1. What Is an Annual Report?
2. Deadline for Filing an Annual Report
3. Types of Reports in New Mexico Per Company
4. Deadline for Filing Annual Report
5. Failure to File an Annual Report
6. Taxes for LLCs

A New Mexico Annual Report is filed with the New Mexico Secretary of State. The purpose of an Annual Report is to keep the state updated with any significant structural changes that may have occurred in a business.

What Is an Annual Report?

All limited liability partnerships (LLP), foreign and domestic, that are registered to conduct business within the state of New Mexico must file an annual report with the Secretary of State (SOS). The annual report should include the following:

  • The name of the LLP.
  • If applicable, the home domicile or jurisdiction of the foreign LLP.
  • The address of the CEO.
  • If applicable, the address of the office of the LLP in New Mexico.
  • In cases where the LLP doesn't have an address in the state then the name and address of the registered agent should be provided.

Deadline for Filing an Annual Report

Annual reports must be filed between January 1 to April 1, of each year following the calendar year in which the business files a Statement of Qualification or when a foreign entity becomes registered to conduct business in New Mexico.

Types of Reports in New Mexico Per Company

Most states require LLCs to file annual reports, but New Mexico does not. However, you must file an Income and Information Return for all Pass-Through Entities. This doesn't imply that LLCs operating in New Mexico don't have to pay taxes. Instead, it will depend on the individual circumstances of how the LLC is taxed. In other words, you may still have to pay state taxes.

The New Mexico Biennial Corporate Report must be filed by all New Mexico corporations. The filing fee is about $25. The state identification number of the business dictates the year in which the Biennial Corporate Report should be filed. If the identification number ends in an odd number, the business should file on odd number years, and same for identification numbers that end in an even number. The due date for filing the Biennial Corporate Report is on or prior to the 15th day of the third month following the taxable year date.

All nonprofit corporations must file a Nonprofit Annual Report. The filing fee is about $10. The due date for filing the Nonprofit Annual Report is on or prior to the 15th day of the fifth month of the fiscal year.

Both foreign and domestic limited partnerships and LLCs are required to file a Biennial Report. The filing fee is about $50.

Deadline for Filing Annual Report

The due date for filing the Annual Report is between January 1 and April 1 for the year following the calendar year in which the partnership filed a Statement of Qualification or when a foreign partnership became registered to do business within New Mexico.

Failure to File an Annual Report

When a business fails to file an Annual Report or doesn't pay the required filing fee the SOS may withdraw the Statement of Qualification. Typically, the SOS will provide about a 60-day notice of intent to withdraw the statement. The notice will be mailed to the CEO's office address as identified in the prior Annual Report or Statement of Qualification. The notice will specify the following:

  • Which Annual Report has not been filed
  • Effective date of the cancellation/revocation
  • The amount due

The revocation of the Statement of Qualification will be dismissed by the SOS if the fee is paid and the Annual Report is filed prior to the effective date of the cancellation. Under Subsection (c), a revocation will only impact a partnership's standing as an LLP and isn't a case for dissolution.

When a partnership's Statement of Qualification has been canceled, they may apply for reinstatement with the SOS within two years up to the effective date of the revocation. Applications must include:

  • The effective date of the revocation
  • The name of the partnership
  • How the basis for revocation has been corrected

Under Subsection (e), a reinstatement will default back to the effective date of the original revocation.

Taxes for LLCs

LLC taxes in New Mexico are paid by obtaining a Combined Reporting System identification number and registering with the Taxation and Revenue Department. The registration process may be completed on Form ACD-31015, either on paper or online.

Most LLCs are pass-through entities. In other words, LLC members will pay their share of business taxes on their personal tax return. Remember, LLCs don't pay taxes. Instead, the members of the LLC do. Certain states will impose an additional fee or tax on LLCs for this benefit of doing business, although New Mexico does not.

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