New Mexico Filing Fees

What are the Business Filing Fees in New Mexico?

Starting a business in New Mexico means paying a variety of government filing fees. We’ve compiled the most common ones here so that you’ll know what to expect.

FILE YOUR BUSINESS

New Mexico requires certain businesses, sometimes referred to as statutory entities, to file registration documents with the Secretary of State in order to legally form their business. In addition to formation documents, the state requires businesses to pay a formation fee. But formation is just the beginning. If you need to create your business, we can help with our LLC Formation service or Corporation Formation service.

Making sure that you pay all required fees is another important part of keeping your business state compliant, and there may be several types of fees depending on where your business is located and what kind of goods or services it offers. If this sounds overwhelming, don’t worry. Let’s take a closer look at what kinds of fees you might encounter as a New Mexico business owner, and how we can help.

Step 1: Pay your New Mexico business’s initial filing fees

The New Mexico Secretary of State provides the forms necessary for creating your LLC or corporation through its online business portal. New Mexico doesn’t accept filings through other methods. The New Mexico filing fee required for registering your New Mexico corporation depends on the number of shares your corporation has authorization to issue.

Processing speeds vary between states depending on a variety of factors. However, we offer an expedited filing service to help you file your documents as soon as possible. 

Step 2: Reserve your New Mexico business’s name

Many business owners experience difficulty trying to find a name that not only fits the business, but is distinct from other registered business names in the state. If your preferred name meets New Mexico’s naming requirements and appears available, you can reserve the name with the Secretary of State. The Application for Reservation of a Domestic Profit Corporate Name form includes the most up-to-date New Mexico business filing fee. The Secretary of State also provides a form for LLC name reservations. New Mexico name reservations remain valid for 120 days.

We offer a name reservation service that can help you avoid the disappointment of someone else stealing your preferred name by reserving the name with the state on your behalf.

Step 3: Reserve a “doing business as” name in New Mexico

A “doing business as” (DBA) name allows businesses to operate under a name other than the name listed on its formation documents. For example, corporations and LLCs can reserve a DBA name if they are expanding their business to offer more services and the previous name doesn’t reflect those services. Unlike most states, New Mexico doesn’t require businesses to register or file their DBA name with the state.

DBA names are commonly referred to as trade names, fictitious names, or assumed names. We offer a DBA name service if you’d like to reserve yours.

Step 4: Obtain an Employer Identification Number (EIN)

The Internal Revenue Service (IRS) issues unique tax ID numbers, known as Employer Identification Numbers (EINs), to businesses upon request. Businesses use EINs to pay their employees, file their taxes, and open business bank accounts. It’s free to apply for an EIN through the IRS.

We can handle the hassle of getting an EIN number for your business.

Step 5: Draft an operating agreement, corporate bylaws, or partnership agreement for your New Mexico business

Operating agreements, corporate bylaws, and partnership agreements detail the structure and management of a business. Though not required, drafting these documents can prevent unnecessary internal disputes later down the line.

If you’re an owner/member of a New Mexico LLC, we offer an operating agreement template that can help business owners outline the rules and structure governing it. You select the provisions that apply to your company while ensuring that your interests are protected and your company is properly supported as it continues to grow.

Step 6: Apply for your New Mexico business’s necessary licenses and permits

Many businesses need licenses and permits to operate legally. Permits and licenses may arise from the industry of the business, the location of the business, or the services provided by the business.

Trying to find the licenses and permits your business needs can be time-consuming for business owners. We offer a Business License Report that can take the stress and uncertainty out of the process by giving you a comprehensive list of the licenses and permits your business needs to operate legally. 

Step 7: Pay registration fees for out-of-state businesses

New Mexico refers to businesses formed outside of the State of New Mexico as “foreign” businesses. The state requires foreign businesses to complete an Application for Registration prior to legally conducting business in New Mexico. Additionally, New Mexico requires foreign businesses to attach a Certificate of Good Standing issued by their state of formation with the application. 

Step 8: Check New Mexico’s biennial report requirements and fees

New Mexico requires statutory entities to file an initial report within 30 days of forming their business, in addition to a biennial report every two years afterwards. Business owners file the biennial report through the New Mexico online business services portal, which contains the most up-to-date filing fee.

We can help get your biennial report filed quickly and efficiently to help you avoid falling out of good standing.

Step 9: Keep your New Mexico business legally compliant

Inevitably, changes arise during the operation of a business. When your company changes, the information contained in your formation documents may become inaccurate. To keep formation documents current, New Mexico requires businesses to update the Secretary of State by filing Articles of Amendment whenever foundational changes occur. The Secretary of State requires a filing fee for filing Articles of Amendment.

Our Worry-Free Compliance service provides the following benefits:

  • Alerts and notifications about upcoming compliance events
  • Monitoring your business’s status to ensure you remain in good standing
  • Two amendments per year after you cover the state filing fee
  • A detailed action plan in the unlikely event your business falls out of good standing.

Additionally, we offer an amendment service so we can file amendments with the Secretary of State on your behalf to reflect the changes to your business.

Keeping your business information up to date keeps your New Mexico business from falling out of good standing. 

We are here to help with your New Mexico business needs

New Mexico requires business entities to file a wide variety of documents for a range of reasons. Our services can help business owners with filing requirements, and free you up to focus on growing and operating your New Mexico business. Haven’t started your New Mexico business yet? No problem. We offer Business Formation Services, in addition to services designed to keep your business legally compliant.

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.

FAQs

  • Are there penalties for paying my fees late in New Mexico?

    Yes, New Mexico imposes late fees on businesses who fail to pay their required fees in a timely manner. In extreme cases, the state can administratively dissolve your business. Always pay filing fees promptly to avoid unnecessary penalties.

  • What happens if I can’t pay my fees to the New Mexico government?

    Failure to file and pay your required fees in a timely manner can lead to penalty fees and your business losing its good standing status with the state.

  • Who receives the fees for forming my New Mexico business?

    New Mexico filing fees go to the New Mexico Secretary of State.

  • What is usually the biggest fee I will pay when I form my New Mexico business?

    Typically, filing your formation documents requires the largest filing fee. However, filing fees change frequently. Check with the New Mexico Secretary of State to find the most up-to-date information on fee amounts.

  • What payment methods can I use to pay my LLC or corporation filing fees to the New Mexico government?

    You can pay filing fees through New Mexico’s online business portal with a credit card or debit card. You can pay for filings submitted by mail with checks made payable to the State of New Mexico.

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