A ranked head-to-head of the only four states that hide LLC owners: Wyoming, New Mexico, Delaware, and Nevada. We score each on privacy, banking acceptance, asset protection, cost, and taxes out of 50, then hand out an overall winner and per-category winners so you can see exactly where each state wins and loses instead of guessing from a headline price.
The verdict: Wyoming wins overall at 48/50 - the default for most founders at $397 all-in on the strength of banking and single-member charging-order protection. New Mexico takes second (39/50) as the lowest-cost pick at $347. Delaware is third (38/50) and is the choice only when you are raising investment. Nevada is fourth (37/50) and earns its $722 price only for an asset-protection case. Same public-record privacy across all four; the ranking is decided by everything around it.
Pick the priority that matches yours to jump to that state's verdict.
We scored each state on five categories that decide whether an anonymous LLC actually works for you - privacy, banking acceptance, asset protection, first-year and ongoing cost, and taxes - at 10 points each, for a 50-point total. Every one of the four hides the owner on the public record, so privacy scores level; the ranking is set by the other four categories.
| Category (out of 10) | Wyoming | New Mexico | Delaware | Nevada |
|---|---|---|---|---|
| Privacy (public record) | 10 | 10 | 10 | 10 |
| Banking acceptance | 10 | 5 | 8 | 6 |
| Asset protection | 9 | 6 | 7 | 10 |
| Cost (first year + ongoing) | 9 | 10 | 6 | 2 |
| Taxes | 10 | 8 | 7 | 9 |
| Total (out of 50) | 48 | 39 | 38 | 37 |
| Overall rank | #1 | #2 | #3 | #4 |
Source: anonymousllc.co scoring across state secretary-of-state fee schedules, banking-acceptance observations, and state LLC statutes, verified August 2026.
Wyoming wins the roundup because it is the only state that scores near the top in every category that is not privacy. At $397 all-in ($297 service + $100 state), it pairs the best banking acceptance of the four with statutory single-member charging-order protection, no state income tax, and a low $60 annual report. It loses two points only to Nevada on asset protection, and one point on cost to New Mexico.
| Wyoming | Detail |
|---|---|
| First-year all-in | $397 ($297 + $100 state) |
| Ongoing | $60/yr report + $100/yr registered agent |
| Asset protection | Single-member charging-order protection under Wyo. Stat. 17-29-503 |
| Banking | Strongest acceptance of the four, including remote fintech for non-residents |
| State income tax | None |
Source: Wyoming Limited Liability Company Act (Wyo. Stat. 17-29-503) and Wyoming Secretary of State fee schedule, verified August 2026.
New Mexico finishes second on the strength of one category it wins outright: cost. At $347 all-in ($297 service + $50 state) with no annual report at all, it is both the cheapest to form and the cheapest to keep - there is no recurring state filing after formation. It drops points on banking, where acceptance is weaker than Wyoming, and on asset protection, where the statute is thinner.
| New Mexico | Detail |
|---|---|
| First-year all-in | $347 ($297 + $50 state) |
| Ongoing | $0 report + $100/yr registered agent |
| Asset protection | Charging-order remedy under the New Mexico LLC Act; less case law than Wyoming or Nevada |
| Banking | Weaker acceptance; best banked through a platform |
| Best for | Lowest cost and least paperwork |
Source: New Mexico LLC Act and New Mexico Secretary of State fee schedule, verified August 2026.
Delaware ranks third, and its score is almost entirely about one thing the other states cannot offer: investor familiarity. At $407 all-in ($297 service + $110 state) plus a flat $300 annual franchise tax, it is expensive to maintain, but US venture capital and institutional investors expect Delaware entities, and its Court of Chancery gives a deep, predictable body of business case law. It loses on cost and trails Wyoming on protection.
| Delaware | Detail |
|---|---|
| First-year all-in | $407 ($297 + $110 state) |
| Ongoing | $300/yr franchise tax + $100/yr registered agent |
| Asset protection | Charging order is the exclusive remedy under 6 Del. C. 18-703 |
| Banking | Strong acceptance, behind Wyoming |
| Best for | Raising US venture capital |
Source: Delaware Limited Liability Company Act (6 Del. C. 18-703) and Delaware Division of Corporations franchise-tax schedule, verified August 2026.
Nevada finishes last on aggregate not because it is weak but because it is expensive. It is the outright winner on asset protection - the reason its die-hard advocates pick it - but at $722 all-in ($297 service + $425 state) plus roughly $350/yr for the annual list and state business license, cost drags the total down. Nevada has no state income tax and a favorable body of charging-order statute and case law.
| Nevada | Detail |
|---|---|
| First-year all-in | $722 ($297 + $425 state) |
| Ongoing | ~$350/yr (annual list + business license) + $100/yr registered agent |
| Asset protection | Charging order as exclusive remedy under NRS 86.401, backed by favorable case law |
| Banking | Moderate acceptance |
| Best for | A genuine asset-protection case |
Source: Nevada Revised Statutes (NRS 86.401) and Nevada Secretary of State fee schedule, verified August 2026.
The aggregate hides the fact that three of the four states win a category outright. If your decision comes down to a single priority, follow the category winner rather than the overall rank. Here is who takes each of the five.
| Category | Winner | Why it wins |
|---|---|---|
| Privacy | Tie - all four | None discloses members or managers on the public filing; a searcher hits the registered agent and stops |
| Banking acceptance | Wyoming | Best onboarding at banks and processors, including remote fintech for non-residents |
| Asset protection | Nevada | NRS 86.401 charging-order exclusivity plus the deepest favorable case law |
| Cost | New Mexico | $347 all-in and no annual report - cheapest to form and to keep |
| Taxes | Wyoming | No state income tax and no franchise tax; Nevada matches on income tax but adds annual costs |
Source: state LLC statutes (Wyo. Stat. 17-29-503, NRS 86.401, 6 Del. C. 18-703) and state fee schedules, verified August 2026.
Form in Wyoming unless one specific priority overrides the aggregate. Wyoming's 48/50 reflects the balance most founders need: bankable, protected, low-tax, and reasonably priced. Deviate only when your single hard constraint is cost (New Mexico), raising investment (Delaware), or a genuine asset-protection case (Nevada).
| If your priority is... | Rank & pick | All-in / ongoing |
|---|---|---|
| A safe default, banking, low tax | #1 Wyoming | $397 all-in / $60/yr + agent |
| Lowest cost and least paperwork | #2 New Mexico | $347 all-in / $0 report + agent |
| Raising US venture capital | #3 Delaware | $407 all-in / +$300/yr franchise |
| A genuine asset-protection case | #4 Nevada | $722 all-in / ~$350/yr + agent |
Source: anonymousllc.co pricing and state fee schedules, verified August 2026.
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