Wyoming. Low fees, no taxes; it trumps DE in every way except investability (and perhaps the ecosystem, but it's getting there fast)

Isn’t the main reason people like Delaware because the corporate law is very well understood? There’s case law going back hundreds of years. What does Wyoming offer that trumps that?

This is correct. That’s why people pick DE.

All limited liability entities doing business in California must pay the franchise tax. Also, the first year waiver is only for domestic companies, those organized in California.

For a California resident trying to escape the expense, you are going to spend more money by creating your LLC in another state.

Good point!