Legal Bueno

    How to Start Your LLC in New Mexico

    Legal Bueno helps with everything you need to start your business. We take care of all the paperwork so you don't have to worry about it. Want to learn more about the process we handle? Keep reading!

    Quick Summary:

    • Filing Fee: $50
    • Turnaround time: 1-3 business days

    How do I start an LLC in New Mexico?

    Thinking about starting an LLC? The process is pretty similar across the states. You'll start by picking a unique name for your business (you'll need to check to make sure it hasn't been taken!) and then filing some paperwork—usually called Articles of Organization or a Certificate of Formation—with your state's agency.

    If you want to check the name availability for New Mexico, visit https://portal.sos.state.nm.us/BFS/online/CorporationBusinessSearch.

    After that's taken care of, you'll want to draft a governing doc for your business called an operating agreement & find any licenses you might need. Just keep in mind that each state has its own little quirks, so it's always a good idea to double-check specific requirements for your area.

    What are the costs & processing times of starting a business in New Mexico?

    Here's the rundown for New Mexico:

    • The filing fee is: $50
    • There are ongoing fees of $0 (no fee and no information report)
    • It usually takes 1-3 business days if you're filing online or 15-20 business days if by mail.

    Why New Mexico is a great state for your LLC

    Starting a company in New Mexico offers several distinct advantages that cater specifically to entrepreneurs and small to medium-sized businesses. Here are some key benefits:

    • Business Incentives: The New Mexico Economic Development Department provides various incentives to encourage business growth. For example, the High Wage Jobs Tax Credit allows businesses to receive tax credits for hiring employees at high wages, making it financially attractive to grow a skilled workforce.
    • Simplified Business Structure: Establishing a limited liability company (LLC) in New Mexico is a straightforward process, making it an ideal choice for startups. The business entity comes with simplified rules and regulations, which can save time and reduce complexity for new business owners.
    • Tax Advantages: Forming an LLC can lead to potential tax benefits. Entrepreneurs can file taxes more easily and may find advantageous tax treatments that align with their business models.
    • Asset Protection: An LLC offers personal asset protection, meaning that business liabilities and debts do not extend to the owner's personal assets. This is crucial for entrepreneurs looking to minimize their personal financial risk.
    • Low Filing Costs: The cost to file an LLC in New Mexico is relatively low, at only $50, making it accessible for entrepreneurs with limited startup capital.

    Overall, New Mexico provides a supportive environment for businesses, combining financial incentives, protective structures, and low costs to foster entrepreneurial success.

    Legal Requirements

    Remember! Legal Bueno will handle all of these requirements for you, but if you're interested, here are the legal requirements for New Mexico:

    Articles of Organization

    The articles of organization must include:1. The name of the LLC;

    1. The street address of the initial registered office and the name of the initial registered agent at that address and the street address of the LLC's current principal place of business;
    2. The period of duration, if other than perpetual;
    3. If management of the LLC is vested to any extent in a manager, a statement to that effect;
    4. If the LLC may carry on its business and affairs as a single member LLC, a statement to that effect; and
    5. Any other provision that the persons signing the articles choose to include in the articles.

    N.M. Stat. § 53-19-8

    Filing fee: $50

    N.M. Stat. § 53-19-63

    Filing Process

    After you've prepared the initial formation documents, you need to file it! Here is what New Mexico laws require for filing:

    The organizer or organizers of an LLC must file with the public regulation commission:1. The signed original of the articles of organization, together with a duplicate copy, which may be either signed, photocopied or conformed;

    1. The statement of the person appointed registered agent, accepting appointment as registered agent; and
    2. Any other documents required to be filed.

    The commission may accept a facsimile transmission for filing.

    If the commission determines that the documents delivered for filing conform with the provisions of the LLC Act, it must, when all required filing fees have been paid:1. Endorse on each signed original and duplicate copy the word “filed" and the date of its acceptance for filing;

    1. Retain a signed original in the files of the commission; and
    2. Return each duplicate copy to the person who delivered it to the commission or to that person's representative.

    N.M. Stat. § 53-19-9

    Additional Legal Considerations

    Here are some additional relevant laws that might be useful when operating your business in New Mexico:

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