New Mexico Corporation

You can get an EIN directly from the IRS. The application is free, and most businesses can apply online. However, if you don’t have a social security number, you’ll need to submit a paper application form. Can’t bear to fill out yet another application? Hire Northwest to get your EIN for you. Just add on EIN service during checkout when you sign up for our incorporation service.

Corporate bylaws cover basic policies and procedures for issues such as company finances and management. Bylaws should cover a range of topics, answering key questions like those below:

• Meetings: When and where will meetings for shareholders and directors be held? How many attendees are required to transact business? What are the procedures for voting or proxy voting? How do you call a special meeting? What actions can be taken without a meeting?

• Stock: How are stock certificates issued and transferred? How is voting affected by issues such as corporate stock owners or fractional shares?

• Directors and officers: How many directors must there be? Which officer positions are required? What powers do they have? How do you fill a vacancy or remove a director or officer?

• Finances: What are the procedures for retaining profits, issuing dividends, and paying bills? Who can withdraw money from the corporate bank account or sign checks?

• Records: Where is the corporate book to be kept? What information will be maintained? How are requests for review or access honored? Can records or copies be kept or distributed digitally?

• Amendments and emergencies: Who can amend bylaws and how? Can emergency bylaws be adopted in the case of disaster?

New Mexico bylaws can make other provisions as well, assuming additions are in accordance with state law. For example, NM Stat § 53-11-27 (2019) states that the power to change the bylaws can be granted to the shareholders and not the board of directors in the Articles of Incorporation.

Creating bylaws can be overwhelming—where do you start? Northwest can help. We give you free corporate bylaws when you hire us to form your New Mexico corporation. We know what kinds of topics and questions corporations need to address, and we’ve spent years refining and improving our forms. We offer many other free corporate forms as well, including templates for resolutions and meeting minutes.

The New Mexico Biennial Report is a form you file every other year in order to confirm or update the same information you provided in your Initial Report. Like the Initial Report, the Biennial Report has a $25 filing fee. While it’s nice that you don’t have to file every year, the large gap between due dates makes it all too easy to forget about this report—and there’s a $200 penalty if you file late. If you fail to file for six months or more, the state can dissolve your corporation. Yikes.

At Northwest, we can help you avoid these late fees and penalties. When you hire us as your registered agent, we’ll send you report reminders to help you stay in compliance. Or, for $100 plus state fees, we’ll take this task off your hands and file your Biennial Report for you.

The New Mexico Biennial Report is $25 to file.

The Biennial Report is due on the 15th day of the 4th month following the end of your fiscal year, BIENNIALLY. Miss this deadline and pay a $200 penalty.

The New Mexico corporate net income tax rates are:

4.8%: under $500,000
5.9%: over $500,000

New Mexico corporations (including S corporations) are also subject to the state’s franchise tax, which is a flat $50 each year.

The state sales tax rate is 5.125%, but local areas can add on additional sales taxes, making the average total rate just over 7%. To get an idea of what customers are paying at the counter, below are the total sales tax rates for New Mexico’s 5 largest cities:

Albuquerque: 7.875%
Las Cruces: 8.3125%
Rio Rancho: 7.4375%
Santa Fe: 8.4375%
Roswell: 7.8333%

Yes, in addition to a federal tax ID, corporations also need to obtain a state taxpayer ID before filing their Initial Report. To get an ID, register with New Mexico’s Taxation and Revenue Department.

$125 minimum. The filing fee is $100 as long as you are issuing 100,000 shares or fewer (this is true in most cases). If you are issuing more than 100,000 shares, the fee goes up by $1 per 1,000 shares, but tops out at $1,000. There is also a $25 fee for your initial report filing.

Hire us for a one-time fee of $350, including the state filing fees and initial report fee. Our incorporation service includes a year of registered agent service, free mail forwarding, a business address and more.

Typically 4-7 business days once received. However, during COVID, there may be increased filing times.

The state itself doesn’t have a general business license. However, cities and counties often have their own licensing requirements. For instance, the two largest New Mexico counties, Bernalillo County and Doña Ana County, both require businesses to obtain an annual business license before operating within the county.

A corporation formed outside of New Mexico—but which conducts business in the state—is considered a foreign New Mexico corporation. For example, if you incorporated in Texas but decide to open a storefront in New Mexico, you would be a foreign New Mexico corporation. This also means you would need to register with the state by filing an Application for Certificate of Authority with the New Mexico Secretary of State. Foreign corporations are required to file the New Mexico biennial Report.

Absolutely! We’re happy to start a nonprofit corporation for you. Note that incorporating an New Mexico nonprofit requires a different form. The filing fee is lower as well ($25). New Mexico nonprofits must file an annual report each year.

It’s a conundrum: you need a local number to display on your website and give to customers, but you don’t want to make your personal number quite so…public. We get it. And we’ve got you covered with Northwest Phone Service. We can provide you with a virtual phone number in any state—plus unlimited call forwarding and tons of easy-to-use features. You can try Phone Service free for 60 days when you hire us to form your corporation, and maintaining service is just $9 monthly after that. No contract required.