Dreaming of starting your own business? Perfect! But you might be wondering how much it will cost to kickstart and maintain your LLC.
While the specific steps for creating an LLC may vary depending on location, there are common fees and expenses to take into account.
In this blog, you’ll learn about:
- State Fees
- Initial Costs
- Registered Agent
- Maintenance Costs
State Fees for LLCs
If you are a non-US resident, you have the flexibility to register an LLC in any state. Some states, like Wyoming and Delaware, are known for being favorable to businesses and are quite popular choices among non-US residents.
Each state has its own filing fee, which is also called the “Articles of Organization” fee. You can make this payment when you file for your LLC or at a later time.
Wyoming:
State filing fee: $100 The recurring fee: $60 (yearly)
Delaware:
State filing fee: $90 The recurring fee: $300 franchise tax (yearly)
Discover which is better for you: Wyoming vs Delaware
For detailed information on LLC filing fees and additional costs by state, explore our specialized LLC fee guide. It's your one-stop resource for discovering all the fees associated with forming an LLC in any U.S. state.
Publication Fees
In specific states like New York, Arizona, and Nebraska, entrepreneurs are obligated to announce the formation of their LLCs in a local newspaper. The cost for this requirement can fluctuate from $100 to over $1,000 depending on where your LLC's office is located, your state's notification rules, and the advertising rates set by your local newspaper.
Initial Fees
In addition to the state fees tied to LLC formation, there are other expenses to keep in mind. These might cover obtaining an Employer Identification Number (EIN) from the IRS, acquiring business insurance, and completing the registration process for local licenses and permits.
Visit our pricing page to get started with the package that combines all your needs!
Registered Agent
Another expense to keep in mind for your LLC is the charge for a registered agent service. This agent, is tasked with receiving legal letters and official paperwork on behalf of your LLC.
Using a registered agent service guarantees that there's always someone ready to receive vital documents. Any lawsuits or legal papers sent to your registered agent will remain confidential. The price for a registered agent service can go as high as $300 annually.
Maintenance Costs
You'll have to submit yearly reports and cover annual tax fees. Once you've reported your income to the IRS, you'll also be responsible for paying state and federal income taxes, along with any relevant sales tax. Furthermore, depending on the industry you're in, you might need to secure licenses or permits to operate within your state.
If your LLC has employees, you'll have the additional expense of their salaries and benefits, as well as the obligation to follow employment laws and regulations. Moreover, it's a good idea to think about getting business insurance to safeguard against potential legal claims.
Conclusion
Handling these steps on your own can take too much of your time and it's essential to recognize that your time holds great value as a business owner. Incunit provides budget-friendly packages that deliver comprehensive services, allowing our clients to save both time and money.
We are here to offer continuous support for all of your needs. Count on us to be your guide throughout your business journey.
Get started on your LLC with Incunit today!
