The cost varies depending on a few factors, is the answer. First, the New Mexico Secretary of State’s office requires a $50 filing fee for the Articles of Organization. A $25 annual report fee is also charged and is due each year by the anniversary of the creation of your LLC.
Depending on the kind of business you wish to run, you might also need to pay additional fees and obtain additional licenses and permits. For instance, the New Mexico Alcohol and Gaming Division’s liquor license can cost several hundred dollars and is required if you intend to sell alcohol.
The state of New Mexico does not require you to legally register your firm if you run it as a sole proprietorship. However, depending on your region and sector, you might still need to secure a few licenses and permits. For instance, the local health department will require you to apply for a permit if you want to operate a food truck.
You might be wondering if you require a business license if you intend to sell goods or services online in New Mexico. The answer is that it depends on how your firm is set up. In general, you must obtain a New Mexico gross receipts tax number if you are selling goods or services to clients in the state of New Mexico. This tax ID is used to gather and send sales tax on purchases made within the state.
If you want to establish a sole proprietorship in New Mexico, the procedure is not too difficult. Along with any other licenses and permissions for your industry, you must acquire a New Mexico tax identification number from the state’s Taxation and Revenue Department. Once you’ve completed these procedures, you can launch your company.
Conclusion: With a $50 filing fee and a $25 annual report charge, starting an LLC in New Mexico is reasonably inexpensive. However, based on your region and industry, additional licenses and permits can be necessary. If your business is a sole proprietorship, the state does not need that you register it legally, but you may still need to apply for the relevant licenses and permissions. In general, establishing a business in New Mexico is an inexpensive and straightforward process.
Depending on the county, the formation of an LLC in New Mexico costs $50 for the filing fee and between $0 and $400 for the publication charge. Regarding the second query, a small firm in New Mexico is typically thought of as a company with less than 500 employees or, depending on the industry, less than $7.5 million in annual revenue. In New Mexico, a small business is not formally defined, though.