Privacy with a US LLC: what is truly private and what is not

0 personal public data in its Articles of Organization. Some US states do not publish the owner's name in LLC records. But privacy does not mean anonymity. Here is the reality.

New Mexico does not publish LLC member data, Wyoming lets you list only the Registered Agent, and Delaware requires 0 personal public data in its Articles of Organization.

Some US states don't publish the owner's name on LLC records. But privacy doesn't mean anonymity. Here's the realistic picture. what you get, what you don't, and why it matters.

What privacy a US LLC actually provides

State-level privacy (public records)

In states like New Mexico and Wyoming, the LLC's Articles of Organization don't require disclosing the members' (owners') names:

Only the registered agent's information appears in public state records
Your name is NOT in publicly searchable databases (Secretary of State website)
Anyone searching for your name will not find it connected to the LLC in public registries
This provides a meaningful level of privacy from casual searches, competitors, and solicitors

Delaware: Less privacy. more information may appear in public filings. Choose Delaware for VC investment or legal prestige, not for privacy.

What is NOT private

EIN: Your EIN is on file with the IRS. It's not public, but government agencies have access.

BOI Report: Beneficial ownership information is filed with FinCEN. The database is not public, but law enforcement, financial institutions (with consent), and authorized agencies can access it. You must provide your real name, date of birth, address, and government-issued ID.

Banking records: Your bank knows who you are. complete KYC on file (passport, address, tax ID). This information can be obtained through legal processes (subpoenas, court orders).

Tax filings: Form 5472 is filed with the IRS, not public, but accessible to US government authorities.

Who can see through your privacy

Government agencies: Law enforcement, the IRS, FinCEN, with legitimate reason
Courts: Through legal discovery processes and subpoenas
Banks: Complete KYC on file, shareable under legal obligations
FinCEN-authorized parties: Financial institutions (with client consent) can verify beneficial ownership through the BOI database

What privacy is actually useful for

Protection from casual searches: Business competitors, random curious people can't easily find your name associated with the LLC
Reduced solicitation: Fewer cold calls, spam mailings, and unsolicited sales pitches
Personal security: For people with specific security concerns (public figures, people in sensitive industries)
Business separation: Keeping business identity separate from personal identity for legitimate reasons
Competitive advantage: Competitors can't easily research your business structure

What privacy is NOT for

Privacy in an LLC is NOT for:

Hiding income from your tax authority (you still must declare in your country of residence)
Hiding assets from creditors or courts (legal processes can pierce privacy)
Evading any legal obligation (BOI Report ensures the government knows who you are)
Conducting illegal activity (the LLC structure doesn't protect criminal conduct)

Attempting to use LLC privacy for any of these purposes is illegal and counterproductive.

New Mexico vs. Wyoming vs. Delaware: privacy comparison

New Mexico: Strongest casual-search privacy, lowest cost. No annual report means no additional public disclosure.

Wyoming: Also strong privacy, plus the strongest asset protection (charging order protections). annual report.

Delaware: Less privacy than either option. Choose for other reasons (VC investment, sophisticated corporate law), not privacy.

The Operating Agreement: your private constitution

A key privacy advantage of the LLC: the Operating Agreement is a private document. It's not filed with any state authority. Only you and the entities you choose (Mercury, Stripe) see it.

Compare this to a Spanish SL, where the articles of incorporation are notarial and public documents accessible to anyone through the Registro Mercantil. With an LLC, your ownership structure, profit distribution rules, and tax classification remain private.

The honest bottom line

A US LLC in New Mexico or Wyoming provides meaningful privacy from public databases and casual searches. It does not provide anonymity from governments, courts, or financial institutions. If you're operating legitimately, this level of privacy is exactly what you need, and more would be unnecessary anyway.

The privacy you get is practical and valuable: your competitor can't Google your name and find your LLC. Your ex-client can't easily discover your business structure. Random solicitors can't target you.

The privacy you don't get (and shouldn't want): hiding from the IRS, FinCEN, or your local tax authority. These entities know who you are, and that's exactly how it should be.

Privacy comparison by state

New Mexico's unique privacy advantage

New Mexico is the only US state that requires NO annual reports. This means there is no recurring public filing that could expose ownership changes or updates. Combined with no owner names on the Articles of Organization, this creates the strongest default privacy among US states.

What CAN be discovered about your LLC

Even with maximum state-level privacy, certain information is still accessible:

The key takeaway: your ownership is private from casual searches, competitors, and the general public, but it is NOT hidden from the IRS, FinCEN, or law enforcement. This is legitimate privacy, not secrecy from authorities.

Why privacy matters for digital entrepreneurs

Competitor intelligence: Your competitors can't easily discover your business structure or revenue estimates
Personal safety: Clients with disputes can't immediately find your personal address
Spam prevention: Your personal details aren't harvested by marketing databases
Clean Google results: Your name isn't linked to business filings in search results
Asset protection: Combined with the LLC shield, privacy adds another layer of protection

To keep going on this thread, Nominee owners for LLCs: why it is illegal and the risks you take fills in a nuance this guide only touched on.

Legal and regulatory references

This article relies on rules currently in force. Main sources for verification:

United States. Treas. Reg. §301.7701-3 (entity classification / check-the-box); IRC §882 (tax on foreign income effectively connected with a US trade or business); IRC §871 (FDAP and withholding on non-residents); IRC §6038A and Treas. Reg. §1.6038A-2 (Form 5472 for 25% foreign-owned and foreign-owned disregarded entities); IRC §7701(b) (tax residency, substantial presence test); 31 U.S.C. §5336 (Corporate Transparency Act, BOI Report to FinCEN).
Spain. Law 35/2006 (LIRPF), arts. 8, 9 (residency), 87 (income attribution), 91 (CFC for individuals); Law 27/2014 (LIS), art. 100 (CFC for companies); Law 58/2003 (LGT), arts. 15 (anti-abuse) and 16 (simulation); Law 5/2022 (Form 720 penalty regime after CJEU C-788/19 of 27/01/2022); RD 1065/2007 (Forms 232 and 720); Order HFP/887/2023 (Form 721 crypto). That is exactly why at Exentax we keep your calendar tight — you stop thinking about deadlines and we close them before they ever bite.
Spain–US treaty. BOE of 22/12/1990 (original DTT); Protocol in force since 27/11/2019 (passive income, limitation on benefits).
EU / OECD. Directive (EU) 2011/16, amended by DAC6 (cross-border arrangements), DAC7 (Directive (EU) 2021/514, digital platforms) and DAC8 (crypto-assets); Directive (EU) 2016/1164 (ATAD: CFC, exit tax, hybrid mismatches); OECD Common Reporting Standard (CRS).
International framework. OECD Model Convention, art. 5 (permanent establishment) and Commentaries; BEPS Action 5 (economic substance); FATF Recommendation 24 (beneficial ownership).

Applying any of these rules to your specific case depends on your tax residency, the LLC's activity and the documentation you keep. This content is informational and does not replace personalized professional advice.

A balanced banking stack: Mercury, Relay, Slash and Wise

There is no perfect account for an LLC. There is the right stack, where each tool plays a role:

Mercury (operated as a fintech with partner banks (Choice Financial Group and Evolve Bank & Trust primarily; Column N.A. on legacy accounts), FDIC via sweep network up to the current limit). Main operating account for non-residents with strong UX, ACH and wires. Still one of the most proven options to open from outside the US.
Relay (backed by Thread Bank, FDIC). Excellent backup account and for envelope-style budgeting: up to 20 sub-accounts and 50 debit cards, deep QuickBooks and Xero integration. If Mercury blocks or asks for KYC review, Relay keeps your operations running.
Slash (backed by Column N.A. (federally chartered, FDIC)). Banking built for online operators: instant virtual cards by vendor, granular spend controls, cashback on digital advertising. The natural complement when you manage Meta Ads, Google Ads or SaaS subscriptions.
Wise Business (multi-currency EMI, not a bank). To collect and pay in EUR, GBP, USD and other currencies with local bank details and mid-market FX. Does not replace a real US account but is unbeatable for international treasury.
Wallester / Revolut Business. Wallester provides corporate cards on a dedicated BIN for high volume. Revolut Business works as a European complement, not as the LLC's main account.

The realistic recommendation: Mercury + Relay as backup + Slash for ad operations + Wise for FX treasury. This setup minimizes block risk and reduces real cost. At Exentax we open and configure this stack as part of incorporation.

Next steps

Now that you have the full context, the natural next step is to map it against your own situation: what fits, what doesn't, and where the nuances depend on your residency, your activity and your volume. A quick review of your specific case usually saves a lot of noise before taking any structural decision.

Banking and tax facts worth clarifying

Fintech and CRS information evolves; here is the current state:

Before going further, put numbers on your case: the Exentax calculator compares, in under 2 minutes, your current tax bill with what you would carry running a US LLC properly declared in your country of residence.

> Find out whether an LLC fits your case

Notes by provider

Mercury operates with several federally chartered partner banks and FDIC coverage via sweep network: mainly Choice Financial Group and Evolve Bank & Trust, with Column N.A. still in some legacy accounts. Mercury is not itself a bank; it is a fintech platform backed by those partner banks. If Mercury closes an account, the balance is typically returned by paper check mailed to the account holder's registered address, which can be a serious operational problem for non-residents; keep a secondary account (Relay, Wise Business, etc.) as contingency.
Wise ships two clearly different products: Wise Personal and Wise Business. For an LLC you must open Wise Business, not the personal account. Important CRS nuance: a Wise Business held by a US LLC sits outside CRS because the account holder is a US entity and the US is not a CRS participant; the USD side operates via Wise US Inc. (FATCA perimeter, not CRS). In contrast, a Wise Personal opened by an individual tax-resident in Spain or another CRS jurisdiction does trigger CRS reporting via Wise Europe SA (Belgium) on that individual. Opening Wise for your LLC does not bring you into CRS through the LLC; a separate Wise Personal in your own name as a CRS-resident individual does report.
Wallester (Estonia) is a European financial entity with an EMI/issuing-bank licence. Its European IBAN accounts are within the Common Reporting Standard (CRS) and therefore trigger automatic reporting to the tax administration of the holder's country of residence.
Payoneer operates through European entities (Payoneer Europe Ltd, Ireland) that are also in scope for CRS for clients resident in participating jurisdictions.
Revolut Business: when paired with a US LLC, it operates under Revolut Technologies Inc. with Lead Bank as its US banking partner. The account delivered is a US account (routing + account number); no European IBAN is issued to a US LLC. The European IBANs (Lithuanian, Belgian) belong to Revolut Bank UAB and are issued to European clients of the group. If you are offered a European IBAN tied to your LLC, confirm exactly which legal entity holds that account and which regime it reports under.
Zero tax: no LLC structure delivers "zero tax" if you live in a country with CFC/tax transparency or income attribution rules. What you achieve is no double taxation and correct reporting at residence, not elimination.

Legal & procedural facts

FinCEN and IRS reporting requirements moved recently; the current state is:

BOI / Corporate Transparency Act: your LLC is NOT required to file (a competitive advantage). After FinCEN's March 2025 interim final rule, the BOI Report obligation was narrowed to "foreign reporting companies" (entities formed OUTSIDE the US and registered to do business in a state). A US-formed LLC owned by a non-resident does NOT file the BOI Report: one fewer filing on your calendar, less paperwork, and a cleaner structure than ever. If your LLC was formed before March 2025 and you already filed BOI, keep the acknowledgement. The regulatory status can change again: we monitor FinCEN.gov on every filing and, if the obligation comes back, we handle it at no extra cost. Current status verifiable at fincen.gov/boi.
Form 5472 + pro-forma 1120. For a Single-Member LLC owned by a non-resident, the final regulations of Treas. Reg. §1.6038A-1 (in force since 2017) treat the LLC as a corporation for 5472 purposes. Procedure: pro-forma Form 1120 (header only: name, address, EIN, tax year) with Form 5472 attached. It is filed by certified mail or fax to the IRS Service Center in Ogden, Utah, not e-filed via standard MeF. Due date: April 15; extension via Form 7004 to October 15. Penalty: $25,000 per form per year, plus $25,000 per additional 30 days of non-filing after IRS notice.
Substantive Form 1120. Only applies if the LLC has filed a check-the-box election to C-Corp (Form 8832): it then pays 21 % federal corporate tax and files a substantive 1120. A standard disregarded LLC does not file a substantive 1120 and does not pay federal corporate tax.
EIN and notice. Without an EIN you cannot file 5472 or BOI. The IRS does not warn before imposing penalties; you find out when an EIN is flagged or a later filing is rejected. Breathe: at Exentax this is routine, we bring you up to date and the next review closes in one round, no drama.

Balanced banking stack: Mercury, Relay, Slash and Wise

Read this section as a checklist with teeth: each point flags a real failure mode we have seen in cross-border LLC files. Skip none of them - most reassessments and account closures we clean up later trace back to one of these items.

Legal and procedural facts

Privacy of the American LLC: where it is a real advantage and where it is a myth sold by gurus

"Wyoming hides your name from the public" is true. "Wyoming hides you from the IRS, FinCEN, tax authority and banks" is utterly false. Understanding the two layers of privacy - vs public vs vs authorities - separates a well-set LLC from an unrealistic expectation ending in fines.

What IS private: the public state registry. Wyoming, New Mexico and Delaware (with nominee director) do NOT publish the beneficial owner's name in the state registry. A public Secretary of State search only shows the registered agent and, in some cases, the manager - not the owner. This protects from competitors, ex-partners and casual curious. Useful and real.
What is NOT private: FinCEN BOI Report. Since the Corporate Transparency Act came into force, every LLC with fewer than 20 employees and <5M$ revenue (all of ours) must report to FinCEN the name, date of birth, address and ID of each beneficial owner. Not public (only US government and foreign authorities via treaty), but it exists. $591/day penalty for not reporting. This is where Exentax steps in: we file the form, archive the receipt and, if the authority asks, your answer is already on the desk.
What is NOT private: your tax residence. Spain, France, Italy, Germany receive information via CRS (through US banks where you have a business account - Mercury, Wise report), via FATCA-IGA exchange, and on direct request to the IRS under bilateral treaty. Trying to "hide" the LLC from your tax office is illusion: you are found and the sanction is far higher than the tax owed.
Structured and legal privacy. Wyoming + nominee manager + no public web appearance + virtual PO Box is legitimate privacy vs competitors and contractual parties. But declared at residence and reported to FinCEN. Privacy ≠ hiding.

What we are asked the most

With nominee manager do I totally disappear? Only from the public state registry. BOI report still requires real identity, bank knows you as UBO (KYC), tax authority identifies via CRS. Nominee is cosmetic, not structural.

Is New Mexico more private than Wyoming? Marginally more opaque at state level (does not require listing public manager). On everything else (BOI, bank, residence) identical. Choice should be by cost, not by incremental privacy that does not exist.

At Exentax we structure LLCs with real privacy vs third parties and total compliance with BOI, IRS and residence - so legitimate privacy is not confused with hiding that fines.

Your next step with Exentax

Our position here is deliberate and conservative: we optimise for what survives an inspection, not for the most aggressive headline number. The points below are the ones we are willing to defend in writing.

Want to discuss it now? Message us on WhatsApp and we'll get back to you today.

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