Wyoming vs New Mexico LLC
New Mexico costs less to maintain; Wyoming has stronger asset-protection precedent.
Wyoming vs New Mexico LLC — privacy-first decision table
Fees from our state formation data (SOS-published rates). Confirm on the Wyoming and New Mexico Secretaries of State before filing — schedules change.
| Factor | Wyoming | New Mexico |
|---|---|---|
| Formation fee | $100 | $50 |
| Annual requirements | Annual Report — $60 minimum (due First day of anniversary month) | No annual report for LLCs |
| Anonymity / privacy | Members not on formation; managers on annual report (nominee OK) | Members not on formation; no annual report to surface managers later |
| Registered agent | Required (Wyoming street address) | Required (New Mexico street address) |
| Courts / case law | Stronger charging-order precedent (more litigated) | Similar statute text; less developed case law |
| Franchise / entity tax | None | None |
| 5-year state cost (sketch) | ≈ $340 | ≈ $50 |
| 10-year state cost (sketch) | ≈ $640 | ≈ $50 |
| Best for | Privacy + asset protection when the LLC holds meaningful assets | Lowest ongoing cost — dormant / low-value privacy wrappers |
Cost sketches = formation + SOS annual report (WY) only. Registered agent fees are separate in both states.
Choose Wyoming if…
- The LLC will hold meaningful assets (real estate, IP, investments).
- You want the strongest charging-order case law behind the statute.
- Slightly more recognition with US banks and counterparties matters to you.
- You're fine paying ~$60/year for that precedent.
Choose New Mexico if…
- You want the lowest ongoing state cost ($0 annual report).
- The LLC is a quiet holding wrapper or low-value pass-through entity.
- Maximum privacy with no recurring manager filing is the priority.
- You're optimizing for dormancy / minimal admin, not litigation precedent.
Cost comparison over 5 and 10 years
| Horizon | Wyoming | New Mexico |
|---|---|---|
| Formation | $100 | $50 |
| 5 years (approx.) | ≈ $340 | ≈ $50 |
| 10 years (approx.) | ≈ $640 | ≈ $50 |
The ~$590 decade gap is Wyoming's "asset-protection insurance." Trivial if the LLC holds anything material; meaningful if the LLC stays dormant.
Anonymity, registered agent, and what "private" means
Both states omit members from the public formation filing. You still need a commercial registered agent with a street address in that state — listing your home address defeats the privacy goal. New Mexico's edge is no annual report; Wyoming's annual report lists managers unless you use a nominee structure. Neither makes you invisible to banks, the IRS, or law enforcement. Full walkthrough: anonymous LLC guide.
New Mexico LLC asset protection vs Wyoming courts
A charging order gives a personal creditor a lien on distributions — not the right to seize LLC assets or take over management. Wyoming's "sole and exclusive remedy" statute is backed by more reported decisions (including single-member LLCs). New Mexico LLC asset protection follows similar statute text; the difference is precedent volume. For dormant wrappers the gap is academic; for asset-heavy holdings it matters.
For non-US founders
Either works for 100% foreign ownership and EIN-without-SSN. Start with New Mexico if cost is the priority and assets are low-value. Prefer Wyoming once the LLC holds anything material. If US venture capital is on the roadmap, compare Wyoming vs Delaware LLC instead — and read LLC for non-US residents.
Mercury, Relay, Wise, Brex, and major processors treat Wyoming and New Mexico LLCs the same. Forming in either while operating in California still triggers California foreign registration and the $800 minimum franchise tax.
- Picking New Mexico for an asset-heavy LLC
Saving ~$60/year is false economy once the LLC holds something worth protecting.
- Picking Wyoming for a dormant holding LLC
If the LLC will never hold meaningful assets, New Mexico is the rational pick.
- Forming in either while operating in California (or another home state)
Foreign qualification usually means paying both states — including CA's $800 minimum franchise tax.
- Skipping the operating agreement
Charging-order protection is strongest when documentation and capitalization records are real.
- Following outdated BOI advice
US-formed entities no longer file FinCEN BOI after March 2025.