The short answer
Wyoming is the cheaper LLC by a wide margin. A Wyoming LLC runs about $160 in year one and $60/year after, a 5-year total of roughly $400 in state fees. A Nevada LLC runs $425 in year one and $350/year after, a 5-year total of roughly $1,825. That's a difference of about $1,425 over five years, driven almost entirely by Nevada's mandatory $200/year State Business License, which Wyoming doesn't charge. Nevada's extra cost buys real things for a narrow set of founders, but for most people asking this question, Wyoming wins on price.
Nevada and Wyoming both have no personal income tax, both let you keep members’ names off some public filings, and both are pitched constantly to founders forming an out-of-state LLC. But they are not the same price, and the gap is bigger than most comparison articles admit. Here is the itemized, sourced breakdown, including the one narrow case where paying more for Nevada actually makes sense.
Nevada vs. Wyoming: 5-year total cost of ownership
All figures are official 2026 state filing fees. Registered agent costs are a typical market range, not a state fee, and are shown separately because they’re optional if you act as your own agent and have a physical address in the state.
| Cost item | Nevada | Wyoming |
|---|---|---|
| Articles of Organization (one-time) | $75 | $100 |
| State Business License | $200/year (required) | Not required |
| Initial List / Annual Report | $150 (initial), then $150/year | $60/year minimum (asset-based formula, greater of $60 or $0.0002 per dollar of in-state assets) |
| Year-one state fees | $425 | $160 |
| Recurring annual state fees (year 2+) | $350/year | $60/year |
| Registered agent (typical range, if not self-filed) | $100–$300/year | $100–$300/year |
| 5-year total, state fees only | $1,825 | $400 |
| 5-year total, with a $150/year registered agent | $2,575 | $1,150 |
Two things explain the entire gap. First, Nevada requires a State Business License ($200/year) that Wyoming simply doesn’t have. Second, Nevada’s Annual List fee ($150/year) is a flat charge, while Wyoming’s Annual Report license tax is asset-based and floors at $60/year for any LLC with $300,000 or less in Wyoming-based assets, which covers nearly every small online business, holding company, or service LLC.
How much does an LLC cost in Nevada?
A Nevada LLC costs $425 to form: $75 for the Articles of Organization, $200 for the State Business License, and $150 for the Initial List of Managers or Managing Members, which is due at formation. After year one, you pay $350/year to renew the State Business License and file the Annual List. There is no way around the $200/year license fee: it applies to essentially every Nevada entity, regardless of revenue.
What that $350/year actually buys: Nevada has no personal or corporate income tax, and most small businesses fall well under the threshold for the state’s Commerce Tax, which applies only to gross revenue above roughly $4 million a year (the threshold adjusts annually for inflation). Nevada also doesn’t require an operating agreement or member list to be filed as part of the public record the way some states do, and it has no information-sharing agreement with the IRS for state-level tax data, a genuine privacy advantage.
How much does an LLC cost in Wyoming?
A Wyoming LLC costs $100 to form. The only recurring requirement is an Annual Report, which carries a license tax of $60 or $0.0002 per dollar of assets located and employed in Wyoming, whichever is greater, a formula set directly in the Wyoming LLC Act. For virtually any small LLC (anything under $300,000 in Wyoming-based assets), that means a flat $60/year. Wyoming has no separate state business license fee layered on top, which is the single biggest reason it’s cheaper than Nevada.
Wyoming also has neither a personal income tax nor a corporate income tax, and, unlike Nevada, no gross receipts-style tax at any revenue level. For a founder who wants the lowest possible carrying cost with genuinely no income-tax exposure, Wyoming is hard to beat on paper.
Privacy and asset protection: where they actually differ
Both states let LLCs use a registered agent’s address instead of listing members’ home addresses on the public formation documents, and neither requires member names to be disclosed at the state level for a standard single-member or multi-member LLC. On paper, the privacy protections are close to a wash.
Asset protection is the more real difference, and it cuts toward Wyoming, not Nevada. Wyoming was the first state to pass LLC charging-order protection statutes and is widely cited by asset-protection attorneys as having some of the strongest charging-order language in the country, extending it even to single-member LLCs, a protection some other states limit to multi-member entities. Nevada offers similar charging-order protection but is generally viewed as comparable to, not stronger than, Wyoming’s on this specific point. If asset protection is the actual goal rather than a marketing line, Wyoming does not require the extra $1,425 over five years to get it.
When does Nevada’s extra cost actually pay for itself?
Being straight about this: for most people typing “nevada llc vs wyoming llc” into a search bar, Wyoming is the better answer. Nevada’s premium is worth paying in a narrower set of cases:
- A business already operating physically in Nevada, with a Nevada storefront, office, or Las Vegas-based operation. That situation is generally not a cost comparison between two states at all. A company transacting business in Nevada is typically required to register there either way, so forming in Nevada rather than registering a Wyoming LLC as a foreign entity means one set of state filings instead of two.
- You specifically want Nevada’s zero-gross-receipts-tax status below the Commerce Tax threshold combined with its reputation and infrastructure for holding real estate or investment assets, and the extra $285/year is immaterial relative to what you’re protecting.
- You value Nevada’s specific privacy statutes and lack of an IRS information-sharing agreement as a distinct feature, not just “no income tax,” since Wyoming also has no income tax at a lower price.
Outside of those cases, paying an extra $1,425 over five years for a marginal privacy or reputational difference is a real cost, not a rounding error, for a founder bootstrapping a lean online business or holding company.
The honest bottom line
If you’re forming an LLC purely to minimize cost and you don’t have an on-the-ground reason to be in Nevada, Wyoming is the cheaper choice by roughly $1,425 over five years, and its asset-protection statutes are at least as strong. If you’re already building in Nevada, including the Las Vegas market this publication covers, the extra cost buys real infrastructure, not just a name. And for the majority of founders reading either state’s marketing copy: if your business operates mainly in one state, forming your LLC there is usually simpler and cheaper than either Nevada or Wyoming, since forming out of state as an online-only founder often just means registering as a foreign LLC back home and paying fees twice. For a broader look at how Nevada stacks up against Texas, Florida, and Delaware, not just Wyoming, see our full breakdown of the best states to start a business in 2026.
If you’re weighing entity costs because you’re financing a purchase rather than starting from zero, the fee structure changes: see our guide to buying a business in your 20s for how acquisition financing interacts with entity choice. And for the founders actually building in this market, browse our founder profiles.
How much does an LLC cost in Nevada?
A Nevada LLC costs $425 in year one: $75 for the Articles of Organization, $200 for the State Business License, and $150 for the Initial List of Managers or Members. After year one, Nevada LLCs pay $350 per year to renew the State Business License ($200) and file the Annual List ($150), plus registered agent fees if you use a service.
How much does an LLC cost in Wyoming?
A Wyoming LLC costs $100 to form (Articles of Organization) plus a $60 minimum Annual Report license tax, which is due within the first year and every year after. Wyoming has no separate state business license fee for LLCs, so the ongoing cost is just $60 per year plus a registered agent if you use one.
Is Nevada or Wyoming cheaper for an LLC?
Wyoming is cheaper. Over 5 years, a Wyoming LLC costs about $400 in state fees versus about $1,825 for a Nevada LLC, a difference of roughly $1,425. Nevada's extra cost comes from its mandatory $200/year State Business License, which Wyoming does not require.
What is the cheapest state to form an LLC?
Wyoming is consistently one of the cheapest states to form and maintain an LLC nationally, with a $100 formation fee and a $60/year minimum annual report tax. New Mexico is sometimes cited as cheaper because it has no annual report requirement at all, but Wyoming remains the standard low-cost pick among states built for holding companies and asset protection.
Does Nevada or Wyoming have a state income tax?
Neither state has a personal income tax. Neither has a traditional corporate income tax either, but Nevada imposes a Commerce Tax on gross revenue above roughly $4 million per year, while Wyoming has neither a corporate income tax nor a gross receipts tax, according to the Tax Foundation.
Do I need a registered agent in Nevada or Wyoming?
Yes, both states require every LLC to maintain a registered agent with a physical address in the state. If you don't live there, a commercial registered agent service typically costs $100 to $300 per year in either state, which should be added on top of the state filing fees.
Sources: Nevada Secretary of State business forms and fees; Nevada Secretary of State State Business License FAQ; LLC University, Nevada LLC costs (2026); Wyoming Secretary of State, LLC Articles of Organization form and fee; Wyoming Statute 17-29-209 (Annual Report license tax formula); Tax Foundation, Nevada; Tax Foundation, Wyoming; Nevada Department of Taxation, Commerce Tax. Registered agent pricing reflects typical published rates from multiple commercial registered agent services as of August 2026. Last verified: August 29, 2026. Fees change. Confirm current amounts with each state before filing. This article is educational, not legal or tax advice.