New Mexico 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. New Mexico businesses and business owners benefit from the fourth lowest property tax in the nation, a reduced corporate income tax rate, a low cost of living and a highly diverse and productive workforce.
Companies in New Mexico
New Mexico is the home of major companies including Sandia National Labs, Los Alamos National Laboratory and Presbyterian Healthcare Services.
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 Corporation, LLC or DBA. 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 less 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:
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
Ready to register a business in New Mexico?
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.
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.).
TIP: Our business formation service includes a free banking resolution for your use.
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.
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 months following the end of the taxable year. The filing fee is $25.
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 Chambers of Commerce
Angel.co New Mexico Startups
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
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.