How to Determine New Mexico LLC Costs
- How much is an LLC in New Mexico?
- New Mexico LLC Cost: How do I get started?
- What fees go into the total LLC cost in New Mexico?
- What other New Mexico LLC fees should I look out for?
- Are there penalties for paying my fees late in New Mexico?
- What happens if I can't pay my filing fee to the New Mexico government?
- What is the largest fee I will pay when I form my New Mexico LLC?
- What payment methods can I use to pay my LLC or corporation filing fees to the New Mexico government?
- How do I form my LLC in New Mexico?
How much is an LLC in New Mexico?💲
You have to pay $50 to register your LLC in New Mexico.
New Mexico LLC Cost: How do I get started?🏃
Your LLC officially starts under state law when you file Articles of Organization with the Secretary of State. The Articles of Organization need to contain information about where your LLC is, what you will call it, how long it will last, how to send it important documents, who will manage it, and whether it will have only one member. Compiling this information and filing the proper formation paperwork can be a chore. But for only $49, we can help you get through formation quickly with our New Mexico LLC Formation Service.
What fees go into the final LLC cost in New Mexico?💵
What does it cost to start a business in New Mexico? The main cost LLC owners have to pay to start their businesses is the cost of their Articles of Organization. However, you might have more costs to pay because of your specific business needs. The following are a handful of fees you can expect to pay when creating a new LLC:
New Mexico LLC Filing Fee
The filing fee for a New Mexico Articles of Organization is $50.
The rates vary: In New Mexico, your business might have to pay Gross Receipts Taxes, Compensating Taxes, and/or Withholding Taxes. Your Compensating Taxes depend on whether you use property or services in the state, and you owe Wage Withholding Taxes if your LLC has employees. If you sell or lease property, grant franchise rights, or sell or perform certain services in New Mexico, you have to pay Gross Receipts Taxes. Your Gross Receipt Tax rate can be between 5% and 9%.
Registered Agent Fee
Free: You don’t have to pay the state or anyone else to have a Registered Agent for your business. However, it can be well worth it to spend a little cash on this business requirement. A Registered Agent has to maintain a regular, physical presence in the state to accept important documents for your business. You might not want to be tied to your office like this to be your own Registered Agent. For a small fee, you can hire a Registered Agent to accept important legal documents on your behalf.
Our New Mexico Registered Agent Service can help you find the right Registered Agent fast!
What other New Mexico LLC fees should I look out for?👓
Filing your LLC’s Articles of Organization can be relatively inexpensive. But your Articles of Organization might not be the only documents you have to file to run a legally compliant LLC.
Certificate of Good Standing💯
Chances are, you’ll need some type of assistance from a third party to get your LLC off the ground. This third party could be a bank, an individual investor, or an organization offering business resources. These third parties will likely want to see a Good Standing and Status Certificate before they give you anything. A Good Standing and Status Certificate tells others that your LLC is in compliance with New Mexico law. It costs $25 to obtain this certificate.
DBA Name in New Mexico😎
If you want to use a name for your LLC that’s different from its official name, that’s called using a “doing business as” or DBA name. A DBA is also known as a Fictitious Name. You might have to register your DBA with the clerk in the county where your LLC operates. For more information on registering a DBA in New Mexico, you can reach out to your county clerk’s office.
If you started an LLC outside of New Mexico and you want to conduct business in New Mexico, you need to file an Application for Registration of your out-of-state/foreign LLC. It costs $100 to register your foreign LLC.
Some businesses need additional authorization from the government to legally operate and serve the public. This additional authorization can come in the form of:
- Business licenses
Your license, permit, and registration obligations can come from federal, state, and local government authorities. You might have to pay fees to the federal, state, and local governments for licensing.
Knowing how many licenses your business needs and from where is no easy feat. With our partners at Avalara, we can research your licensing and registration needs at all government levels. Our Business License Report outlines your licensing and registration obligations in one easy-to-read report.
For just $49, we can form your New Mexico LLC for you in just minutes. No LegalZoom promo code required: Pay just $49 plus filing fees for fast LLC formation in New Mexico.
Are there penalties for paying my fees late in New Mexico?📆
Late payment of your filing fees or business taxes can result in interest, penalties, or the state refusing the formation of your LLC.
What happens if I can’t pay my filing fee to the New Mexico government? 🚫
If you don’t pay your formation filing fee, you can’t form an LLC and take advantage of the business structure’s legal protections. If you choose to run your business without paying the fees to make it an LLC or corporation, you’re running your business as a sole proprietorship or general partnership, both of which can expose you to a lot of personal liability.
What is the largest fee I will pay when I form my New Mexico LLC?💰
The largest fee you will pay depends on the characteristics of your business and your location within the state. In some cases, the largest formation fee a New Mexico LLC has to pay is the $50 required for filing Articles of Organization.
What payment methods can I use to pay my LLC filing fees to the New Mexico government?💳
Unlike other business entities in New Mexico, you have to register your LLC online. You can pay for your registration by credit card.
How do I form my LLC in New Mexico?📋
Name your LLC📛
The public and the government need to know your name. The name you choose for your LLC is important, not only because it’s part of your business’s identity, but also because you need to put it on your government filings. You have a lot of freedom when choosing your LLC’s name, but the name has to:
- Include acceptable words or abbreviations that identify the business as an LLC (e.g., “limited liability company,” “L.L.C.,” etc.)
- Be different from any other name on file with the state
You need to have your LLC’s name ready before you file your formation paperwork. The timing on this can be tricky because another business might use the same name before you can file. How can you prevent this issue? By using our Business Name Checker and Business Name Reservation Service. While you prepare your formation paperwork, our service can check that the name you want is available and file paperwork to reserve it until you’re ready to file.
Select a Registered Agent🙋
Your LLC’s Registered Agent is necessary for helping your business stay informed about its legal obligations and issues. The Registered Agent has to maintain a physical presence in New Mexico to receive legal notices on your LLC’s behalf. You can do this job on your own, but it can be quite time consuming and distracting when you’re running an enterprise. For a relatively small fee, you can hire someone to be your Registered Agent. With our New Mexico Registered Agent Service, you can quickly find a Registered Agent who fulfills your LLC’s needs.
File your LLC’s Articles of Organization💻
Filing your Articles of Organization makes your business an official LLC in the State of New Mexico. You have to file this formation document using the Secretary of State’s online portal.
Create an Operating Agreement📝
A great way to help ensure that your business runs smoothly and according to your preferences is to write your own business operations rules. You can write these rules in an Operating Agreement. With an Operating Agreement, you can write your own rules about business matters such as:
- Who will manage the LLC and how
- How members will share profits and losses
- How members and managers will resolve conflicts
If you don’t write an Operating Agreement, you have to run your business according to New Mexico’s default rules. It’s better to write your own business rules to help make sure your business’s operations procedures fit your needs.
Sometimes the hardest part of writing any document (let alone an important business document) is getting started. We can make it easy to draft your Operating Agreement with our Operating Agreement Template.
Get an EIN🔢
If you want to be a good business owner, you need to have your taxes in order. If your LLC has more than one member, runs as a corporation, or has employees, it has to have an Employer Identification Number. An EIN comes from the IRS and is for paying federal taxes. If your LLC doesn’t have employees or multiple members, it doesn’t need an EIN, but it’s still a good idea to get one. Using an EIN for your taxes and business transactions can help you avoid putting sensitive, personal information on your business documents.
If you feel like the paperwork you need to file for your business is piling up and overwhelming you, we can help. We can give you one less task to worry about by obtaining your EIN for you through our Employer ID Number Service.
Stay legally compliant✅
As a business owner, you can expect changes from time to time. Some business changes need to be reported to the government to keep your LLC legally compliant. We can help you stay on top of your compliance deadlines and file two business amendments per year with our Worry-Free Compliance Service.
We can help!👋
Starting a new business can be exciting and scary! But we can take care of a lot of the scary parts with our multiple business formation and maintenance services. We’re here to support entrepreneurs and help them make their dreams realities. Don’t let the business world overwhelm you—reach out to us instead.
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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