Wyoming or New Mexico for a non-resident LLC?
Short answer
Filing fees are close. The difference shows up every year after that: Wyoming wants an annual report with a fee, New Mexico has no annual report at all. Over five years that gap is the main thing separating them, along with what ends up on public record.
Cost over time
Compare the running cost, not the formation fee. A state that is cheap to enter is not always cheap to stay in, and the first year is the least useful year to compare.
Privacy
New Mexico files nothing annually, so there is no recurring public filing where ownership could surface. Wyoming's annual report asks for member or manager names, though the state keeps no full public ownership register.
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