The city of Albuquerque in New Mexico is renowned for its breathtaking scenery, lively art scene, and thriving economic district. In recent years, the city has experienced substantial growth as a result of the influx of new entrepreneurs and small company owners. So how big is Albuquerque, New Mexico’s business community?
In Bernalillo County, which encompasses Albuquerque, there were 31,276 firms in 2018, according to the U.S. Census Bureau’s County Business Patterns. Compared to the 28,912 enterprises that were documented in 2012, this represents a significant growth. 81% of those companies met the criteria for small enterprises, which are those with fewer than 500 employees.
The majority of companies in Albuquerque are in the service sector, with the most prevalent industries being healthcare and social assistance. Retail trade, lodging and food services, and professional, scientific, and technical services come after this.
The Limited Liability Company (LLC) is one of the most widely used business entities in Albuquerque, New Mexico. Limited liability protection is provided to business owners by an LLC, which also enables them to pay taxes as a pass-through entity. The revenues and losses of the LLC are so reflected on the owner’s personal tax returns.
Due to its affordable filing costs and lax state requirements, New Mexico is regarded as a good jurisdiction for LLCs. Many small business owners and entrepreneurs have chosen New Mexico as the location to set up their LLC due to the state’s business-friendly atmosphere.
You have the choice as an LLC owner of whether to pay yourself a salary or accept distributions from your profits. It’s crucial to remember that if you decide to pay yourself a salary, you will have to deduct payroll taxes from your compensation and submit regular tax payments to the IRS.
It is advised that LLC owners speak with a tax expert to figure out the optimal payment plan for their company. State restrictions, the owner’s personal tax condition, and the business’s income are just a few examples of the factors that should be taken into account.
Finally, with over 31,000 enterprises in the region, Albuquerque, New Mexico, has a flourishing business community. Small business owners and entrepreneurs are drawn to the state to register their LLC because of its welcoming business climate and affordable registration costs. If you are an LLC owner, it’s crucial to speak with a tax expert to figure out the optimal payment arrangement for your company.