Wyoming LLC vs New Mexico LLC. Which Is Better?

I would typically say the “better” state to form a limited liability company (LLC) in would be the state you’re conducting business in. However, this is likely inapplicable because you are “not based in USA” (unless, of course, most of your blog’s proceeds are coming from either Wyoming or New Mexico). Thus, I’ll highlight a few differences between forming an LLC in Wyoming and New Mexico. Please don’t simply rely on internet responses like mine as a substitute from sound legal advice form an attorney though!

  • New Mexico: There is no annual corporate tax for New Mexico LLCs. Likewise, there is no state income tax if the LLC receives no income from within New Mexico. New Mexico provides a ton of privacy for members as it will never ask who owns or manages the LLC. So as long as you use a Registered Agent, you can form a New Mexico LLC and there will be no public record of the ownership in the state database. This can be complicated by having to obtain an EIN or opening a company bank account but on the state level, there is no public database of ownership. Finally the state fee is only $50. No annual reports or fees are required to be filed with New Mexico either.
  • Wyoming: Filing fees ($100) are a little more than NM. Annual fees are $50 (compared to 0 for NM). The annual requirements include maintaining a Wyoming Registered Agent and filing your Annual Report.

In you need further assistance incorporating your startup and evaluating in which state would be the best fit, please feel free to check out LawTrades. You can also message me directly and I’d be happy to answer any further questions you have regarding your company’s formation.

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