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  • Verify Company Name Availability
  • Preparation & Filing of Articles
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  • Free Business Tax Consultation
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If you’re looking to start a new business, it’s a wise decision to open up an LLC in New Mexico. Regardless of if you live in New Mexico or not, by forming a New Mexico LLC, you are protecting your personal assets by separating them from the business entirely. LLC stands for limited liability company, meaning that the owners of the company are not personally responsible for the debts or liabilities of the LLC. Instead, by opening up a New Mexico LLC, the small business remains independent and the LLC organizer is guaranteed asset protection in the case of debts or unexpected lawsuits.

Opening an LLC in New Mexico has many benefits in addition to asset protection. An LLC in New Mexico requires no annual report or annual fee, which saves you time and money in comparison to operating an LLC in other states. You are only required to maintain a registered agent, which is mandatory in each state regardless. Additionally, New Mexico allows online LLC filings, which allows you to get your LLC approved in just a few business days. These are just some of the benefits of opening up an LLC in New Mexico. Let the professionals at LLC Formations help you get your New Mexico LLC up and running!

The Steps to Starting an LLC in New Mexico

Forming an LLC in New Mexico requires a few important steps before you can start operating as an LLC. If you’re wondering how to form an LLC in New Mexico, here are the necessary steps to take before you can begin business:

1. Choose Your LLC Name

When starting a business in New Mexico, you’ll want to choose a name that best represents your small business. We suggest that you choose something unique, as the name of your New Mexico LLC cannot have a company name that is too similar to another business in the state of New Mexico.

How will you know if another New Mexico LLC has a similar name? You can access the Business Name Search Page at New Mexico Secretary of State website and conduct a LLC name search. All New Mexico LLC names are public record and can be found on the Secretary of State website. The New Mexico Secretary of State website will provide you with all you need to know about the availability of your preferred LLC name so you can form your New Mexico LLC quickly.

After completing the LLC name search and choosing a unique name for your New Mexico business, you also need to be sure that your new LLC’s name follows New Mexico’s specific guidelines. Any New Mexico LLC must end with a designation that shows it as being a limited liability company. Here is a list of some possible choices:

  • LLC
  • L.L.C.
  • LC
  • Ltd.
  • LTD.
  • Limited
  • Limited Co.
  • Limited Company
  • Limited Liability Co.
  • Limited Liability Company

Although LLC is the most common, any of these options will be sufficient when naming your New Mexico limited liability company. Your LLC name must end in any of the options above and it cannot have any names suggesting that it’s another type of legal entity outside of a limited liability company.

This means that the name of your business cannot be “Fine Wine and Food Corporation, LLC.” Since a “corporation” is another type of entity that can be registered with the state of New Mexico, you will not be able to include it in your LLC name because it is misleading. Here are all of the business name alternatives that cannot be a part of your New Mexico LLC name:

1.  Inc.

2. Incorporated

3. Corp.

4. Corporation

5. LLP

6. LP

7. P.A. or P.C.

8. Professional Association or Professional Corporation

9. Non-Profit Corporation

Your company name may be the first impression that future customers or clients have about your business, so be sure to carefully consider your business name before you form your LLC. It needs to be legal and available, and it should also be creative. New Mexico offers the option for you to reserve your name for a period of time while your entity application is being processed.

2. Appoint a Registered Agent

Each new LLC in New Mexico requires a New Mexico registered agent to be listed on file with the Secretary of State’s office. A registered agent serves as the point of contact for your New Mexico LLC, whether you live in New Mexico or not. The registered agent is responsible for receiving and executing communication on behalf of your New Mexico LLC. The registered agent is also responsible for initiating important filings, paying required fees, and communicating important information about annual registration renewals and any other relevant information about your LLC.

The registered agent for your LLC can be somebody who is involved with your LLC directly, or you can hire a New Mexico registered agent who provides this as a professional service. The registered agent is required to have a valid name and address listed as the place of business within New Mexico, even if you actually reside out of state. The place of the business address listed by the registered agent will be the official address of the LLC on record with New Mexico state and will be the address you use for each future filing.

You can see how easy it is to start a business in New Mexico even if you don’t live there. However, it’s important that your registered agent is fully attentive to managing the correspondence for your LLC so you can focus on growing your business. Your registered agent will be the point of contact for any legal service notices, lawsuits, and other important business correspondences that would be communicated through the registered LLC address.

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3. File the Articles of Organization

Having your LLC Articles of Organization documented and organized is an important part of forming a New Mexico LLC. The Articles of Organization is a required form that gets filed with the New Mexico Secretary of State when you go to form an LLC. The purpose of your LLC Articles of Organization is to legalize your business as a new New Mexico LLC, whether you are a single member or multi-member LLC.

The Articles of Organization is simple to create and it’s easy to file the Articles of Organization with the state. The state requests information about your business name, registered agent, and managing members of the New Mexico LLC. All of this information is required for you to be able to open up your LLC in New Mexico.

There are two ways for you to file your Articles of Organization with the New Mexico Secretary of State. You can choose between mail or online. If you file by mail, you will pay a $50 fee, and your LLC will be approved within 15 working days. You may pay an extra fee to have the request expedited, however, keep in mind that the extra fee for expediting the LLC filing must be sent separately as a check or money order along with the original LLC filing fee of $50. You can also pay a $100 fee for 2-day processing, or you can pay a $150 fee for 1-day processing.

If you choose to file online, your processing time will be much quicker. It takes three days to form a New Mexico LLC when you submit your Articles of Organization online instead of by mail. The same $50 fee applies, but there is no cost for expedited service since the online filing option is three working days instead of 15. Keep this in mind when you go to form a New Mexico LLC so you can get your business started as quickly as possible. If you’re wondering how to create your Articles of Organization, contact the professionals at LLC Formations so we can help you get started.

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4. Prepare an Operating Agreement

If you’re working to form an LLC, it’s important to include an Operating Agreement while organizing the start of your LLC. The purpose of an New Mexico LLC Operating Agreement is to provide your LLC members with a contract that outlines the obligations of each member as well as the financial rights of each person involved. Although Operating Agreements are required in many states, you are not required to have one for an LLC formation in the state of New Mexico.

However, it is a very good idea to have an Operating Agreement for your LLC’s assets just like you have an LLC to protect your personal assets and bank account. Without an Operating Agreement, you are putting yourself and your other members at risk. An New Mexico LLC Operating Agreement keeps everything important detailed and outlined. Many LLC’s have an LLC Operating Agreement even if they operate a sole proprietorship, or single member, but this document is especially important if you have a multi member LLC. You will want to choose if you want a member managed or a manager managed

It can be incredibly helpful to hire a professional team to help you with your Operating Agreement so you don’t leave out any vital details. Let the professionals at LLC Formations help you get started!

5. Get an EIN

EIN is short for employer identification number. When you open an LLC, you’ll need to obtain an EIN from the IRS. You’ll use your EIN to open a business bank account, apply for business licenses, and you’ll also need it to file your tax returns. The IRS uses your EIN to identify your business and all of your LLC’s tax-related information is also filed using the EIN. It’s like a social security number for your New Mexico LLC.

The process for obtaining your EIN is very simple. After filling out the online EIN application form, you will receive your EIN upon completing the application. If you’d prefer to apply on paper, you can fill out the form SS-4 and mail it into the IRS instead.

Other businesses and vendors will use your EIN when doing transactions, so it’s important to get your EIN set up right away. The process of obtaining an EIN is separate from the process required to form your LLC and the effective date will start from whenever your EIN application is approved.

6. Get the Appropriate Licenses

How much does it cost to get your LLC properly licensed? This can vary depending upon what your LLC needs specifically. If you’re operating as a doctor under an LLC, you’ll need a different license than somebody who runs a real estate business. The state of New Mexico does not offer business licenses that can be obtained at the state level. Instead, business licenses are governed by the locality in which your business operates.

There are different business license options and requirements depending upon which municipality you will be doing business in. You should be sure that you’ve secured the necessary and proper licenses to run your business. Here are some of the possible examples:

 

  • City business license/tax permits
  • Building permit
  • Health permit
  • Occupational permit
  • Signage permit
  • Alarm permit
  • Zoning permit
  • Alcohol & tobacco permit
  • Liquor license
  • Sales and use tax permit
  • Seller or reseller permit
  • Real estate permits (if necessary per location)

7. Know the Tax Requirements

To protect yourself and your business from financial or legal risks, make sure that you and your LLC taxes are set up correctly to avoid any unexpected tax situations. Each LLC has differences that affect how taxes are handled, and the differences can be distinct and complex. The type of tax that your business will be responsible for paying largely depends upon your type of business and the state filing specifics.

While all business owners will pay income tax, some businesses may also pay other taxes, like a franchise tax. However, LLC’s are not required to pay a franchise tax in New Mexico, which can save you a ton of money if you’re operating a franchise.

Other types of businesses may have different types of federal tax to consider. Additionally, your tax return can look very different depending upon what your business does and how it is registered to pay state taxes. LLC taxes are very important to get right, as is ensuring that your federal tax is paid properly. Everything will fall under your EIN, also referred to as a federal tax ID.

New Mexico’s tax website is a great resource of information to assist you with questions, but it’s highly recommended that you speak with a professional that can guide you through the process. Contact the professionals at LLC Formations to see how we can assist you with tax information for your LLC.

8. Open a Business Bank Account

Opening your businesses bank account is another important step of operating an LLC. The process can be very simple if you make sure to do your research and bring all of the necessary documents with you to your appointment.

Not only is it required for you to have a separate business bank account for your LLC, but having a separate business bank account will you keep your expenses organized, it’ll be easier to pay your LLC’s bills, and it streamlines customer payments into your business account. Also, by having an LLC bank account, you’re growing a line of credit for if your company wants to expand in the future.

There are three documents you must bring with you to your appointment: A copy of your LLC’s Articles of Organization, your Operating Agreement, and your EIN. If there are several members in your LLC, they may all need to be present when you open the account. Owners of a one member or single member LLC can open the account on their own.

Advantages to Filing An LLC in New Mexico

Opening an LLC in the state New Mexico has many advantages over other states. If you open an LLC in New Mexico, you aren’t required to submit an annual report or pay any annual fees, which means saved time and money that can instead be invested into your business. The LLC filing fee in New Mexico is cheaper than in some other states, and there is a quick turnaround time for approving online LLC filing requests.

When you form an LLC in New Mexico, you can have your LLC up and running within a few business days. Additionally, there are no residency requirements, so you don’t need to live in the state to benefit from running a business in New Mexico. You just need a registered agent within the state to handle your communication while you conduct business from whichever state is convenient for you. Since everything can be done online, this means that you can take advantage of the many benefits of running an LLC in this state.

Why Should You Hire a Professional to Form Your New Mexico LLC?

If you’re looking to form an LLC, there are many reasons to hire a professional to help you start your business. Using an LLC formation service, such as LLC Formations, allows you to focus on what on what truly matters most— building your business. We handle the rest. Contact us at LLC Formations to get your new LLC up and running!

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