Cost and Advantages of Registering a Business in New Mexico
To get started with registering a business in New Mexico, you need to pick a suitable business name, choose a registered agent, and file your Articles of Organization with the New Mexico Secretary of State ($50 processing fee). If you live in or do business in New Mexico, it is recommended to start your LLC in New Mexico to avoid extra costs and complications of doing business in different states.
Requirements for Starting a Small Business in New Mexico
In New Mexico, starting a small business involves registering with the Secretary of State, selecting a unique business name, filing necessary forms, paying required fees, obtaining specific permits, and licenses depending on your industry.
Business Structures in New Mexico
- Sole Proprietorships: Best suited for low-risk businesses where individuals want complete control without the complexities of a separate legal entity.
- Limited Liability Company (LLC): Combines features of partnerships and corporations, providing liability protection to members with management and taxation flexibility.
Starting a Business in New Mexico
Ranked 9th in the country for low labor costs, New Mexico is a favorable choice for entrepreneurs wanting to start a business. The initial steps include selecting a business structure, reserving a business name, and obtaining necessary permits and licenses.
New Mexico Business Law
Covers various topics such as business formation, employment, contracts, intellectual property, and taxes.