Start a Business in New Mexico
Starting a business in New Mexico is easy. All you need to do is file a few forms with the New Mexico Public Regulation Commission and start running your business. Below, we show you how to get started and walk you through some of your options.
One option is, of course, to stop reading and just hire us to start your business for you. At Northwest, we form businesses and provide registered agent service throughout the US. That’s our business, and obviously we recommend starting your business in a certain way. We call it “Starting a Business the Right Way."
Starting your business the right way means hiring a registered agent to form your LLC or corporation so you can protect your privacy and receive the care your business needs to stay active. If you hire us to start your New Mexico business, we’ll be your registered agent, provide Privacy by Default®, a business address, mail forwarding and local Corporate Guide® service for life.
How to Start a Business in New Mexico
You file Articles of Incorporation for a New Mexico corporation or articles of organization for a New Mexico LLC with the NM Secretary of State.
You obtain a federal tax ID number (FEIN or EIN) with the IRS after you have confirmation and filed articles from the State of New Mexico showing your approved New Mexico business.
Opening a business banking account under your new New Mexico business name should be easy with these two items.
You register your New Mexico corporation or LLC with the NM Taxation and Revenue Department or the NM Department of Workforce Solutions if you’re going to have employees or need to withhold sales tax.
There is no NM state general business license, but some business activities (professionals, construction, alcohol) are regulated by NM state licensing laws. Make sure you get the appropriate state licenses for your NM business.
Local governments may also require certain businesses to have permits. It is important to contact your county and city government to find out if these requirements apply to your NM business.
If you’re going to have an office or shop you might need an approval from the city zoning for your type of business in that location.
If you get overwhelmed, just get your business pulling in money and worry about regulations later.
Are You A Do-It-Yourselfer? You Can Save Some Money:
If you want to start a business in New Mexico yourself, you can just hire us as your New Mexico registered agent, and you’ll instantly have the New Mexico LLC or corporation forms to file along with filing instructions on the quickest, cheapest, and most efficient way to incorporate a New Mexico corporation or form a New Mexico LLC. You’ll get the ongoing support of our online tools, reminders and the support of a professional New Mexico registered agent service.START YOUR NEW MEXICO BUSINESS TODAY
New Mexico LLC vs Corporation
LLCs are popular for small business owners. With fewer annual requirements and flexible management options, LLCs are easier to maintain. Corporations are suited for large or fast-growing companies and have the ability to offer stocks —which, in turn, attracts wealthy investors. Plus, corporations have an established management structure.
What about New Mexico? Any pros and cons for a New Mexico LLC vs a New Mexico corporation?
When it comes to fees and privacy, there are several advantages to starting a New Mexico LLC versus a New Mexico corporation. The cost for filing the Articles of Organization is $50 compared to a minimum of $125 for the Articles of Incorporation—and if the corporation authorizes over 10,000 shares, the price will increase. In addition, LLCs are not required to list member/manager information upon formation, whereas corporations must include at least one director/officer. New Mexico also requires corporations to file a biennial report ($25) every two years. LLCs don’t need to submit an annual or biennial report, meaning owners are able to keep their names off public records.
During tax season, corporations will often get hit harder than LLCs. All C corporations are subject to a corporate income tax (between 4.8% and 7.6%) and a corporate franchise tax (flat rate of $50 per year). Personal income rates begin at 1.7% and top out at 4.9%.
New Mexico LLCs also have strong protection from creditors. Creditors may obtain a charging order, putting a lien on a debtor’s funds and assets; however, creditors can’t order the LLC to make distributions.
If you want a corporation, you file New Mexico Articles of Incorporation:
The New Mexico Articles of Incorporation cost a minimum of $100 with the New Mexico Secretary of State.
We custom draft your New Mexico Articles of Incorporation when you hire Northwest to start your New Mexico business. The basic requirements of New Mexico corporations are:
- An incorporating New Mexico ending such as Inc, corporation, or incorporated.
- The corporations is perpetual unless you state a different period.
- A specific corporation purpose.
- The amount of New Mexico corporation shares you would like to authorize.
- The name and address of at least one New Mexico corporation director.
- The date the NM incorporation was executed.
- The name, address, and signature of the New Mexico incorporator(s).
- The corporation’s New Mexico registered agent.
New Mexico requires original signatures on new NM corporation filings. We send out the signed registered agent consent as soon as you sign up for registered agent service.
The NM SOS sends the filed articles to the address of the person who filed the documents.
Start Your New Mexico Business!GET STARTED
If you want a LLC, you file New Mexico Articles of Organization:
To form a New Mexico LLC, you file New Mexico Articles of Organization. There is a $50 articles of organization filing fee.
The basic requirements of New Mexico LLC filings are:
- The business name must have a limited liability company ending or variation of it.
- New Mexico LLCs name must be different than already registered New Mexico companies.
- The default duration of the New Mexico LLC is perpetual.
- The New Mexico registered agent and the physical address.
- The names and signature of the LLC organizer(s).
- If the limited liability company is to be managed by one or more managers or members. The members or managers names are not required on the NM articles of organization.
New Mexico LLCs can now be filed online. When you hire us to be your agent, we will give you the official name to enter in the Registered Agent section of the online form. Online filings are processed within 3 days.