A decision framework for the four states that keep LLC owners off the public registry: Wyoming, New Mexico, Delaware, and Nevada. What each costs all-in, how their banking acceptance and asset protection actually differ, and how to pick by your top priority - cost, banking, investment readiness, or asset protection - instead of by a headline price.
The short answer: Four states hide LLC owners - Wyoming, New Mexico, Delaware, and Nevada. Wyoming ($397 all-in) is the default for its banking acceptance and single-member charging-order protection. New Mexico ($347) is the cheapest with no annual report. Delaware ($407) is the venture-capital standard but adds a $300 franchise tax. Nevada ($722) has strong asset-protection case law but is the most expensive.
Pick the priority that matters most to jump to that state.
Only four states let you form an LLC without naming the owner on the public record: Wyoming, New Mexico, Delaware, and Nevada. Every other state discloses members or managers on the initial filing, an annual or biennial report, or both. So the real question is not whether to go anonymous but which of these four fits your priority.
They are not interchangeable. They differ on total cost, on how readily banks and payment processors onboard the entity, on the strength of the case law behind their asset-protection features, and on whether investors expect them. The comparison below is the whole decision on one screen; the sections after it explain each state, and the final section picks by priority.
| State | All-in first year | Annual report | Banking | Best for |
|---|---|---|---|---|
| Wyoming | $397 ($297 + $100 state) | $60/yr | Strongest | The default choice |
| New Mexico | $347 ($297 + $50 state) | None | Weaker | Lowest cost |
| Delaware | $407 ($297 + $110 state) | $300 franchise/yr | Strong | Raising venture capital |
| Nevada | $722 ($297 + $425 state) | Included in state fee | Moderate | Asset-protection case law |
Source: anonymousllc.co pricing and state secretary-of-state fee schedules, verified August 2026.
Wyoming is the recommended default for most founders at $397 all-in ($297 service + $100 state). It combines the best banking acceptance of the four, no state income tax, strong single-member charging-order protection, and a low $60 annual report. Unless a specific reason points elsewhere, this is the state to form in.
Two things set Wyoming apart. First, banks and payment processors onboard Wyoming LLCs more reliably than the alternatives, which matters because an entity you cannot bank cannot operate. Second, Wyoming statute extends charging-order protection to single-member LLCs, meaning a creditor's remedy is generally limited to a charging order rather than seizing the membership interest - protection some states reserve for multi-member LLCs only.
New Mexico is the lowest-cost anonymous LLC at $347 all-in ($297 service + $50 state) and, uniquely, requires no annual report at all - so there is no recurring state filing after formation. The tradeoff is weaker banking acceptance, which makes it a fit for lean or pre-revenue operators who can bank through a platform rather than a dedicated business account.
New Mexico offers the same public-record privacy as Wyoming: no member or manager disclosure. What it lacks is Wyoming's banking strength and the depth of asset-protection statute. For a founder whose priority is minimizing cost and recurring paperwork - and who does not immediately need a full-service US business bank account - New Mexico is the value pick.
Delaware costs $407 all-in ($297 service + $110 state) and adds a flat $300 annual franchise tax for LLCs. Its value is not price or privacy alone but investor familiarity: US venture capital and institutional investors know and expect Delaware entities, and its Court of Chancery gives a deep, predictable body of business case law. Choose it when you plan to raise money.
For a bootstrapped online business, Delaware's advantages are largely wasted, and the $300 annual franchise tax is pure overhead compared with Wyoming. The moment a priced funding round or institutional investor enters the picture, though, Delaware becomes the path of least resistance because the paperwork investors want is built around it. Match Delaware to a fundraising plan, not to prestige.
Nevada is the most expensive at $722 all-in ($297 service + $425 state) and earns its price only for founders who specifically want its asset-protection reputation. Nevada has no state income tax and a body of case law and statute favorable to charging-order protection, but for most people that edge does not justify paying nearly double what Wyoming costs.
Nevada is a targeted choice, not a default. It suits an owner with a genuine asset-protection motive - significant personal exposure, a litigious industry - who values Nevada's specific case law. For a typical online or service business, Wyoming delivers comparable single-member protection and far better banking at $397, so the extra $325 for Nevada usually buys reassurance rather than a practical difference.
Name the one thing that matters most and the state follows. If it is cost, New Mexico. If it is banking or you want a safe default, Wyoming. If it is raising venture capital, Delaware. If it is asset-protection case law, Nevada. Trying to optimize all four at once is how founders overpay for features they never use.
| Your priority | Pick | Why |
|---|---|---|
| Lowest cost, least paperwork | New Mexico ($347) | Cheapest and no annual report; bank through a platform |
| Banking, or a safe default | Wyoming ($397) | Best acceptance, single-member protection, low report |
| Raising US venture capital | Delaware ($407) | Investor standard; accept the $300 franchise tax |
| Asset-protection case law | Nevada ($722) | Favorable statute and precedent; the most expensive |
Source: anonymousllc.co pricing and state fee schedules, verified August 2026.
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