How do I get assets into the New Mexico LLCs ownership?
Typically, you would fund the LLC with something when you form it. Assets, property, cash, etc… It would be best if everything is titled in the New Mexico LLC name as well. There is specific code under Section 53-19-29 of the New Mexico Statutes that states, "Property may be owned by a limited liability company, even though the property is not acquired or held in its name."
This can create some useful solutions for people that live in States unfriendly to business to keep assets titled in their personal name to keep their NM LLC out of the State. Keep in mind, that this is by far, not the best situation. If you're looking for anonymity, having items titled in your name doesn't do that. You would have to have a specific agreement between yourself and the NM LLC to keep things titled in your personal name and owned by the LLC. That whole thing doesn't make much sense though, and you'll have a lot tougher time explaining the validity of that in court. It is always best to either fund the LLC now with your assets or cash. And then purchase any future assets with the LLC money. If you need to get money into the LLC, you can always personally make an additional contribution at any time.
If you're trying to get cash into the New Mexico LLC, you fund it by the member(s) putting money into the company in exchange for a membership interest. If you don't have the business checking account set up yet to physically put the money in a different account, simply making written note of this on the operating agreement is legally binding you to this agreement. Eventually you will need to get the money into a separate checking account.
If you have actual physical assets that are titled and deeded, you'll have to go through the various processes to get those assets recorded under the new New Mexico LLC name.
If you have assets that aren't titled or recorded somewhere, you can simply make note of that and assign a value of those dollars in your initial contributions to the LLC. You can add to the assets of the New Mexico LLC at any time. It is important to maintain strict separation of personal assets and business assets. Having your New Mexico LLC own your home and the belongings inside it is fine, but you must actually rent or lease these things from the New Mexico LLC. This can be as simple as a once a year payment. But there truly needs to be money exchanged, and do not spend money out of a New Mexico LLC "Business" account on truly personal needs. Intermingling funds and resources is what causes corporate veils to be pierced.
Northwest Registered Agent, Inc.
Santa Fe, NM 87505
Santa Fe County