How to Start a Business in New Mexico (Step by Step Guide)

Starting Business in New MexicoAre you thinking about starting your own business in New Mexico? If so, then you have come to the right place!

On this page, you can find step by step DIY instructions on how to incorporate your business in New Mexico. From selecting the business entity type to forms to be filled, we have covered it all.

Let’s get Started

The first step in setting up your business is to select the business structure.

Broadly there are 4 types of business entities that can be registered:

  1. Limited Liability Company (Most Popular)
  2. Corporation
  3. Sole Proprietorship
  4. Partnership

Each business structure differs on the basis of taxation, asset liability and estate planning. We have written a detailed tutorial on how to choose a business entity type for your business here.

Below we have given a broad outline of the steps involved in registering an LLC or Corporation in New Mexico.

Clicking on each step, opens up a detailed guide on how to complete it.

How to Start an LLC in New Mexico

Agency ResponsibleNew Mexico Secretary of State – Corporations Bureau
Form(s) to be filledArticles of Organization (Form DLLC)
ModeMail, In-person, or Fax
Name ReservationOptional, Fee $20 for LLC, $25 for Coporation & $10 for Non-Profit (Mail)
Filing Fee$50 + Expedite fee $100-$150 (optional)
Time3 months (Option to expedite)
LawNew Mexico Statutes – Section 53-19-7


Summary:

  1. Search for business name availability
  2. File for Business name reservation (Optional)
  3. Select a Registered Agent
  4. Fill Articles of Organization (Form DLLC)
  5. Prepare an Operating Agreement
  6. Get Federal EIN Number
  7. Get an EIN Number (IRS Form SS-4)
  8. Get necessary business license
  9. File Biennial Report

How to Start a Corporation in New Mexico

Agency ResponsibleNew Mexico Secretary of State – Corporations Bureau
Form(s) to be filledArticles of Incorporation
ModeMail, In-person, or Fax
Name ReservationOptional, Fee $20 for LLC, $25 for Coporation & $10 for Non-Profit (Mail)
Filing Fee$100 + Expedite fee $100-$150 (optional)
Time3 months (Option to expedite)
Lawfill later

Summary:

  1. Search for a Business Name
  2. File for Business Name Reservation (Optional)
  3. Select Registered Agent
  4. Fill Articles of Incorporation (Form DPR-AM)
  5. Create Bylaws
  6. File initial report
  7. Get Federal EIN Number
  8. Obtain Tax ID number
  9. Get necessary business license
  10. File Biennial Report



References:
http://www.sos.state.nm.us/Business_Services/corporation-forms-and-fees-overview.aspx
http://www.sos.state.nm.us/Business_Services/NM_Domestic_LLC.aspx
Last fact-checked on 25/07/2018