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Are you thinking of starting a business in New Mexico? Follow our step-by-step guide to get your form your new business.
These steps are necessary no matter where you incorporate them, though some have specific considerations concerning New Mexico.
For instance, New Mexico is very friendly to the LLC corporate structure. Let’s take a more in-depth look at each of the steps.
Ready to get serious about your startup? Follow these steps, and you’ll be up and running:
The business plan acts as a map to get the business up and running and keep your business on the road to success.
Writing your business plan is a vital step that helps you identify precisely what’s needed, what problems might come up, how the business could grow, and more.
As you write the business plan for your New Mexico company, think about these things:
Need help creating a business plan for your New Mexico startup? We put together a comprehensive library of articles and guides on business planning.
Your business must be registered in New Mexico and with the IRS, which means you’ll need to select a business structure.
Will your business be a corporation, LLC, or a sole proprietorship?
In New Mexico, the laws are very friendly toward LLCs.
This structure affords liability protection for your assets, which isn’t available to sole proprietorships while avoiding corporations’ double taxation.
If you’re starting the business by yourself, you can select a single-member LLC. If you’re forming one with business partners, you can choose a multiple-member LLC designation.
You can register a New Mexico LLC online from anywhere in the country. You will not have to list the business owners or managers, either.
You must, however, have a registered agent in the state, which ZenBusiness can provide.
As always, there’s a cost to start a company. To calculate just how much your new Michigan business will cost, use a cost calculator to zero in on fixed prices, ongoing expenses, and one-time costs.
Curious about “how much it costs to start a business in New Mexico?” Look no further. This helpful guide will walk you through business cost calculation and more.
Ongoing expenses could include a lease. Michigan has more than 1.5 million parcels to choose from, with reasonably low commercial rates. Even so, leasing can still be one of your higher ongoing expenses.
Taxes are another ongoing expense. While the state is highly ranked for its business-friendly tax climate, taxes will also be a significant factor.
Some new business owners overlook the costs to maintain licenses and permits. Not all businesses need them, but Michigan has a state license search that can tell you what your company needs and how much it costs each year.
Ready to think about naming your New Mexico business? If you’re going to operate there, maybe think about incorporating words and phrases familiar to its residents.
Let’s say you’re opening a coffee shop that you want high school and college kids to frequent. “The Arroyo” could be the right name.
Whatever you choose, make sure your business name is easy to understand, memorable, and not already in use.
There’s no sense in losing customers to a business by the same name or, worse yet, getting sued by that other business!
Check whether the website address (URL) is available for it and social media names.
When you find a business name, that’s all yours both in real life and online, register a domain and social media profiles.
Is your business name taken?
Validate your New Mexico business name
Using the business entity type you chose (e.g., LLC), register your company in New Mexico and the city/regional government entity you’ll operate. You must register in New Mexico if you’re doing business there.
Next, hop over to the Internal Revenue Service (IRS) site to get a federal employer identification number (EIN) or do it from the New Mexico Tax and Revenue Service site.
Recommended: Learn more about the benefits of an EIN and how to get one for your LLC or Corporation in our EIN information page.
Then, you’ll want to open up a business bank account. Remember that the LLC structure affords the protection of your assets from liability. Keeping the business finances separate from your personal money helps make sure that liability protection isn’t impacted. The separation of finances also makes it easier for you to keep track of the money flowing in and out of business.
Reach out to a New Mexico insurance agent and set up a time to discuss what coverage your new business may need to stay protected.
Check with the New Mexico Secretary of State to learn what licenses or zoning permits may be necessary for your business.
New Mexico doesn’t have a general business license requirement, but your particular industry could require it. If you hire employees, you may also need to look into workers compensation insurance.
Your area of a company may also have a permitting condition. The New Mexico Regulation and Licensing Division can provide more information.
Finally, register your New Mexico business with the local municipality or county. A State Gross Receipts Tax number is required in New Mexico (or evidence of application for one).
Marketing your business is paramount to achieving success.
Consider online initiatives like social media strategies, building an email database, and having a search-engine-optimized website so customers can find you online.
Speaking of customers finding you, think about registering with Google My Business so you’ll appear in local searches and executing the tried-and-true strategies like liberally sharing business cards and flyers.
Going further, could you hold special events or partner with other businesses in the community to increase awareness of your business?
It could be wise to join a local civic organization or serve on a non-profit board to strategically and give back. Maybe you could reach out to business incubators for some assistance as well.
Partnering with a New Mexico digital marketing agency could help boost your outreach.
New Mexico is a pleasant environment for limited liability companies.
Privacy is paramount: The state does not require that the LLC owners and managers are listed in its documents, only registered agents.
Unlike other high-privacy states like Nevada, Wyoming, and Delaware, New Mexico does not have hundreds of dollars in extra fees.
There are no annual fees beyond the initial registration filing fee. Further, you do not have to live in or visit New Mexico or even the U.S. to register an LLC there. All LLC filings can be made online.
Companies that operate in New Mexico and employ state residents are numerous.
The bigger New Mexico businesses include (in order): Akal Security, Sandia National Laboratories, Los Alamos National Laboratory, The University of New Mexico, and New Mexico State University.
Universities need writers and cafes, after all, and who better than you to serve those needs?
Looking for more ideas? Check out our list of the best businesses to start in New Mexico.
With its friendly policies and laws toward LLCs, New Mexico could be an excellent place to incorporate your new company.
The privacy, small financial commitment (no annual fees), and lack of residency or even state presence requirements beyond having a registered agent in the state make New Mexico an ideal home for many businesses.
Disclaimer: The content on this page is for informational 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.
The office and administrative support operations industry employs the most people in New Mexico, at 823,570 (as of May 2019).
The NMSU College of Business reports the New Mexico living wage as $32,649/year or $15.70/hour.
Rio Rancho, Hobbs, Alamogordo, Carlsbad, Clovis, Farmington, Las Cruces, Roswell, and Santa Fe have all been ranked well as acceptable cities in which to start a business in New Mexico.