises.
Costs vary from state to state. Some are free while others can be several hundred dollars. For any LLC with less than $250,000 of assets in Wyoming, the fee is $50. However, if your business has $250,000+ in Wyoming assets, you’ll have to do a little math. Your fee will be $0.0002 multiplied by the total amount of your in-state assets.
Note: The Secretary of State also refers to this fee as a “License Tax.”
Due Date and Frequency for an Annual Report in Wyoming
Your company’s Annual Report is due once per year on the first day of its anniversary month. This is the month that you initially formed the LLC. So, if the state originally approved your Articles of Organization on September 19, 2018, your Annual Report would be due by September 1st each year after that. You can also find your LLC’s due date by searching for it on the Secretary of State website.
You can file an Annual Report up to one year in advance, so if you’re an early bird, you can get on the next year’s filing right after your deadline passes.
What Happens if You Don’t File?
You might be thinking, “that sounds like a pain. How bad could it be if I just fly under the radar?” The short answer: don’t try it. Failing to file your Annual Report can yield some serious consequences.
There’s no late fee for missing your Annual Report due date, but failure to file on time could result in even worse penalties. An outstanding report will cause the state to label your LLC “delinquent.” And if you haven’t filed within 60 days of the deadline, the state can administratively dissolve your business, at which point you would need to reinstate it for an additional $300 fee.
Alright, let’s dig into the details, the meat of the Annual Report filing. When your anniversary month is approaching, it’s time to start prepping. Here’s the information you’ll need to complete the report:
- LLC name
- LLC filing ID (you can use the business search to find this number)
- Business mailing address
- Principal office address
- Business email address
That’s it! If you have all this information memorized, you’re good to go. If you need to change your registered agent or registered office address, you can’t do it on the Annual Report. Instead, you’ll need to file a separate Change of Entity’s Registered Agent and Office form.
When it comes time to actually file your Annual Report, you have three options: online, by mail, or in-person.
Online Filing: Begin on this Annual Report filing portal, and click “File or Print Your Annual Report Now.” This will direct you to another page, where you’re prompted to enter your Filing ID. Don’t know your Filing ID? You can use the name search page to find it. After entering your ID, confirm that the correct business comes up, then follow the onscreen instructions to enter the required information. Provide your payment information and submit your electronic form and you’re all set. This is the quickest filing option, as the state processes digital forms immediately.
Filing by Mail: Follow all of the instructions for online filing. When you’re done entering your information, you’ll have an option to continue filing online or print the completed form. Choose the latter, then mail your printed form and a check for your fee to:
Wyoming Secretary of State
2020 Carey Avenue
Cheyenne, WY 82002-0020
Filing In Person: If you live near Cheyenne, you can also hand-deliver your form and payment to the same address.
Hard copies are typically processed in 3-5 business days.
Does the State Send Reminders?
Reminders are always nice. They help you stay on top of your business requirements and ensure that you won’t fall out of good standing.
The Secretary of State wants to make sure that you don’t miss your Annual Report due date, so they’ll send three separate email reminders: 60 days, 30 days, and 10 days before your deadline. Even so, we recommend setting your own reminders in your planner, phone, calendar, or anything else you use to stay on top of business requirements.
Can I Hire a Service to Handle it?
You probably have a full plate as it is, and the thought of adding one more responsibility to your to-do list might make you shudder. You’re not alone.
Plenty of other LLC owners have outsourced their reporting duties to LLC services. These companies will take the entire process off your hands, handling your Annual Report each year. If that piques your interest, we recommend ZenBusiness, which is an experienced and trustworthy LLC company.
But their services aren’t restricted to forming an LLC or managing Annual Reports. They can also help you form your business, draft an operating agreement, handle registered agent responsibilities, and much more, all for a reasonably low price.
If thinking about your LLC responsibilities ties your stomach in knots, let ZenBusiness take some of those worries off your plate.
There you have it, everything you need to know about Wyoming’s reporting requirements. Follow this guide to a T and your LLC will be prepared to operate smoothly and in good standing long into the future.
And remember, if at any point it seems overwhelming, you’re not alone. A good LLC service like ZenBusiness (or LegalZoom) can be a valuable resource, taking care of all the little details, so you can focus on growing your business.