New Mexico LLC Fees: Everything You Need to Know
New Mexico LLC fees are incredibly affordable and can be considered a great advantage for business owners looking to save on startup costs.3 min read
New Mexico LLC fees are incredibly affordable and can be considered a great advantage for business owners looking to save on startup costs. Filing an LLC in other states can cost business owners thousands of dollars over the course of a few years due to annual reports and additional fees, which are not required in New Mexico. Business owners in New Mexico can use this to their advantage to save them money when it comes to maintaining their business. There are also other advantages to filing your LLC in New Mexico that business owners can look forward to:
- Corporate Veil. This protects the owners of a company from creditors looking to pursue legal action against them personally in the event of a lawsuit or accident.
- Lower Taxes. This is an advantage that sole proprietors do not regularly receive. The IRS allows business owners who file an LLC to have reduced income taxes, Medicaid, Social Security, and other regular payments that are owed to the government.
- Professional Respect. The clients and contractors that you work with will have more faith in your company if you can prove that you are legitimate by showing them your LLC.
Starting an LLC in New Mexico
New Mexico LLC companies are incredibly popular with investors who are looking for cost-effective options, individuals who want privacy when it comes to their company, and many e-commerce companies. More than half of new business registrations in New Mexico are LLC companies because of the protection they receive for their assets, tax benefits, and privacy. Filing an LLC in New Mexico is an easy process and incredibly affordable.
However, New Mexico has state requirements that you need to be aware of before you decide to file an LLC. Prospective parties must register with the Corporations Bureau at the New Mexico Public Regulation Commission before filing an LLC. They must provide the necessary forms, pay the required fees, and ensure that their business name meets state requirements.
New Mexico LLC Registration
Prospective parties must file an Articles of Organization with the Corporations Bureau. You are required to file these documents with duplicates in hand and must provide important information such as:
- Verified office address and LLC name
- The effective date of filing
- Duration of LLC
- Business owner's name, address, signature, and date of signing.
- The original Statement of Acceptance of Appointment by Designated Initial Registered Agent form that has been signed and completed
- Payment of fee along with the submission of all required documents
New Mexico LLC Forms and Fees
Prospective LLC owners must file the Articles of Organization with the mandatory filing fee of $50.
There are expedited processing services available if you need to file your LLC in a hurry. The cost of these expedited services is $150 for same-day filing. There is also an option to have your filing approved in two business days for a $100 fee. Fees can change periodically, so be sure to check with the Corporations Bureau for any recent changes in fees.
Here are other services and fees that are provided by the state of New Mexico:
- Updating your mailing address - $0
- Removing or adding members to your LLC - $0
- Trade Name/DBA $10.
- Changing your LLC's name - $50
- Reserving a name - $50
- Amending Your Articles of Organization - $50
- Dissolution - $25
- Reinstatement - $25
New Mexico LLC Timeline
The average time to process documents with the Corporations Bureau is usually seven to 10 business days.
New Mexico LLC Naming Requirements
Many prospective LLC owners claim that the name requirements can be confusing at times. The best way to ensure that your LLC's name will be approved is to distinguish it with an original name. You can request to see if your preferred name is available before you file for your LLC.
New Mexico LLC Formation Requirements
In addition to filing the Articles of Organization with the Corporations Bureau, New Mexico LLCs that have more than one member should have an operating agreement between members. Unexpected exits can happen at any time during the startup phase and you should have a backup plan in case this happens. Additionally, certain licenses and permits may be required from the New Mexico licensing boards if your LLC offers professional services. Make sure to check with the board before providing your services.
If you need help with New Mexico LLC fees, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.