The initial LLC registration costs are the cheapest in Arkansas, with just a $45 filing fee. Followed by Colorado, Hawaii, Iowa, Michigan, Mississippi, and New Mexico, where you can register a company for $50. However, there are also recurring LLC fees involved, such as annual reports and taxes. If you factor these in, the overall cheapest state to register and maintain an LLC is Wyoming. With a $100 initial filing fee and annual report fees starting at $50 and no income taxes, Wyoming is one of the cheapest states to have an LLC.