Wyoming technically doesn’t have a “franchise tax” (in name only), but Corporations, LLCs, and LPs registered in Wyoming must pay an “Annual Report License Tax” that closely resembles franchise tax filings in other states.
The Annual Report License Tax in Wyoming is charged regardless of profitability and uses a calculation of total assets in the state of Wyoming. It is typically filed by an accountant, given the amount of financial data required, balance sheet information in particular (similar to Schedule L of IRS Form 1120, 1120S, or Form 1065 for partnerships).
If you don't file your Annual Report in Wyoming, the Secretary of State may administratively dissolve your business entity after a period of delinquency. Dissolution often occurs about 60 days after a missed deadline.
The Annual Report License Tax is submitted with the Wyoming Annual Report. Annual Reports are due on the first day of the anniversary month of registration—for example, if you registered on June 15, your annual report is due by June 1 each year.
Annual Reports can be filed online for an additional convenience fee (which is less than $10 and depends on the total amount owed). However, when paying over $500 of license fees (equivalent to having over $2.5M of assets in Wyoming), the annual report cannot be filed digitally and must be mailed. The blank Annual Report forms can be downloaded from Wyoming’s Secretary of State website.
If a company has $300,000 or less in assets located and employed in Wyoming, it will pay the minimum License Tax of $60. Companies with greater asset values must calculate the license tax.
Wyoming provides a worksheet and official instructions to assist in calculating its License Tax. To calculate the amount of tax owed, determine your total asset value located and employed in Wyoming using the worksheet, then multiply the resulting dollar value by 0.0002 (two-tenths of one mill on the dollar).
As described above, the minimum License Tax is $60, with no statutory maximum cap. “License Tax” and “Filing Fee” are used interchangeably on the sheet.
Wyoming's Annual Report License Tax calculation, based on total assets located and employed in Wyoming, requires an accountant's attention for accurate balance sheet analysis.
Discern files your Wyoming Annual Reports, tracks each entity's anniversary month deadline, provides registered agent services, and keeps you compliant across every state where you operate. The financial calculations stay with your accountant; the filing deadlines and compliance tracking run on autopilot.
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