One of the simplest types of business ownership in New Mexico is the sole proprietorship. One individual owns and runs the company. The steps in this article will walk you through the simple registration process for a sole proprietorship in New Mexico.
Step 1: Pick a Name for Your Company Picking a name for your company comes first. The name must be original and not being used by another New Mexico company. On the website of the New Mexico Secretary of State, you can look up available business names.
Step 2: File a Business Registration Form with the State You must submit a Business Registration Application to the New Mexico Secretary of State’s office in order to register your sole proprietorship there. Both online and mail applications may be submitted. You must submit your contact information, business name, and other information.
Step 3: Obtain All Required Licenses and Permits You might need to apply for permissions and licenses from the state of New Mexico depending on the type of your business. For information on the licenses and permits required for your business, visit the New Mexico Business Portal. What is the name of the LLC’s owner?
A member of an LLC is referred to as the owner. A business organization known as an LLC, or limited liability company, combines the liability protection of a corporation with the tax advantages of a partnership. An LLC may have one or more members who are either individuals, businesses, or even foreign entities.
A manager of an LLC may, in fact, open a bank account on the company’s behalf. However, the manager must present evidence of their legitimacy to operate in the LLC’s best interests, such as a copy of the operating agreement or the articles of incorporation.
Yes, an LLC may have up to two members (owners). LLCs are adaptable corporate structures that can be held by private persons, public companies, or even foreign corporations. An LLC’s members have the option of running day-to-day operations themselves or hiring a manager.
Depending on the type of corporation, filing an annual report for a business in New Mexico might be expensive. For instance, the charge for a company is $25 while the fee for an LLC is $50. For additional information on the costs associated with submitting yearly reports for your company, visit the website of the New Mexico Secretary of State.