If you are planning to start an LLC in New Mexico, you likely have questions about the process, including cost, the time it takes to file, and more.
We are experts in New Mexico's LLC formation process because we have gone through the process with the New Mexico Secretary of State more than once, so we know how long it typically takes and what the domestic New Mexico LLC requirements are.
In this article, we will review the amount of time it takes to create an LLC in New Mexico using their offered filing methods.
Quick Summary
- It takes between 1 to 21 days to create New Mexico LLCs with the Secretary of State.
- Online filings with the New Mexico Office of State take around 1 to 3 days to be approved.
- Mail filings can take up to three weeks to be approved for your domestic LLC or foreign LLC in New Mexico.
How Long Will It Take To Start An LLC In New Mexico?
It takes around 1 to 21 days to form an LLC in New Mexico with the New Mexico Secretary of State.
You can file your New Mexico LLC via mail or online. New Mexico does not offer expedited filing for a New Mexico LLC.
New Mexico Limited Liability Company Processing Time
Your limited liability company processing time will depend on the method of filing for your New Mexico LLC. Some forms of filing are faster than others.
1. Online Filings
If you file your LLC online, you can expect the LLC approving time to take about one to three business days.
Once your New Mexico LLC is approved, you can directly download all your documents, including your New Mexico LLC Articles of Organization, operating agreement, and more, so there is no additional time to get the approved documents to you [1].
2. Mail Filings
LLC owners filing by mail typically take around two to three weeks to be approved.
The actual filing takes around 7 to 10 business days, with additional time for your New Mexico LLC documents to be sent to you by mail.
3. In Person Filings
If you file your New Mexico Articles of Organization, you can expect the processing time to take about one day.
You can typically pick up your approved documents, including your Articles of Organization, the same day.
4. Expedited Filings
New Mexico doesn't offer expedited filings mainly because an online or in-person filing can be completed in just a few days, regardless of if you are filing a foreign LLC, single member LLC, or an LLC with more than one member.
Steps To Begin An LLC In New Mexico
To start an LLC in New Mexico, follow these steps [2]:
- Look up an LLC in New Mexico and choose an available business name for your LLC based on New Mexico naming requirements.
- Choose registered agence service in New Mexico.
- File for a New Mexico business license.
- File your Articles of Organization.
- Get your Articles Of Organization approval from New Mexico.
- Create your LLC operating agreement to establish the organization of your business structure.
- Get any additional local business or tax licenses under your business name with the New Mexico Taxation Department and Revenue Department.
- Get a federal employer identification (FEIN) number from the IRS.
- Open a business bank account.
- Purchase limited liability protection insurance to protect your personal assets and LLC members.
- Protect your business name with a logo or trademark.
- Open a business credit card.
- File any LLC annual report.
FAQs
Is New Mexico A Good State To Form An LLC?
Yes, New Mexico is a good state to form an LLC. They have strong asset protection laws to protect single-member LLCs as well as multi-member LLCs.
Do I Need A Business License Or Licenses For My New Mexico LLC?
No, you don't need a business license or licenses for a New Mexico LLC. There is no statewide license in New Mexico for foreign LLCs or domestic LLCs.
How Can I Get A Tax ID In New Mexico?
You can get a Tax ID in New Mexico by applying online with the New Mexico Taxation and Revenue Department. Upon approval, you can begin using your tax ID.
Does New Mexico Require Sellers Permits?
No, New Mexico doesn't require seller's permits. New Mexico has two separate resale forms, one for those registered with the state and a seller who isn't registered with the state.
How Much Is The New Mexico Annual Report Fee?
The New Mexico annual report fee is $25 for a for-profit corporation and $10 for a non-profit corporation.
Do LLCs Pay Taxes In New Mexico?
No, LLCs don't pay taxes in New Mexico. Instead, the profits from the LLC pass through to the LLC members, and each individual member is taxed annually. This protects the LLC members from having to use a personal social security number or personal bank account for the LLC.
Do I Need An Operating Agreement In New Mexico?
No, New Mexico doesn't require an operating agreement. However, it is a good idea to have one associated with your business name to establish the roles of your organization, tax structure, operating agreements, and other important information.
Should You Hire An LLC Service In New Mexico?
Choosing a professional LLC service won't speed up the processing time it takes to get your approval because they are bound by having to wait for the state to accept your filing.
However, there are several benefits of hiring a professional LLC service.
Hiring an LLC service can provide you with registered agent service, keep track of business law and the changes that occur, provide a mailing address for your LLC so your information can stay private, help you to apply for your federal tax identification number, keep track of all your official documents, provide excellent customer service and more.
These LLC formation services in New Mexico can help you through the process of the creation of your LLC and keeping your business in good standing over the years.
References:
- https://klvg4oyd4j.execute-api.us-west-2.amazonaws.com/prod/PublicFiles/ee3072ab0d43456cb15a51f7d82c77a2/1c940b98-cdb8-45ad-839f-7645c176a0c7/ch53Art19.pdf
- https://www.forbes.com/advisor/business/how-to-start-an-llc-in-new-mexico
