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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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What are the total annual fees of operating an LLC in

Customer Question

What are the total annual fees of operating an LLC in Wyoming versus the total operating annual fees of a LLC in Texas?
Submitted: 8 months ago.
Category: Tax
Expert:  Lev replied 8 months ago.

Wyoming requires LLCs to file an annual report.

The fees are $50 or two-tenths of 1 mill on the dollar ($.0002), whichever is greater, based on the portion of the LLC's assets located in Wyoming.

So if you do not operate in Wyoming - that woudl be $50.

Texas does not require the LLC to file annual reports.
However Texas, imposes a state franchise tax on the LLC that is based on an LLC's "net surplus" (the net assets of the LLC minus its members' contributions).

See here

http://comptroller.texas.gov/taxinfo/franchise/rates.html

So most likely you will not pay any franchise tax.

Customer: replied 8 months ago.
What is the cost of setting up a LLC in Texas and what would be the total annual costs of operating it every year? I will put my parents home address as the address of the LLC in Texas.
Expert:  Lev replied 8 months ago.

You may verify here state fees for operation LLC in different states.

https://www.legalzoom.com/knowledge/limited-liability-company/faq/llc-operating-costs

As you see CA and NY are most expensive states.

If you want to hire an agent and bookkeeper - depending on your business activities - that might cost somewhere from $100 per month and up.

Generally - if you keep your books by yourself - you would not pay more than $100 to the agent