Comparison
New Mexico LLC vs. Wyoming LLC — head to head
All figures verified against official state portals as of 2026-05-07.
| Factor | New Mexico (NM) | Wyoming (WY) |
|---|---|---|
| Formation filing fee | $50 | $100 |
| Annual fee | None — no annual report required | $60/year minimum Annual Report |
| First-year total cost | ~$50 (excl. RA service) | ~$160 (excl. RA service) |
| Ongoing annual cost | $0 state fees + RA service (~$50–$100/yr) — lowest total ongoing cost | $60 minimum Annual Report + RA service (~$50–$100/yr) |
| Online processing time | 1–3 business days standard; No formal expedite tier — standard online processing | 3–5 business days; Same-day and 24-hour options available |
| State income tax | Yes | None |
| Franchise / gross receipts tax | No franchise tax. New Mexico imposes graduated personal income tax (1.7%–5.9%) on NM-resident members' NM-sourced earnings. For formation-only structures by non-NM residents, income tax is typically not applicable. | No franchise tax and no state income tax. Annual Report fee ($60 minimum) is an administrative fee that funds Wyoming's active state LLC registry. |
| Name reservation | $20 for 120 days | $25 for 120 days |
| Publication requirement | None | None |
| Annual report deadline | None required — no annual report, no biennial statement, no periodic filing | Annual Report by anniversary month ($60 minimum — no member/manager disclosure required) |
| Filing portal | New Mexico SOS — portal.sos.nm.gov | Wyoming SOS — wyobiz.wyo.gov |
| Name search | NM name search | WY name search |
| Governing statute | NMSA 1978, § 53-19-1 et seq. | Wyo. Stat. § 17-29-101 et seq. |
NM: $50 one-time filing fee, NO annual report required, $0/yr ongoing state fees — the lowest total long-term cost in the anonymous LLC triad. WY: $100 filing + $60/yr Annual Report, stronger charging-order protection and wider banking recognition. Both are marketed as 'anonymous LLC' states. NM wins on pure cost; WY wins on legal infrastructure, asset protection, and banking familiarity.
New Mexico annual obligations
What a New Mexico LLC must file each year
- Due date
- Ongoing — no periodic filing required
- Fee
- None — no annual report required
- What to file
- None required — no annual report, no biennial statement, no periodic filing
- Failure consequence
- No annual report due. Only obligation: maintain a valid registered agent. Failure to maintain RA may result in administrative revocation of good standing.
- Filing portal
- New Mexico annual filing portal
Wyoming annual obligations
What a Wyoming LLC must file each year
- Due date
- First day of the LLC's anniversary month each year
- Fee
- $60/year minimum Annual Report
- What to file
- Annual Report by anniversary month ($60 minimum — no member/manager disclosure required)
- Failure consequence
- $25 late penalty for missed filing deadline. Continued non-compliance results in administrative dissolution.
- Filing portal
- Wyoming annual filing portal
New Mexico name rules
LLC name requirements in New Mexico
- Required designators include LLC, L.L.C., or Limited Liability Company.
- Name must be distinguishable from existing NM entities.
- Name reservation: $20 for 120 days.
- Search at NM name search.
Wyoming name rules
LLC name requirements in Wyoming
- Required designators include LLC, L.L.C., or Limited Liability Company.
- Name must be distinguishable from existing WY entities.
- Name reservation: $25 for 120 days.
- Search at WY name search.
City-specific guides
New Mexico and Wyoming LLC formation by city
State rules apply statewide; city guides cover local context and additional permits.
Registered agents
Registered agent requirements: New Mexico vs. Wyoming
| Requirement | New Mexico | Wyoming |
|---|---|---|
| Required | Yes | Yes |
| Who can serve | NM resident 18+ with in-state street address, or registered NM entity | WY resident 18+ with in-state street address, or registered WY entity |
| Self-serve allowed | Yes (address becomes public state record) | Yes (address becomes public state record) |
| Consent required | Consent or appointment captured in the formation filing | Consent or appointment captured in the formation filing |
| Commercial RA typical cost | $50–$150/yr | $50–$150/yr |
Decision framework
How to choose: New Mexico vs. Wyoming LLC
-
Compare formation fees: NM $50 vs. WY $100 New Mexico's $50 formation fee is half of Wyoming's $100. New Mexico saves $50 upfront — the lowest formation fee in the anonymous LLC triad (NM $50, WY $100, DE $90). For cost-minimization, New Mexico has the lower starting point.
-
Compare ongoing annual costs: NM $0/yr vs. WY $60/yr minimum New Mexico requires no annual report — zero ongoing state fees. Wyoming requires a $60/yr minimum Annual Report. Over 5 years: New Mexico ~$50 (formation only + RA fees). Wyoming ~$400 ($100 + 5×$60) plus RA fees. New Mexico saves ~$350 in state fees over 5 years. Over 10 years: New Mexico saves ~$650 vs. Wyoming in state fees alone. For long-holding anonymous LLC structures, New Mexico's zero annual cost is a compelling advantage.
-
Understand the anonymity comparison: both are strong, structurally similar Neither New Mexico nor Wyoming requires member names on the Articles of Organization — both states support anonymous LLC formation from the start. Wyoming's Annual Report also requires no member/manager disclosure. New Mexico has no annual report at all — eliminating any periodic disclosure opportunity entirely. Both states are structurally among the most anonymous in the US. New Mexico's advantage: no periodic filing = no periodic disclosure opportunity. Wyoming's advantage: more widely tested in courts and banking environments for anonymous LLC formations.
-
Understand Wyoming's charging-order advantage — the legal infrastructure difference Wyoming's charging-order statute (Wyo. Stat. § 17-29-503) expressly declares the charging order as the EXCLUSIVE remedy for a creditor of an LLC member — foreclosure, forced liquidation, and management control are all prohibited. Wyoming courts have consistently upheld this protection. New Mexico's charging-order statute (NMSA 1978, § 53-19-35) provides protection but does not use the exclusive-remedy language that Wyoming has codified. For asset-protection holding structures where legal certainty matters, Wyoming's established jurisprudence and explicit statutory language are meaningfully stronger.
-
Consider banking familiarity — Wyoming's practical advantage Wyoming is one of the most widely recognized 'asset protection' and 'anonymous LLC' states in the US, alongside Delaware and Nevada. Banking and legal professionals are broadly familiar with Wyoming LLC structures. New Mexico's anonymous LLC benefits are real but less widely understood — some banks, particularly smaller regional or community banks, may be unfamiliar with New Mexico LLCs and request additional documentation or due diligence. This friction is a practical consideration for founders who want seamless banking relationships. Wyoming's $60/yr premium buys active state registry maintenance and a more widely recognized legal framework.
-
Consider Wyoming's income tax advantage for non-NM residents Wyoming has no state income tax. New Mexico imposes a graduated personal income tax (1.7%–5.9%) on NM-resident LLC members' earnings. For out-of-state founders forming an anonymous LLC for privacy or asset protection (not for NM-based income), the income tax comparison is neutral — neither state taxes non-resident, non-NM-sourced income. Both states are equivalent for non-NM, non-WY residents on the income tax axis.
-
Choose your state and file For maximum cost minimization in an anonymous LLC structure with no WY-specific legal requirements: form in New Mexico (portal.sos.nm.gov, $50). No annual report fees = lowest long-term carrying cost. For maximum asset-protection legal certainty, banking familiarity, and exclusive-remedy charging-order protection: form in Wyoming (wyobiz.wyo.gov, $100 + $60/yr). Wyoming's $60/yr buys active state registry maintenance and a more established legal framework. After formation in either state, obtain an EIN at irs.gov/ein, draft an Operating Agreement, and open a business bank account.
Provenance
Statute basis & official sources
Last verified 2026-05-07.
New Mexico Business Organizations Act, NMSA 1978, § 53-19-1 et seq.; NM charging-order: NMSA 1978, § 53-19-35; Wyoming Limited Liability Company Act, Wyo. Stat. § 17-29-101 et seq.; Wyoming charging-order (exclusive remedy): Wyo. Stat. § 17-29-503; Wyoming Annual Report: Wyo. Stat. § 17-29-209.
Why you need an LLC (either state)
- Without entity formation in New Mexico or Wyoming, the anonymity and charging-order protections of these states' LLC Acts do not apply.
- New Mexico: failure to maintain a valid registered agent may result in administrative revocation of LLC good standing.
- Wyoming: failure to file the Annual Report by the anniversary month results in a $25 late penalty and eventual administrative dissolution.
FAQ
New Mexico vs. Wyoming LLC — common questions
New Mexico vs. Wyoming anonymous LLC — which is cheaper?
New Mexico is cheaper. NM charges $50 to form with NO annual report — total ongoing state cost is $0/yr (only a registered agent fee applies). Wyoming charges $100 to form + $60/yr Annual Report. Over 5 years, New Mexico saves ~$350 in state fees. Over 10 years: ~$650 in state fee savings. For maximum cost minimization in an anonymous LLC, New Mexico is the winner. The trade-off: Wyoming has better-established legal precedent for exclusive charging-order protection and wider banking recognition.
Does New Mexico require an annual report for LLCs?
No. New Mexico is one of the only states in the US that does not require any periodic annual report or biennial statement from LLCs. Once formed, there are no mandatory state-level periodic filings. Wyoming requires a $60/yr minimum Annual Report. This is New Mexico's primary structural cost advantage — the absence of any annual report means zero recurring state fees, making New Mexico the lowest long-term-cost anonymous LLC jurisdiction.
Is Wyoming's charging-order protection really better than New Mexico's?
Yes — Wyoming's is more explicitly developed and litigated. Wyoming's charging-order statute (Wyo. Stat. § 17-29-503) expressly declares the charging order as the EXCLUSIVE creditor remedy for both single-member and multi-member LLCs. Wyoming courts have consistently upheld this. New Mexico's statute (NMSA 1978, § 53-19-35) provides charging-order protection but does not use the exclusive-remedy language. In practice, both states protect LLC membership interests from most creditor attacks — but Wyoming's statutory certainty and established case law are stronger for asset-protection structures where legal precision matters.
Will banks accept a New Mexico LLC?
Yes — most banks accept New Mexico LLCs. However, Wyoming LLCs are more widely recognized. Some community banks or regional banks unfamiliar with New Mexico's LLC framework may request additional documentation when opening accounts for NM-formed LLCs. Wyoming's reputation as a leading 'asset protection state' means banking professionals are broadly comfortable with WY LLC structures. The $60/yr difference between NM and WY effectively pays for Wyoming's active registry maintenance and the resulting banking familiarity. For founders who value seamless banking, Wyoming is the more practical choice.
What is the income tax difference between New Mexico and Wyoming?
Wyoming has no state income tax. New Mexico imposes a graduated personal income tax from 1.7% to 5.9% on individual taxable income — NM-resident LLC members pay this on their New Mexico-sourced pass-through earnings. For out-of-state founders forming an anonymous LLC (not as NM or WY residents, and not generating state-sourced income in either state), the income tax difference is neutral — neither state will tax non-resident, non-state-sourced earnings. The income tax comparison matters primarily for residents of each state, not for formation-only structures.
Can I use a New Mexico LLC as an asset protection holding company?
Yes — New Mexico's LLC Act provides charging-order protection (NMSA 1978, § 53-19-35). A NM LLC can serve as a holding company for real estate, investments, or other assets. The main considerations: (1) NM's charging-order protection is real but not as explicitly codified or litigated as Wyoming's exclusive-remedy statute; (2) Banking partners may be less familiar with NM holding structures; (3) NM has no annual maintenance cost — advantageous for long-hold structures. For simple holding structures prioritizing cost, NM is viable. For maximum statutory protection and banking ease, Wyoming's explicit exclusive-remedy framework is preferable.
§ A Building permits by city
§ B LLC formation guides
§ C Companion tools
Disclaimer: Informational only — not legal advice. LLC laws change; verify with a New Mexico or Wyoming business attorney or CPA before filing.