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Wyoming LLC and INC Annual Report Fees & Requirements
Once you start a new business in Wyoming there are several requirements you will be required to fulfill including filing a Wyoming annual report. An annual report is a type of comprehensive business activity report based on the preceding year’s activities. An Annual report plays a key role in informing all interested parties like shareholders about the financial performance of a private corporation, public entity, or any other form of business. This is a detailed guide that will provide you with an insight on various aspects of the annual report including what it is, Wyoming annual report filing instructions for LLC and corporation, filing and due dates, and consequences of failing to file it.
Wyoming Annual Report for LLC and INC
The norm is that most states in the US require businesses to file an annual report also known as annual statement, state of information, or entity information. In some states, biennial reports have to be filed while in states like Arizona, domestic or foreign LLC’s are not required to file annual reports. However, there is a requirement for filing an annual report in Wyoming for both business corporations and limited-liability companies. The important question that you probably want to ask is what this report is all about and is your company required to file it?
What is Wyoming annual report?
An annual report is an important document for most forms of businesses and especially for corporations and limited liability companies. The Wyoming annual report may be known by many names including statements of information as it contains vital and comprehensive financial information pertaining to the business entity’s overall performance. In brief, the report makes public the financial performance as well as financial and business activities accomplished during the prior fiscal year e.g., if you are filing an annual report in 2020 along with the prescribed Wyoming annual report filing fee; then it will contain business and financial information of your company for the year 2019.
Most annual reports are state mandated and their filing is governed by the state laws for specific types of businesses. The requirement for filing an annual report in Wyoming and other states became legal after the 1929 Stock Marketing Crash. A Wyoming annual report filing is online and offline and has to be filed with the state although in some states, the report is filed with the Securities and Exchange Commission (SEC). This is also an annual report that is known as a 10-K and is filed by publicly-traded companies using the publicly searchable database called EDGAR filing.
Some of the information that a Wyoming annual report may contain include:
- Principal address of the Business
- Names and address of all officers or director depending on the type of business
- Total assets located in Wyoming – the Wyoming filing system will automatically calculate the fee based on total assets
Filing Your Wyoming Annual Report
The filing of an annual report in Wyoming by LLC, corporations, and other businesses is required by law. Every domestic and foreign corporation and limited liability company that has been organized under the laws of this state and has obtained the right to transact or carry on business in this state will have to file the annual report pursuant to WY Stat § 17-16-1630 (1997 through Reg Sess) and WY Stat § 17-29-209. (2015). The Wyoming annual report filing instructions are provided by the secretary of state (SOS) and businesses have to follow the same. Some of the important aspects to consider while filing this report include the date, the filing with SOS, and the filing fee.
Wyoming annual report due dates
The Wyoming annual report has to be filed with the office of the secretary of state on or before the first day of the month of formation or incorporation. It has to be filed each year if a business is active. So, if you had incorporated, foreign-qualified, or registered your business on December 18, 2020 then Wyoming annual report filing online or offline will take place on or before December 18, 2021.
Fees for filing annual report for LLC and INC
The Wyoming annual report filing fee for a limited liability company and a business corporation is the same although in many other states it is different for different types of business entities. According to the secretary of state, the fee for filing an annual report in Wyoming is dependent on the assets of the entities in the state. The fee for Wyoming assets worth less than $250,000 is $50 and if the net worth of the assets is greater than $250,000 the fee would be total assets multiplied by .0002. You will also be charged a convenience fee of $2.00 to $8.95 depending on the Annual Report License Tax.
Filing your Wyoming annual report to Wyoming SOS
You have to file a Wyoming annual report with the office of the Secretary of State – Business Division along with the fee within the due date. You can opt for Wyoming annual report filing online or offline services. However, if the fee for your annual report is more than $500 then E-Filing or filing online will not be permitted.
Alternatively, IncParadise, one of the most reputable registered agents in Wyoming can help you file annual reports. You can take advantage of our entity management software as well, which can provide you with important notifications and alerts for deadlines including due dates for filing an annual report in Wyoming so that you are able to make your submission on time and thus avoid any penalties.
Consequences of failing to file annual reports
There are times when a business may miss their Wyoming annual report due date. What happens then? Will you have to pay a penalty? According to the Wyoming annual report filing instructions there are no late fees applicable for failure to file your annual report. Instead, your business will be given a 60 day deadline to file the report and failing to do so may lead to dissolution or revocation of your business. Let’s look at an example to understand this:
Example: If a company ABC Inc., was incorporated in Wyoming on 05th March 2019 then the due date for filing of the Wyoming annual report would be onorbefore 05th March 2020. If due to some reason, ABC Inc., failed to file by the due date then the Secretary of State would serve a 60 day notice period within which they can file the report along with the Wyoming annual report filing fee. There will be no penalty or fine for filing within the 60 day period. If ABC Inc., still doesn’t file the annual report within the 60 day period then their license and articles will be revoked and the company dissolved by the order of the secretary of state. Hence, it is extremely important to file the annual report each year and within the due date.
How does IncParadise help you?
Filing an annual report in Wyoming is mandatory for corporations and LLCs by law and there are times when businesses may not be able to file within the due date. This is where IncParadise can help businesses by providing all necessary assistance related to Wyoming annual report filing online and on time.
We understand different businesses have different requirements and we also understand the need to start a business with the lowest possible formation costs. This is why IncParadise offers the Wyoming Mail Forwarding Services and the Virtual Office Program. The mail forwarding services will enable you to receive your mails even if you don’t have an office in the state or if you are travelling while the virtual office will provide you with a street address that you can share with your customers, vendors, and partners.
IncParadise is one of the top registered agents in the state of Wyoming and across the United States. We not only provide assistance for new business formation but also provide a wide range of services so that businesses are able to comply with annual business requirements in the state.