Businesses in New Mexico are required to submit a Biennial Report, also known as a Periodic Report, to the state’s regulatory body every two years. The report includes details on the company, including its name, address, and the owners’ or officers’ identities. Additionally, it contains details about the company’s operations, including its financial statements and any alterations since the previous report was issued.
The Biennial Report’s objective is to keep the state up to date on the company’s operations and make sure that it complies with all state laws and regulations. Failure to submit the biennial report could result in fines or even the closure of the company. A DBA may be incorporated, right?
DBA, which stands for “doing business as,” is a technique for companies to conduct business under a name other than their official name. For instance, “Smith Enterprises LLC” might conduct business as “John’s Pizza.” A DBA, however, cannot be incorporated because it is not a distinct legal person.
If a company wants to incorporate, it must submit articles of incorporation to the state and adhere to the state’s corporate formation rules. Any DBAs used by the company must be registered with the state before it may conduct business under its legal name. How do I include a DBA?
The company must submit a certificate of assumed name to the state in order to add a DBA. This document details the legal name of the company as well as the name it intends to use. The certificate must be submitted to the state’s regulatory body, and there can be a filing charge.
Although a DBA can be used by sole proprietorships, a DBA itself is not a sole proprietorship. A business that is owned and run by one person is known as a sole proprietorship. The owner is personally liable for all of the company’s obligations and liabilities because it is not a separate legal entity.
A DBA can be used by a sole proprietorship to conduct business under a name other than the owner’s given name. John Smith, for instance, who owns the company “John’s Lawn Care,” could conduct business as “Smith Landscaping.”
A sole proprietorship is a form of business entity; a DBA is not. A DBA is a technique for a business to operate under a name other than its legal name, whereas a sole proprietorship is a business owned and run by one person.
In conclusion, firms in New Mexico are required to submit a biennial report to the state’s regulatory body every two years. DBA is not a distinct company entity; rather, it allows companies to operate under a name other than their legal name. While a DBA is not a sort of business entity like a single proprietorship, a sole proprietorship may use one.