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Yearly Requirements for LLC and INC for Nevada and Wyoming
To keep your company in compliance, you need to undertake certain steps on a regular basis. These steps are also necessary to preserve the limited liability of an LLC, that a corporation provides to its owner(s). Hence, you must be aware of the requirements that need your attention every year. Here are the ongoing yearly requirements for Nevada and Wyoming LLCs and Inc.
What are the basic Nevada LLC Requirements?
Below are the taxation requirements and the ongoing fees for Nevada LLCs:
Nevada LLC Taxes and Fees
- Annual Report and Business License requirements: LLCs in Nevada are required to file an Annual List of Members/Managers and Business License. It is due by the last day of the month marking the LLC’s Incorporation anniversary. The filing fee is $200 for the Business License registration and $150 for the Annual List.
- State business tax: Nevada is one of the few states that does not have a corporate income tax or personal income tax. Therefore, for most LLCs, including those that have been elected to be taxed as corporations, no state income taxes are due. Furthermore, since Nevada doesn’t have any personal income tax, LLC members generally will owe no state tax on income they earn from a Nevada LLC.
- Sales and Use Taxes: If your LLC is selling goods to customers in Nevada, you will need to pay the sales tax, monthly or quarterly. First, you’ll have to register with the Department of Taxation either online on the DOT website or by downloading a fillable form. After the registration process, you’ll receive a sales tax permit for each business location where you sell goods. Then, you’ll have to pay sales tax using the DOT’s Combined Sales and Use Tax Return or the DOT’s online system.
- Federal tax identification number (EIN): If your LLC has employees, it requires an EIN. Most of the banks require an EIN anyway in order to open a business bank account. Nevada requires a state tax identification number.
Business Licenses in Nevada
All businesses in Nevada must obtain a state business license from the Nevada Secretary of State. This business license needs to be renewed annually. The license and renewal fee is $200. A license is obtained by filing a Nevada State Business License “Other” Application. You can also file online at the Nevada Secretary of State website or do a Business License by mail. Your registered agent should remind you of renewing the business license every year.
What are the basic Wyoming LLC Requirements?
Below are the taxation requirements and the ongoing fees for Wyoming LLCs:
Recordkeeping
Wyoming requires LLCs to keep the following details and information with the Registered Agent or to file directly with the state:
- The name, address and phone number of the person who is authorized to receive communications from the Registered Agent.
- The names and addresses of current members and managers, if the LLC is manager-managed.
Wyoming LLC Taxes and Fees
- Annual Report: An LLC in Wyoming is required to file an annual report on or before the first day of the anniversary month of the LLC’s incorporation. The cost for filing the annual report is $50 or two-tenths of 1 mill on the dollar ($.0002), whichever is greater, based on the portion of the LLC’s assets located and employed in Wyoming.
– If your total in-state assets have a value of less than $250,000 then you will pay the $50 annual fee (plus a $2 convenience fee if filed online).
– If your in-state assets are greater in value than $250,000 then you will multiply the value by .0002 and pay the resulting amount. - Sales Tax Rates: Wyoming has sales tax. The state’s sales tax rate is 4.0%, and individual municipalities may add a little more. So, altogether the sales tax tops out around 6%.
- Wyoming Property Taxes: The Wyoming property taxes are incredibly low as compared to other states.
– State Assessment of Industrial Land: 11.5% of Fair Market Value
– State Assessment on Commercial and Residential Property: 9.5% of Fair Market Value
– State Assessment on Agricultural Land: 9.5% of Agricultural Value
– State Assessment of Minerals: 100% of Fair Market Value
Wyoming residential and commercial property taxes can be calculated using the following equation: (Fair Market Value x 9.5%) x Local Mill Levy Rate = Property Tax. - Federal tax identification number (EIN): If your Wyoming LLC has employees, an EIN is required. Most of the banks in Wyoming will however require an EIN in order to open a business bank account. Wyoming does not require a state tax identification number.
Business Licenses in Wyoming
For different types of businesses in Wyoming, your business requires various business licenses and permits. You need to obtain a business license by completing and submitting a Business License application. The business license expiration date and fee vary by business type but are generally valid for one year and are not prorated. Renewal notices are sent approximately 30 days before license expiration.
What are the basic Nevada INC Requirements?
Corporations in Nevada are expected to fulfil the annual requirements and pay taxes. Here are the details of the Nevada INC requirements.
Nevada corporate records
Nevada Corporations are expected to keep the following corporate records at the Registered Agent’s office:
- The Articles of Incorporation and any amendments Bylaws
- A stock transfer ledger or a statement of where it is kept
Nevada Corporate taxes and fees
- Annual Report and Business License requirement: Corporations in Nevada requires to file an Annual List of Officers/Directors and Business License. It is due by the last day of the Corporation’s anniversary month. The filing fee is $150 for the Annual List and $500 for the Business License registration. State Business license and Annual List of directors are renewed together.
- Taxes: Nevada has no franchise tax, corporate income tax or personal income tax. Nevada Corporation imposes a “Commerce Tax” on businesses with Nevada gross revenue exceeding $4,000,000 within a taxable year.
- Federal tax identification number (EIN): If your Nevada corporation has employees an EIN is required for your corporation. Also, most banks require an EIN to open a business bank account. Nevada corporations require a state tax identification number.
Nevada Business Licenses
All businesses in Nevada must obtain a State Business License from the Nevada Secretary of State. This business license needs to be renewed annually. The license and renewal fee is $200. A license is obtained by filing through the Nevada State Business License “Other” Application. You can also file online at the Nevada Secretary of State or do a State Business License by mail. Your Registered Agent should remind you of renewing the business license every year.
S Corporation Election
Since there is no state income tax, Nevada does not recognize the Federal S Corporation election. For this same reason, Nevada does not require a State-Level S Corporation election.
What are the basic Wyoming INC Requirements?
Corporations in Wyoming are expected to fulfil the annual requirements and pay taxes. Here are the details of the Wyoming INC requirements.
Wyoming Corporate Records
In the state of Wyoming, Corporations are expected to keep the following with their Registered Agent or directly with the state:
- The name, address and phone number of the person who is authorized to receive communications from the Registered Agent
- The names and addresses of current directors and officers
Wyoming Corporate taxes and fees
- Annual Report: A Corporation in Wyoming is required to file an Annual Report on or before the first day of the anniversary month of the formation of the corporation. The cost for filing the annual report is $50 or two-tenths of 1 mill on the dollar ($.0002), whichever is greater, based on the portion of the corporation’s assets located and employed in Wyoming.
– If your total in-state assets have a value of less than $250,000, then you will pay the $50 annual fee (plus a $2 convenience fee if filed online).
– If your in-state assets are greater in value than $250,000 then you will multiply the value by .0002 and pay the resulting amount. - Sales Tax Rates: Wyoming has sales tax. The state’s sales tax rate is 4.0%, and individual municipalities may add a little more. So, altogether the sales tax tops out around 6%.
- Wyoming Property Taxes: The Wyoming property taxes are incredibly low as compared to other states.
– State Assessment of Industrial Land: 11.5% of Fair Market Value
– State Assessment on Commercial and Residential Property: 9.5% of Fair Market Value
– State Assessment on Agricultural Land: 9.5% of Agricultural Value
– State Assessment of Minerals: 100% of Fair Market Value
Wyoming residential and commercial property taxes can be calculated using the following equation: (Fair Market Value x 9.5%) x Local Mill Levy Rate = Property Tax. - Federal tax identification number (EIN): If your Wyoming Corporation has employees, an EIN is required. Most of the banks however in Wyoming will require an EIN in order to open a business bank account. Wyoming does not require a state tax identification number.
Wyoming Business Licenses
For different types of businesses in Wyoming, your business requires various business licenses and permits. You need to obtain a business license by completing and submitting a Business License application. The business license expiration date and fee vary by business type but are generally valid for one year and are not prorated. Renewal notices are sent approximately 30 days before license expiration.
S Corporation Election
Since there is no State Income Tax in Wyoming, Wyoming does not recognize the Federal S Corporation election and does not need a State-Level S Corporation election.
How can IncParadise help you?
Every day, new businesses are formed in Nevada and Wyoming. Incorporating your business in both the states will offer several benefits that will aid in the growth of your business.
At IncParadise, our professionals can assist you with the following services in Nevada & Wyoming:
- Drafting of custom NV Incorporation of Articles for a Nevada Corporation
- Filling and filing Nevada Business registration forms
- Issuing filed business incorporation documents within a period of 7 to 10 business days from the date of filing.
Also, note that the Service fees charged by incparadise.net are just $105.00 for the Initial Filing Fee and $89.00 for checking business name availability.