Form an LLC in New Mexico with Inc Authority for Free

Before you start an LLC in New Mexico, you need to come up with a great business idea and check its feasibility. Conduct market research to understand the level of competition and barriers to entry, and assess if you can enter the market.

Once you are clear on the type of business you want to start, make a solid business plan. This will help provide a strategic direction for your business and guide your business decisions for the first few years after the business launch.

Choosing a name for your business is an essential step in the LLC formation process as you need it for registering your LLC. Your chosen name should represent your business, follow the state’s naming convention, and not be misleading in any way.

Choose a name that’s short and easy to pronounce, spell, and remember. This will help improve brand recognition and recall. Also, check the state’s business database to ensure that your chosen LLC name is not used by any other business.

If you’re a first-time entrepreneur, you may require some time to get things in order and be ready to register your LLC. If that’s the case, then you should reserve your chosen LLC name to ensure that it is not taken by any other business till then.

You can do this by filing an application with the New Mexico Secretary of State’s office. It’s a simple process and you can do it online via the state’s online portal. It costs a nominal filing fee of $20, which will reserve your LLC name for 120 days.

Every business needs an official registered agent who will be available during regular business hours at the registered mailing address. This is to ensure that your business doesn’t miss any legal correspondence or miss deadlines.

Since it’s limiting for business owners or LLC members to be present at the given address at all times, most entrepreneurs outsource this service. You can hire a local registered agent for your business, who has a physical address in the state.

Before you start the registration process for your LLC in New Mexico, you should understand whether you need a domestic LLC or a foreign LLC. This depends entirely on whether you have an existing business or want to start a new business.

If you have an established business in another state and want to expand it to New Mexico, then you’ll need to register a foreign LLC. Otherwise, you can form a domestic LLC in New Mexico to start your new business in the state.

An operating agreement is an official document that lays the groundwork for how a limited liability company will operate. Members come together to discuss the operational policies for the company and create a detailed rulebook of sorts.

This is an important document because it details the guidelines for business decision-making, conflict resolution, member roles, succession planning, and more. Though it’s not a mandatory step, we highly recommend that you create one.

If you want to register a domestic LLC in New Mexico, you can go to the state’s online business portal and submit your application and documents online. The filing fee for submitting your LLC application or certificate of registration is just $50.

However, if you want to register a foreign LLC in New Mexico, then you can’t use the convenient online filing service. You will need to submit your documents offline, in person or via mail, to get your foreign LLC registered with the state.

No business can thrive in today’s digital world without a website, which is why it’s important that you get one. For that, you’ll need a web domain name that matches your chosen business name so that customers can easily find your business online.

Go to a domain registrar and search for available web domains that match your business name. Find one that’s simple and easy to spell, and perfectly represents your business. Reserve the domain name even if your LLC application is still pending.

An employer identification number (EIN) or Tax ID is like the social security number for your business. It’s what the government and the Internal Revenue Service (IRS) use to identify a business for tax purposes and various other business purposes.

An EIN is also required to open a bank account for your business and when hiring employees for your company. If you want to secure funding for your business, having an EIN will make you more credible to investors, making things easier for you.

Every business, irrespective of the chosen business structure, should have a separate bank account from that of its owners. This separation helps keep business finances easy to track and keep owners’s money safe in case the business fails.

A bank account also helps your business create a banking and credit history with a bank, which comes in handy if you want a business loan. Lastly, it is useful for managing and keeping a record of your day-to-day financial business transactions.

When running an LLC in New Mexico, you’ll need several business licenses and permits, depending on the type of business you run and its location. You may need federal, state, and local licenses, so find out the requirements.

If your LLC is a single-member LLC, it will be taxed as a sole proprietorship. Multi-member LLCs in New Jersey are taxed as partnerhsips by default. However, if you want a different tax classification for your business then you can do that.

One of the reasons why LLCs are considered more flexible than other business structures is because they have the flexibility to choose how they will be taxed. You can choose the default tax structure that considers LLCs as pass-through entities.

In this case, the business profits and losses pass to the LLC members, who then pay income tax on their income, as usual. However, you also have the option to get your LCL taxed as a C-corporation or a S-corporation, based on your needs.

A DBA allows you to operate your business under an assumed name or fictitious name, which is different from your official registered name. This is especially useful for businesses that have a long LLC name, which is not great for branding.

As such, your official business name will be used for legal purposes while your assumed name will be useful for marketing purposes. Similar to the official name, this name should also be unique and available for use in New Mexico.

Lastly, and most importantly, you should follow all the rules and regulations set forth by the state of New Mexico. This includes paying taxes on time every year and following any other guidelines for limited liability companies in New Mexico.

New Mexico LLCs don’t need to file annual reports, so that’s one less thing for you to do. However, there are other rules you should comply with to ensure that your business remains in good standing and doesn’t face any penalties.

Here are the features you’ll get with this plan:

• Business name check: Use Inc Authority’s free tool to check whether your chosen business name is available for use. Ensure that your LLC name is unique and legally available using a free, simple, and hassle-free search tool.
• Resident agent services: Benefit from free registered agent services for one year after signing up for one of Inc Authority’s plans. Its team will set you up with a local agent with a physical address within the state of New Mexico.
• Online document storage: Manage your business documents easily by storing them online and accessing them from anywhere, anytime. This reduces the chances of important business or legal documents being lost or damaged.
• Brief tax consultation: Get a brief consultation with a tax specialist. Who’ll guide you on how to plan your taxes in a way that maximizes tax savings. You can also use the time to ask specific questions you may have related to tax filings. 
• LLC formation: Let a team of professionals handle your LLC application filing, including preparation and review. This will ensure that there are no human errors and that everything goes smoothly to get your LLC up and running in no time.
• S-corp registration: Opt for the S-corp special tax status by filling out Form 2553 of the Internal Revenue Service (IRS). Inc Authority’s team will help you prepare and fill out the form with 100% accuracy to avoid any errors.
• Business funding analysis: Leverage the services of a funding specialist, who will assess your business’s short-term funding needs. They’ll also suggest options and help you acquire funding from reliable and trusted sources.

If you want a simple, no-fuss LLC formation service, then this is the plan for you.

Price: Free

Here are the additional services you’ll get with the Starter plan:

• LLC operating agreement: This is an essential step for an LLC in New Mexico because it helps set the rules for how the LLC will be run. Inc Authority will help you draft a detailed operating agreement for your LLC in New Mexico. You can also use their templates to create it yourself if you prefer that.
• Tax ID or EIN Application: Inc Authority will help you apply for an employer identification number or tax ID. Its team will help you prepare the required documents and fill out the form ensuring 100% accuracy. They’ll help you get your EIN as quickly as possible, without much effort on your part.
• Business forms and documents: With this plan, you will get a whole suite of templates for various types of business forms and documents. This will help you in day-to-day business operations, as you would require various types of documents for your business, such as contracts or agreements.
• Comprehensive tax consultation: With the free plan, you get a brief tax consultation that can help you understand the basics of tax planning. With this plan, however, you will get unrestricted access to a tax specialist who will give you in-depth advice on how to get the most tax savings. 
• Web domain name: If you want to buy a domain name for your business website, then Inc Authority can help with that as well. Not just that, you will also get up to five business email addresses, which are useful for sending official business communications to different stakeholders.

Price: Custom

Here are the additional services apart from what you get with the Starter plan:

• Customer success advisor: Inc Authority cares about its clients and ensures they are successful in their entrepreneurial ventures. It goes beyond basic LLC formation and helps you with all aspects of starting a successful business by assigning you a dedicated customer success advisor or consultant.
• Private banking specialist: You will also get access to banking specialists who will help you understand your banking needs and suggest options. They will help you set up the right business banking account and guide you through the process. They’ll recommend some great options for your business.

• Personalized business advisory: On the other plans, you get a fixed, standard suite of services, the extent of which depends on your plan. However, with this plan, you will get personalized advice from experts who specialize in various business aspects. This will help you manage your new business well.

• Expedited preparation & filing: Lastly, you can benefit from the expedited filing service provided by the company to its top-tier customers. Your application will be prepared, reviewed, and filed on priority, typically within the same day. So, if you want a quick filing process, then this plan is the perfect option for you.

This is the most premium plan offered by Inc Authority, perfect for those who want top-notch, personalized service.