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are you wondering how to start an LLC in New Mexico today you will learn the most common ways to start your business including the correct forms you'll need registering your LLC critical naming requirements and all other vital tips and tricks then as a bonus later in the video I will reveal a trustworthy registered agent who will help set up your LLC for free so make sure to stick with me until the end the state of New Mexico like other states has several specific LLC requirements there are three main ways you can start an LLC in New Mexico first is the DIY or do-it-yourself process where you mostly depend on New Mexico state's website the second way is hiring a professional service that practically offers more efficiency and Security in creating your LLC while the third is hiring an attorney we will skip the attorney hiring portion because that's expensive and most business owners won't need that service first let's take a look at the steps required for starting an LLC Step 1 choose a name for your LLC in New Mexico your llc's name must contain the words limited liability company or limited company or one of the following abbreviations LLC LC LLC oral.c the word limited may be abbreviated as the limited and the word company abbreviated as a company your llc's name must be distinguishable from the names of other business entities already on file with the New Mexico Secretary of State names may be checked for availability on the Secretary of State's business name database you may reserve a name for 120 days by filing an application for reservation of limited liability company name with the New Mexico Secretary of State the application must be filed by mail the filing fee is twenty dollars Step 2 appoint a registered agent every New Mexico LLC must have an agent for service of process in the state this is an individual or business entity that agrees to accept legal papers on the llc's behalf if it is sued the registered agent may be a New Mexico resident or a foreign or domestic business entity authorized to do business in New Mexico the LLC may not be its own registered agent the registered agent must have a physical street address in New Mexico step 3 file articles of organization after that you must file the certificate of formation with the New Mexico Secretary of State's business entities Division and the office of the judge of probate to officially incorporate a domestic New Mexico limited liability company the New Mexico State filing cost for LLCs is 50 for domestic llc's and one hundred dollars for foreign LLCs a domestic LLC means that you are already a resident of New Mexico and want to build a business in New Mexico foreign LLC on the other hand is for people living outside New Mexico but wanting to start a business or a franchise of their business in New Mexico with that said most businesses would be applying for a domestic LLC you can file the certificate of formation online or by mailing it to the Secretary of State expect the LLC certification process to take approximately two weeks this is three to four days for the probate judge and 10 days for the Secretary of State step 4 prepare an operating agreement an LLC operating agreement is not required in New Mexico but is highly advisable this is an internal document that establishes how your LLC will be run it sets out the rights and responsibilities of the members and managers including how the LLC will be managed it can also help preserve your limited liability by showing that your LLC is truly a separate business entity in the absence of an operating agreement State LLC law will govern how your LLC operates if an operating agreement is created it need to not be filed with the Articles of organization step 5 obtain an EIN an EIN or employer identification number is a federal tax ID issued by the IRS they use your EIN to readily identify your firm and tax filings all New Mexico firms pay a business privilege tax and the state requires you to have an EIN to file you may also be required to provide your EIN when opening a bank account or applying for municipal permits or licenses obtaining an EIN is a slightly longer process compared to their previous steps I'm sure you know anything to do with the IRS is confusing first you must have complete knowledge of your LLC such as your company information managing member information business address business information company details and even critical information regarding vehicular assets and federal excise taxes this is another reason why getting a professional registered agent is way more convenient as they can do this for you as part of their service now let's talk about the second option to form an LLC and that is hiring a professional formation service professional formation services do all the steps you should be doing on your own from filing necessary forms to acting as your registered agent you usually have to allocate a specific budget for this option as I already mentioned earlier Inc file is one of the best companies out there to help you form your LLC you can click on the link in the description to get access to this deal Inc file is one of a kind as it offers a free package with services such as preparing and filing your articles of organization well you still have to pay 237 dollars for the state fees which you would have to do anyway if you chose the DIY option but looking at the bigger picture all other companies will still charge their service fee on top of State filing fees Inc file does not collect this fee this plan already includes a free registered agent for your first year of subscription and 119 annually moving forward if you decide to continue the service after the first year ink file's next packages are the gold and platinum packages which both have package fees already on top of the 237 dollar State fee each package has its own set of services which are all worthy of the subscription you are paying for the gold package offers you the benefits of filing reports and taxes for your LLC every year USA LLCs are required to file a state annual report this report is essentially an information update of your file so that the state knows who is now in charge and how to contact your company USA LLCs are also required to file state tax returns to make matters even more complicated your annual report and business privilege tax share a document and are due at the same time each year with the ink files gold package you won't have to scribble notes of these reports because Inc file will handle the whole process for you your platinum package also has these services in the bag with the unique edition of expedited filing getting a domain name and a business email which essentially increases your llc's credibility ink file also has an exclusive partnership with Bank of America so you can easily open an eligible checking account for your business yes it is a must for your LLC to have a business account remember an LLC has limited liability for it is a separate entity from its members you may forfeit your liability protections if you combine your personal and business money and this is where the term piercing the corpora
Thanks for your comment Terrell Fuschetto, have a nice day.
- Orval Donath, Staff Member
how to form an LLC in New Mexico New Mexico is an excellent place to form a new LLC with relatively low labor cost in a growing rate of entrepreneurship New Mexico ranks eighth for quality of life in the US every state has slightly different requirements for forming an LLC follow along closely to learn the required steps for creating your own limited liability company in the state of New Mexico there are two ways to form an LLC in New Mexico you can form one yourself or you can hire a service to do it for you let's start by looking at the five basic requirements to form an LLC in New Mexico on your own you can also find these steps and more detail on our website link in the description below what name your LLC every state has its own rules about what kind of names are allowed for LLC's in general you will need to observe these naming guidelines your name must include the phrase limited liability company or one of its abbreviations LLC or LLC with a period following H letter restricted words such as Bank Attorney law office etc may require additional paperwork and may also need a licensed professional to be part of the LLC your name cannot include words that could confuse your LLC with a government agency such as FBI Treasury State Department etc you cannot use a name that has already been registered to see if your name is available in your state you'll need to do a name search this free service is available on your state's Secretary of State website check out our free guide for finding the direct link to your state we also recommend that you check to see if your business name is available as a web domain even if you don't plan to make a business website today you may want to buy the URL in order to prevent others from requiring it to choose a registered agent New Mexico requires that you nominate a registered agent for your LLC who is your business's point of contact with the state the registered agent can be an individual within the company including yourself or you can hire a professional service authorized to do business in New Mexico they will send and receive legal papers on your behalf these documents include official correspondence like legal summons and document filings which your registered agent will receive and forward to you your mr. dejan will help remind you to file the necessary reports failure to properly maintain your LLC can result in fines and dissolution so this assistance is valuable 3 file the articles of organization to register your New Mexico LLC you will need to file the articles of organization with the state of New Mexico this can be done online or by mail you will need to state whether your LLC will be member managed or manager managed member managed means all members of the LLC manage the company this is good for small organizations where everyone is involved in the day-to-day operations the second option is manager managed where individuals are appointed to manage the LLC this is appropriate for larger organizations where not everyone is involved in the day-to-day affairs of the business for create an operating agreement although not every state requires it you should always create an operating agreement to establish ownership terms and member roles for your LLC this foundational document is the core of your LLC and will help you maintain your organization as well as further establish your LLC is a separate legal entity there are six main sections of an operating agreement organization outlines when and where the company was created who the members are and how the ownership is structured management and voting addresses how the company is managed as well as how the members vote capital contributions covers which members financially support the LLC and how more funds will be raised in the future distributions outlines how the company's profits and losses are shared among members membership changes describes the process for adding or removing members as well as if and when members can transfer their ownership shares and dissolution which explains the circumstances in which the LLC may be dissolved an operating agreement is an internal document it does not need to be filed with the state however it should be updated every time there is a change in membership or management at the company you can download a free sample operating agreement or create a custom one using our free operating agreement tool at how to start an LLC com 5 obtain an EIN lastly you'll need to get an employer identification number or ein from the IRS also known as a federal tax identification number your EIN is like a social security number for your LLC and how the IRS tracks your business for tax purposes an ein is also necessary to open a business banking account and legally hire employees EW ends are free of charge and can be obtained from the IRS online or through the mail and with that you'll have formed a New Mexico LLC on your own option to hire professional service the second way to create a New Mexico LLC is to hire a professional service to create your LLC for you hiring a professional service to file your forms and act as your registered agent for the LLC will cost you an additional fifty to one hundred and fifty dollars however there are several benefits to working with a pro a hired registered agent helps with getting your reports filed on time helps you stay organized by keeping your business mail separate and is available at all regular business hours to accept official mail and legal papers on your LLC's behalf a final and important additional benefit of using a service is privacy a professional service will provide a level of privacy by withholding your personal name and home address from the LLC's contact information there are many reasons why you might not want your personal information easily accessible and associated with your business hiring a professional LLC for mation service is an easy way to accomplish this now that you have seen the different requirements in ways you can form an LLC in New Mexico visit our site and take some time to research your options and establish a solid foundation for your business activities click on the links in the description below to research the top five professional formation services or get more information on how to form a New Mexico LLC on your own now you know all the steps to form an LLC in your state for a more detailed guide go to how to start an LLC com you can also create an operating agreement and use our business plan tool free of charge give the video a like if you found it useful and subscribe if you'd like to see more and if you have questions or encounter any roadblocks leave a comment below good luck and starting your small business you
Thanks Billye your participation is very much appreciated
- Orval Donath
About the author
I've studied library binding at University of Wisconsin-Milwaukee in Milwaukee and I am an expert in solid state physics. I usually feel geeky. My previous job was offset press operators I held this position for 5 years, I love talking about cross-stitch and cross-word puzzles. Huge fan of Celine Dion I practice gymnastics: rhythmic and collect plants.
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