NM Business Facts
The one-of-a-kind state of New Mexico is the most competitive state in the southwest for manufacturing and one of the nation’s leading energy producers. Operating costs, real estate, and labor costs are all highly competitive in the Land of Enchantment.
Major Companies in New Mexico
New Mexico is the home of many major corporations, such as Akal Security,
Sandia National Laboratories, Los Alamos National Laboratory, Ernest Health and GCC Dacotha.
New Mexico entrepreneurs benefit from low taxes and operating costs in addition to small business resources such as the New Mexico Small Business Assistance Program and Finance New Mexico. For entrepreneurs seeking anonymity, New Mexico is also home to the most private entity in the country.
There are 3 basic options: a DBA, a Corporation, or an LLC. Click here to learn more about business entities.
Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the fewer times you have to do that the better). In Step 3 we’ll show you how to search for the name in New Mexico, but we highly recommend you do the following before searching New Mexico state databases:
TIP: search misspellings, plurals, variations of spelling, sound-alikes, and other versions of your chosen name to be sure it’s not already registered.
NOTE: Familiarize yourself with the New Mexico naming guidelines. LLC entity names need to contain the abbreviation LLC or L.L.C., and certain words are restricted or prohibited.
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and selected your business name, here are the requirements to register your business in New Mexico.
How to form an LLC in New Mexico
How to Incorporate in New Mexico
How to File a DBA in New Mexico
Considerations when incorporating or forming an LLC in New Mexico
Tip: Check our order form to see how long New Mexico is currently taking to process regular and expedited orders. A New Mexico LLC can be processed in 5 business days but a New Mexico corporation can take up to 4 months to be filed and returned, so expedited filing is highly recommended.
Hire a professional Registered Agent. Many people list their home or business address on the Articles of Organization or Incorporation. This can cause issues because it becomes a public record (you’ll get lots of junk mail). A professional Registered Agent will provide their address and forward any important documents to you. This is also convenient if you have to move (you don’t have to file forms or pay fees, just update your address with your agent).
Ready to register a business in New Mexico?
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
TIP: We will obtain your EIN for you if we form your company.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork b) your EIN c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Click here to view a list of our recommended banks in our Vendor Network.
TIP: Our business formation service includes a free banking resolution for your use.
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments, or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
Now that you’ve registered your business name you may need to obtain a business license for your company – this authorizes your company to do business in your city or county depending on the kind of service you provide. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We can help you identify the necessary forms to obtain your business license.
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
Review our list of recommended Payroll Providers in our Vendor Network.
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.
Click here to view our list of insurance providers in our Vendor Network.
Prepare the business as if someone needed to take it over and run it for you. This means you’ll need a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Now that you’ve set up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
DBA: New Mexico does not have DBA registration statutes.
LLC: New Mexico LLCs are not required to file an annual report.
Corporation: New Mexico corporations must file a report biennially on or before the fifteenth day of the third month following the end of the taxable year. The filing fee is $25.
Click here to view our MyCompanyWorks Premium™ service which can automate most of your ongoing compliance tasks.
Corporations Bureau (for Corporation and LLC filings)
New Mexico Capitol Annex North
325 Don Gaspar, Suite 300
Santa Fe, NM 87501
New Mexico Taxation Departments
New Mexico Labor and Employment Departments
New Mexico Startup Resources
Small Business Administration (SBA) New Mexico District Office
New Mexico Legal Statutes
New Mexico Angel Investors
New Mexico Business News
The Office of Business Advocacy
City of Albuquerque Small Business Grow It!
New Mexico Small Business Development Center
New Mexico Green Business Resources
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