If you are opening a business in New Mexico, you might be unsure whether you require DBA (Doing Business As) registration. It depends, is the succinct response. You must register a DBA if you are a sole proprietor using a name other than your own. However, there is no requirement to register a DBA if you are conducting business under your own name.
In New Mexico, registering a DBA is a rather easy process. You must first determine whether the desired business name is already taken. Search the New Mexico Secretary of State’s website to accomplish this. You can submit a registration form and pay a $25 charge if the name is available. The registration can be renewed online and is good for five years.
However, registering a DBA does not constitute the creation of a legal business company. You might choose to establish an LLC or corporation to limit your personal liability and preserve your personal assets. In order to establish an LLC in New Mexico, you must submit Articles of Organization and pay a $50 filing fee to the Secretary of State. Similar to this, you must submit Articles of Incorporation and pay a $100 fee in order to establish a corporation.
If you are a solo owner, you can launch a business without creating a formal entity. To report your business income and pay taxes, you must still obtain a CRS (Combined Reporting System) number. By submitting a business registration form to the New Mexico Taxation and Revenue Department, you can get a CRS number.
In conclusion, you must file a DBA with the state of New Mexico if you are a sole proprietor using a name other than your own. $25 is required for registration, which is good for five years. However, registering a DBA does not give your company any legal protection. You might wish to think about creating an LLC or Corporation to safeguard personal assets and reduce personal liability. You must register your firm with the New Mexico Taxation and Revenue Department in order to receive a CRS number.
Yes, there are a number of stages involved in beginning a small business in New Mexico, including deciding on a business structure, registering your company with the government, obtaining the required licenses and permissions, and filing taxes. If you intend to conduct business using a name other than your official business name, you might additionally need to register a DBA (Doing Business As). To make sure you take all the required actions and adhere to all legal requirements, it is advised to get legal or business advice.