Delaware vs Wyoming for tech startup in 2024 - is Wyoming actually better now?

Sorry for the wall of text. Getting ready to incorporate my B2B SaaS. I'm based in Colorado, no plans to raise VC (bootstrapping), probably 1-3 employees eventually.

Everyone says "just do Delaware" but I keep seeing Wyoming mentioned. Lower fees, more privacy, no franchise tax. Is Wyoming actually viable in 2024 or is Delaware still the default?

Real talk: this is exactly right. The #1 mistake I see: solo consultants in California forming Delaware LLCs because a YouTube video told them to. They end up paying Delaware fees + California foreign LLC fees + California franchise tax — more expensive than just forming in California imo.

Simple rule: form in Delaware if you're raising institutional capital. Form in your home state for everything else. Wyoming is a good choice only if you actually operate there or need the specific privacy/asset protection features and don't have a home-state nexus.