Listed among the most business-friendly US states, New Mexico has a lot to offer to new establishments. So, if you’ve already looked into how to start an LLC in New Mexico, it’s high time to review how much it will cost you.
Below, we’ll break down the New Mexico LLC cost so that you could plan your upcoming expenses with accuracy and efficiency. Just keep on reading.
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Limited liability companies will engage specific charges and payments in all jurisdictions. Notably, LLC costs are not the same across the US. It means some states impose higher fees while other states impose lower fees.
To better understand what you’ll have on your plate, your cost to start an LLC in New Mexico will entail:
For the sake of this guide, we’ll divide all valid charges related to setting an LLC up and running into two main groups:
This category of your future New Mexico LLC fees embraces formation and maintenance expenses. It’s worth noting that many of those payments will become regular. Some of them will be payable on an annual basis while others will pop up once in a few years.
Primary costs are those that will make a part of your budgeted expenses. The good thing is that those fees and rates are fixed and, hence, are easy to plan. Let’s dig in!
It’s the prime payment to consider when scheduling your formation expenditures. An NM LLC registration is about filing the Articles of Organization with the Secretary of State. Yes, it’s as simple as that.
The document is of generic nature and covers the very basic company info such as:
New Mexico offers only an online filing option via an official Secretary of State website. The filing fee is $50 (which is among the lowest in the US) and it’s payable only once. You won’t have to settle it monthly or yearly.
The best aspect of online filings is the processing speed. Your company’s statute will be reviewed and approved by the state within 1 to 3 workdays, which is fast compared to a few weeks in other jurisdictions. Hence, there is no expedited filing in place.
One of the advantages of the LLC structure is fewer regulations and requirements to follow. Yet, a registered agent (RA) is one of such requirements. You should have it in New Mexico, otherwise, your LLC won’t be registered.
There is no unified RA cost in New Mexico, though, since you’ll have different RA options to choose from. And the price will vary accordingly:
Serving your own agent or designating a friend or family member might be a choice for home-run businesses, startup projects, or small private ventures with a low document turnover.
In the meantime, our best recommendation is to opt for one of the best New Mexico RA services. You’ll be offered a full-fledged service pack that won’t cost you a fortune.
Besides, most of those providers have a number of added business-related service options on the list.
Basically, you can choose between:
Since LLCs are state-specific entities, to expand or move your existing LLC to any other state, you should get a foreign qualification there or register a foreign LLC. A New Mexico foreign LLC will legalize your already formed entity in this state.
Foreign qualifications are approved and registered by the Secretary of State. You should file a Foreign LLC Registration Application and pay a $100 filing fee to make your company operable and legitimate in New Mexico.
To run an LLC in New Mexico, it’s enough to register it with the state and set up a mail-handling agent, no state-wide license is required. However, local licensing requirements vary across the state.
Thus, some licenses and permits you might need to obtain to match the licensing rules in your city or county include:
Licensing fees differ by locality and the type of activity you run. The rates might fall anywhere between $20 and $500. An average license cost gravitates to $100.
To check for
With no general license in place, New Mexico has a requirement for all LLCs to get a Business Tax Identification Number. It’s issued for free by the NM Taxation and Revenue Department, and you can file for it online.
Taxes are a part and parcel of any business. Similar to LLC laws, tax rates and the type of taxes levied over LLCs are state-specific. In New Mexico, your company will be exposed to the following taxes:
The costs below are usually pertinent to certain business situations. Most of them are one-time payments and won’t add to your regular expenses.
Most states allow filers to reserve the projected company name they like. So, if you’ve already checked the moniker for availability, you can put it on hold in New Mexico for a 120-day period until you are ready to register.
DBAs (doing business as) or alternate names are widely used by business owners for marketing purposes. A so-called fictitious name enables you to launch multiple services or product lines or expand your business activity without forming multiple legal entities.
Similar to other states, New Mexico allows registering as many DBAs as you need. Note, though, that you’ll have to file a separate application for each name and pay a $99 fee.
Once you decide to apply for a bank loan for your business or set up a long-term credit line or factoring program, financial institutions will require you to verify your LLC’s compliance status. This is where you’ll need a Certificate of Good Standing.
You can order that from the NM Secretary of State by paying a $25 fee.
A certified copy is a copy of your prime LLC document endorsed, stamped, or verified by a special certificate to prove its authenticity.
Depending on the situation, you might need a copy of:
Certified document copies are issued by the Secretary of State at your request. An Issue fee is $25 per copy plus $1 per document page. The whole process will take from 3 to 5 business days.
The need to file amendments to your registered Article of Organization might occur if to decide to make changes in:
To enforce those changes, you need to register the Articles of Amendment with the Secretary of State and pay a $50 fee.
Normal processing time is about 15 business dates. Expedited same-day processing is also available at a higher $300 fee.
To quit doing business and close your LLC, you need to officially dissolve it by filing the Articles of Dissolution with the state. Filing is only available via mail or in person since your original signature is required on the docs.
You can choose regular processing (around 15 days) and pay $25 or pick expedited processing. Thus, two-day approval costs $200 and same-day approval costs $300 accordingly.