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Have you always wanted to start your own business? Are you interested in learning how to form a company in New Mexico? If so, this guide will walk you through the steps of how to form a company in New Mexico.
As you can imagine, there are many different ways to form a business. You should choose the type of business entity that fits with your goals and needs. Each type has its own advantages and disadvantages, so it’s important to weigh them carefully when choosing which form is right for your company. The main types include:
Once your company has been formed and you’ve chosen a name, it’s time to file the articles of incorporation or organization. The Secretary of State’s office is responsible for processing all business filings.
You can file both articles of incorporation and articles of organization with the secretary of state. Articles of incorporation are used by corporations, while LLCs use articles of organization. Both documents must include basic information about the company being formed: its name, address and type; amount invested in capital or property by each shareholder; number and classes/types/series of shares issued; names, addresses and signatures (and also dates) from each shareholder (except those who have already signed an agreement); date(s) when shareholders agreed to form their corporation or LLC; whether meetings will be held electronically or physically; etcetera.
As with other forms filed with government agencies in New Mexico, be sure that all signatures included on these documents are legible so that they can be easily scanned into computer systems at various stages throughout this process as well as later on down the line when everything gets recorded at county courthouses across the state (which we’ll get into later).
The federal government requires that all businesses have an Employer Identification Number (EIN) to identify them as a legal entity. The EIN enables you to open bank accounts, hire employees and pay taxes on your business profits.
You can apply for an EIN through the Irs website. You may need to provide basic information about the company including its name, address, type of business and purpose or mission statement. You will also be required to submit a copy of your identification such as your driver’s license or passport along with proof of business ownership such as a notarized deed or articles of incorporation in order to obtain an EIN
In order to open a business bank account, you’ll need to establish your company’s tax identification number (TIN) with the IRS. It’s important to do this before opening the account, so that your TIN shows up on the application form. You can apply for one through any IRS office or online at IRS.gov by filling out Form SS-4 and submitting it along with proof of identification, such as a driver’s license or passport.
Once you’ve received your TIN, contact banks in New Mexico and ask them what steps they would require an applicant to take in order to open a business bank account. Many banks require that you have been operating as a business for at least three months prior to applying for the account; others may have shorter waiting periods or no minimums at all. Bank accounts are just one component of running any successful business—you should also consider how much money will be going into them from day one and how much more is needed based on growth projections over time.
You will need to obtain all federal, state and local licenses and permits required by law. This includes:
If you are a company in the state of New Mexico, it is important to know that your tax return may be audited by the state’s tax department. This is a review of your tax return and can result in your business paying more or less tax. If an audit occurs, you will be notified by mail from the New Mexico Taxation and Revenue Department within 30 days following issuance of its final decision on an unappealed case or 90 days after a decision was made on appeal.
So, what have we learned? A company is a legal entity that can own property, enter into contracts and sue or be sued in its own name. It’s important to understand that a company is separate from the owners of the business—you can’t simply start operating your business as if it were you and your friends all over again. Instead, you’ll need to form a corporation or limited liability company so that there’s a clear distinction between the two entities.
In particular:
We hope this article helped you navigate the process of forming a company in New Mexico. If you have any questions about our services or would like to set up a consultation, please feel free to contact us at your convenience.
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