Seize Your Dreams: Why Wyoming is the Ideal Business Hub! Are you an aspiring entrepreneur with big dreams? If you’re considering where to establish your business, look no further than the landscapes and business-friendly atmosphere of Wyoming. Hello, I’m Alisha Collins from the Alisha Collins Real Estate Team. Today, I want to share why Wyoming is the choice for smart business owners like yourself. Wyoming not only offers natural beauty but also provides an exceptional environment for conducting business. Did you know that Taxfoundation.org ranks Wyoming as the state with the best business tax climate? That’s right! With no state income tax and no corporate income tax, Wyoming presents a significant advantage for entrepreneurs. Join me as I delve into the factors that make Wyoming stand out in the world of commerce. We pride ourselves on being at the forefront, and Wyoming doesn’t disappoint. With a sales tax capped at 6%, property taxes ranked 34th, and unemployment insurance taxes ranked 28th, Wyoming boasts a favorable tax climate for businesses… but wait, there’s even more! According to Venture Smarter, Wyoming secures the #3 spot in their list of states for forming an LLC. Wyoming’s success can be attributed to factors such as the absence of tax, simplified LLC formation processes, and privacy protections. Now, let’s compare Wyoming with some states. While Delaware holds the title for being overall business-friendly, it ranks 16th in terms of tax climate. Wyoming stands out with its framework and business laws that prioritize predictability, which is crucial for new businesses. Nevada takes the overall second place. Why does Wyoming come in at #3? Well, Nevada’s strong asset protection laws play a role by providing enhanced personal liability protection for LLC owners. Wyoming truly offers a winning combination when you consider that it ranks among the top 5 states for both “business tax climate” and “best place to start an LLC.” Our competitive advantage extends beyond taxes and includes processes for forming LLCs, as well as privacy benefits. Join the community of business owners who have discovered the opportunities that await them in Wyoming! Venture Smarter also highlights the states that don’t quite measure up. If you’re looking for a streamlined process, reasonable fees, and favorable tax climates, you might want to explore states other than New Jersey, California, and New York. Wyoming provides a clear path to entrepreneurship. Wyoming also boasts an education system and a hardworking community that contribute to its skilled workforce. According to Wallet Hub’s rankings, Wyoming holds the top spot on the list of “Hardest Working States.” Trust me when I say this number reflects the dedication we see every day in Wyoming. When you decide to establish your business in Wyoming, not only will you benefit from a thriving environment, but you will also gain access to the breathtaking natural beauty that this state offers. Join us on an adventure as you build your business surrounded by Wyoming’s mountains, vast plains, and flowing rivers. If you find yourself drawn to Wyoming’s business conditions, remember that the Alisha Collins Real Estate Team is here to facilitate your move seamlessly. We are passionate about this state and committed to helping you find the perfect location for both your business and personal life. Don’t Miss Out on Your Dream Business Destination!
In case you haven’t watched enough of my videos, I’m going to come right out and tell you I love Wyoming. I love living here. I love raising my family here. I just think it is a great place to live. Did you know that it’s also a great place to have a business? Hi, I’m Alisha Collins with the Alisha Collins Real Estate Team, and, yes, Casper has been great for my real estate business, but I’m talking about business climate overall.
Taxfoundation.org has ranked Wyoming as the number one best state for business tax climate. I know that I have previously mentioned one of the benefits of living in Wyoming is that there are no state income taxes. That goes for corporate income tax in Wyoming as well. That’s right. One of the factors that makes Wyoming a great place for business is that the state does not collect a corporate tax. The absence of both personal and corporate income tax factor into what puts Wyoming at the top of the list published by taxfoundation.org. We do like to be number one. Another relevant factor is our low sales tax. Yes, every county can add an additional tax rate on top of the state 4%, but the county tax is maxed at 2%. So the most any locality in Wyoming can charge is 6% sales tax. That, my friends, is a pretty good rate. When it comes to overall business tax climate lists, they take all relevant taxes into account, including property taxes and unemployment insurance taxes. Wyoming does not rank quite as well on these taxes, but all things considered, they are not too bad.
When it comes to property taxes, which of course come into play if your business owns property here, Wyoming is ranked 34th out of the 50 states. We do fare a bit better on unemployment insurance taxes, where we are ranked 28th. While these two taxes are important things to consider, the lack of corporate and individual income tax still boosts Wyoming right to the top.
Another ranking to consider is VentureSmarter’s list of the best states to form an LLC. While Wyoming isn’t number one on their list, it’s number three, which is not too shabby. Part of the reason we are number three is that absence of corporate tax, but there are other things that place us in the top three. Wyoming has a pretty easy process for forming an LLC. Along with low annual fees and a streamlined process to maintain an existing LLC, these factors help make Wyoming a great place to form a business. In addition, we do like our privacy around here, and when it comes to business, that includes the fact that Wyoming allows anonymity in LLC ownership. Of course, you can file the paperwork yourself, but for privacy, a registrar may file the LLC paperwork on your behalf, and your name does not have to be listed. Depending upon what type of business you own, a physical presence in Wyoming may be required. As with all legal matters, I do recommend you consult with an attorney for guidance in deciding the best way to proceed. All in all, VentureSmarter list, three great reasons why Wyoming is number three on their list of the best places to form an LLC. We know that Wyoming is number one for tax climate, number three for LLC formation. It sounds like they know what we know: Wyoming is a great place for business.
Let’s look at how the competition stacks up, again, referring to VentureSmarter’s rankings. Delaware is ranked overall best for business friendly environment, but it ranks 16th on tax climate ranking, so what factors did they consider in placing it above Wyoming? Like Wyoming, Delaware also offers privacy protections for LLC owners. VentureSmart lists the legal structure, history, and established laws as outweighing the tax factor. So why does the legal structure matter? Delaware’s established and proven business laws make things very clear and predictable, factors that are important when starting a business.
Nevada is ranked number two overall according to VentureSmarter, but it’s seventh on the business tax climate ranking, so it still offers good choice for starting a business with no corporate tax, no personal income tax, no franchise tax, and privacy laws. Okay, sounds pretty good, right? But that is very similar to Wyoming, so why is it number two and Wyoming number three? Well, Nevada has a strong asset protection law, offering stronger personal liability protection for LLC owners, which put a big plus in the Nevada column.
Ranking just below Wyoming is New Mexico, coming in at fourth on the list of the best states to start an LLC, but it is number 22 on the tax climate list. Let’s look at what factors balance that tax climate ranking. Their category overall business climate does consider the tax situation, but they also look at other factors. What sets New Mexico apart is that they have the lowest fees for starting an LLC. Plus, there are no annual filing requirements, which really reduces the administrative burdens, especially in the first few years of a business. New Mexico also offers similar privacy protections, one that is another plus for that state. One thing they mention is that New Mexico ranks number one for lowest property tax in all 50 states and ninth for unemployment insurance tax rates, which are some good tax benefits. It is interesting to me that these top lists don’t match up. The only one in the top five for both best business tax climate and best place to start an LLC is Wyoming. Among the best states for a business tax climate, you have Wyoming, then South Dakota, Alaska, Florida, and Montana.
Let’s take a quick look at the worst ranked states on this list. For business tax climate, the five worst are Maryland, Connecticut, California, New York, and New Jersey. Some of these do match up with the worst on the other list. The worst states to form an LLC are New Jersey, California, New York, Connecticut, Minnesota, Ohio, and also Maryland. According to VentureSmarter, these states have complex procedures and high fees as well as the poor tax climate we already know about. In addition, there are some restrictive business regulations in place. That isn’t to say you can’t start an LLC in these states. It’s just easier to do it elsewhere.
One factor to consider is the workforce itself. Wyoming has a strong public education system, and we believe that factor leads to a decent educated workforce. Something I know to be the case, but I’m not sure it can be quantified, is how hardworking the people are here in Wyoming. WalletHub.com tried to put a number on it, and according to their list, Wyoming ranks 10th on the hardest working states list. Admittedly, I’m biased, but I question the 10th place, as many of the people I encounter through my business are some of the hardest working people I have ever met.
When it comes to starting a business, Wyoming has a lot going for it. Not to mention, if you also decide to bring your business and your life here, you also get to personally enjoy all of the great outdoors that Wyoming has to offer. This sounds like a win-win to me. Remember, if you are looking to move to Wyoming, I just happen to know a great real estate team to help you find what you’re looking for. We love talking to you. We love hearing from you. We love your comments below. We want you to love where you live, and we can help you do that in Wyoming. See you soon.