The 'best state' question gets a lot of confident answers online, most of them oversimplified. The right state depends on what you're optimizing for. Here's how to think about it.
Wyoming
Low fees ($100 formation, $60 annual report), strong owner privacy, friendly business climate. Excellent default for most international founders.
Delaware
Most prestigious for investor-backed companies. Chancery court is unparalleled for corporate disputes. Annual franchise tax is higher and more complex.
New Mexico
Cheapest formation ($50) and no annual report. Excellent for very early-stage solopreneurs who want minimum overhead.