ZenBusiness reviews its own products and services and compares them to others in the industry.
Starts at $0 + state fee and only takes 5-10 minutes
If you’re looking for an excellent New Mexico LLC service then choose ZenBusiness. We’ve already formed 700,000+ businesses since 2017!
If you want a socially conscious New Mexico LLC service with a service discount, choose ZenBusiness.
Northwest Registered Agent charges $225 (plus state fee) for LLC filing services. That said, Northwest’s personalized customer support is a feature that could make their prices worth paying for some entrepreneurs.
Overall, Northwest does have some points in its favor. However, keep in mind that it charges $225 (plus your state’s required fee) for its LLC filing services.
Want to learn more? See this Northwest LLC review.
LegalZoom is one of the biggest names in the industry, with millions of customers served and frequent advertising efforts. LegalZoom provides an LLC filing package for free (plus the state’s fee).
LegalZoom is a huge company, so while it offers extended support hours, the quality of its customer support may vary a bit from representative to representative.
Want to learn more? See this LegalZoom LLC review.
Incfile/Bizee offers LLC formations for free, as long as you pay your state’s fee. Incfile and ZenBusiness have some similar characteristics, but there are also some significant differences that set the two apart.
If you’re looking for a cheap LLC formation service in New Mexico and ZenBusiness doesn’t feel right for some reason, Incfile/Bizee could be worth a closer look.
Want to learn more? See this Incfile/Bizee LLC review.
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*Processing times are based on receiving complete information. ZenBusiness processing times do not include Secretary of State processing times, which can vary.**SPECIAL OFFER – Get Starter for $0 plus state fees. Includes one optional free year of Worry-Free Compliance that renews at $199/yr.† ZenBusiness is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC.
Technically speaking, you don’t have to use an LLC formation service like ZenBusiness or LegalZoom. These services are incredibly helpful, but you can save money by completing the process yourself.
You can read our complete guide to DIY an LLC setup in New Mexico, but here’s a quick look at the process:
Every LLC in New Mexico needs a name that’s memorable and gives potential clients a good idea of what goods or services are available. The name also needs to be unique — both for legal reasons and so your business stands out from the competition.
As we’ve mentioned in this guide, every LLC needs an agent who can accept service of process on your behalf. In all states, you can act as your own registered agent as long as you have a physical address in the state. That said, we generally recommend that you appoint someone else (like an online service) to act as your agent.
This document, once filled out and filed, officially forms your business in the state of New Mexico. You’ll need to provide some important information, including your contact information, your business address, signatures for your LLC’s members, and more. New Mexico has a $50 filing fee.
Setting up the LLC is as easy as 1-2-3; it’s the maintenance requirements that are a bit more complicated:
If you have employees, you’ll need to get an Employer Identification Number from the IRS. Then there are state-specific taxes, too. Understandably, your biggest tax burden will be your income taxes; New Mexico currently has individual income tax rates set at 1.7% and 4.9%. The corporate rates fall between 4.8% and 5.9%. You’ll also need to account for the state franchise tax and the gross receipts tax (a substitute for a sales tax). For more information on these and other miscellaneous taxes, check out the New Mexico Tax and Revenue Department.
There’s no general state business license in New Mexico, but that doesn’t mean you won’t need to get professional licenses, such as those regulated by the New Mexico Licensing and Regulation Department.
Even single-member LLCs should create a “master document” that sets out how the business will operate, both now and in the future.
Every business with employees needs to maintain workers’ compensation insurance and a commercial vehicle policy for company-owned vehicles. You may also want to get a general business liability policy, too.
You should sign up for a business bank account so you can write checks and make purchases in the name of the business instead of pulling from your personal accounts (a legal no-no).
This is just the tip of the iceberg, though. For more detailed guidance, we recommend contacting an attorney or checking out the full New Mexico LLC Formation Guide.
LLCs are formal legal entities that are typically taxed similarly to sole proprietorships and general partnership vs LLC, in that the owners include any company profits or losses into their personal returns — the LLC itself does not owe income taxes. For more a more in-depth description see: What is an LLC?
In addition to the costs of a business formation service or hiring an attorney (which are optional, as we’ve discussed), there are quite a few other required and optional expenses when forming and maintaining a New Mexico business. You cannot form an LLC in New Mexico without filing the Articles of Organization, the document that officially registers your business within the state. This filing costs just $50 to submit.
In most states, LLCs are required to file annual or biennial reports to keep the state updated regarding important business details. However, New Mexico LLCs are exempt from this requirement. Read more about New Mexico costs – New Mexico LLC costs.
FAQ's
Where Can I Get More Information About Forming LLCs in New Mexico?
We invite you to take a look at our comprehensive guide to forming a limited liability company in New Mexico. This article walks you through the LLC formation process in this state step by step, ensuring that you don’t miss any crucial elements.
How Can I Search New Mexico’s Business Name Database?
One of the most important steps in forming a New Mexico LLC is choosing a business name. Once you come up with ideas for your name, you should search through the Secretary of State’s business search to make sure your desired name is available. For more information on conducting a business name search in New Mexico, check out New Mexico business search on the topic.
Where Can I Find the New Mexico Certificate of Organization?
You can fill out the New Mexico Certificate of Organization on the Secretary of State’s website.
What Are New Mexico’s Ongoing LLC Maintenance Requirements?
In New Mexico, there are fewer ongoing maintenance requirements than in most states. That’s because New Mexico does not require annual or biennial reports.
Where Can I Learn More About New Mexico’s Licensing and Permitting Requirements?
Chances are, you’ll require at least one license or permit to operate your LLC in compliance with New Mexico state law. For more information, we recommend the state’s Regulation and Licensing Department.
How Quickly Does New Mexico Process LLC Formations?
The Secretary of State should be able to process your LLC’s formation within 1-3 business days.
Which Company Provides the Best New Mexico Registered Agent Service?
If you want more details about what these companies can offer in this state, or you’d like to take a look at some other options, check out our complete guide to New Mexico registered agents.
How Can I Dissolve My New Mexico LLC?
Unfortunately, not all businesses last forever. If the time comes when you need to close your LLC’s doors, you’ll need to do so in a manner consistent with the state’s regulations. That’s why we wrote our guide to New Mexico LLC dissolutions, so you can complete the process in a compliant manner.
What if I Need to Expand a Business From Another State to New Mexico?
If your LLC already exists in another state, you don’t actually need to “form” it in New Mexico. Instead, you’ll need to foreign qualify the business in this state. This process is somewhat similar to LLC formation, but there are some crucial differences as well. Take a look at our guide to foreign qualifications in New Mexico for more information.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
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