1. LLC Advantages in New Mexico
2. Forming an LLC in New Mexico
3. Naming Your LLC
4. Filing Articles of Organization
5. Assigning a Registered Agent
6. Creating an Operating Agreement
7. Required Taxes and Regulations 
8. Foreign LLCs

An LLC NM is a limited liability company formed in New Mexico. LLCs are easy to form and cost-effective for new business owners. In New Mexico, LLCs are run by Chapter 53, Article 19 in the State Code. A New Mexico LLC must meet certain requirements to do business legally and to offer its members limited liability to protect their assets.

Important facts about NM LLCs include the following:

  • An LLC can be formed for only $50.
  • Annual reports aren't required.
  • LLC formation isn't difficult.

LLC Advantages in New Mexico

  • Single filing. The LLC only needs to be formed once in NM.
  • Low-cost. Forming an LLC in NM only takes $50 plus no annual fees.
  • Simple. NM LLCs are the easiest to maintain.
  • Protected assets. NM's limited liability laws offer the best protection to an LLC's members.

Forming an LLC in New Mexico

Follow these steps to form an LLC in New Mexico:

  1. Name your LLC.
  2. File Articles of Organization
  3. Assign a registered agent.
  4. Create an operating agreement.
  5. Meet tax and license requirements.

Naming Your LLC

The end of your business's name must have one of the following: “Limited Liability Company,” “LLC," “Limited Company,” or “LC.” You will also be able to abbreviate “Limited” to “Ltd.” and “Company” to “Co.” To use restricted words, more paperwork must be filed. A prohibited word may confuse your LLC with a state or federal agency.

The Secretary of State's database can be used to find registered names. Also consider buying the domain name to stop someone else from getting it. An email address made with a system like Google G Suite allows you to use business features and tools for creating documents.

You can file a Reservation of Limited Liability Company Name with the state secretary to protect the name for 120 days. This must filed by mail with a $20 fee.

Filing Articles of Organization

NM requires an Articles of Organization to be filed, either online or by mail. The form requires various pieces of information on the business. A Statement of Acceptance of Appointment by Designated Registered Agent must be signed by a registered agent. You can mail all these forms to the Public Regulation Commission of NM with a $50 fee.

Assigning a Registered Agent

An agent for service of process, also known as a registered agent, is required for every NM LLC.

  • This agent is a person or business that can send and receive any legal papers for the LLC.
  • Your agent must be a NM resident or, alternatively, a company registered with the state, including a member of the LLC.

Creating an Operating Agreement

Although not required by NM, if your LLC has more than one member, an operating agreement for your LLC can be made. It's a legal document that states who owns the LLC and how it's run. You do not need to file this document with your Articles of Organization.

Required Taxes and Regulations 

  • EIN: An LLC with more than one member must get an EIN (Employer Identification Number) from the IRS. This identifies the business like a social security number and is used for filing state and federal taxes. If your LLC has one member, an EIN is required to hire employees or to open a business checking account. The IRS can give the LLC one for free through an online application, or the LLC can mail in a completed physical form.
  • Business Licenses: NM may require you to get a license, certificate, or registration.
  • Registration for State Taxes: Any entity doing business in the state needs to register with the NM Taxation and Revenue Department to get an ID number for the state's CRS (Combined Reporting System). This can be done online or by filing an ACD-31015 form with a local tax office. More information is found on the department's website.
  • State Taxes: The New Mexico Income and Information Return for Pass-Through Entities must be filled out by LLCs with two or more members. You must file before your federal tax return is due.

Foreign LLCs

All LLCs that are registered in another state but desire to conduct business in NM must register. You must have a registered agent who lives in NM. A Foreign Limited Liability Company Application for Registration can be filed by mail. More information can be found on the NM state secretary website.

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