The company is called limited liability company.There are a variety of guidelines regarding your name, operating agreement, and various forms you'll need to fill out if you decide to form an limited liability company in New Mexico.Take your time with the process.
Step 1: You can choose your name.
The first thing you need to do is choose a name.When selecting a name for your company, make sure you follow all the requirements.The abbreviation for "limited liability company" is required for your company.Certain are restricted, such as variations of the word "bank" and license titles like doctor and engineer.Prohibited words can result in your company being confused with a federal agency.Search for businesses in New Mexico.You need to pick a name.Make sure your desired URL is available so you can secure the domain name.
Step 2: You can find a registered agent.
Your business can conduct business in New Mexico with a registered agent.Legal documents can be accepted by registered agents on behalf of your business.The state of New Mexico allows registered agents to conduct business.Preferably someone you've worked with before.Make sure you take time when selecting an agent because your registered agent will be an active part of your business.
Step 3: An operating agreement should be created.
An operating agreement establishes rights and obligations for an limited liability company.The state of New Mexico does not require an operating agreement.If you want to avoid arguments and misunderstandings as you conduct your business, you should draft an operating agreement.An operating agreement should outline your limited liability in regards to accidents or other situations regarding your business, as well as financial information such as member interest rates, how profits and losses are allocated, member voting power, and member rights and obligations.
Step 4: You can get an employment identification number.
The IRS issues employment identification numbers for tax purposes.You will need separate EIN's if you have more than one member.You can get an EIN by completing an online application with the IRS.
Step 5: The organization's articles should be filed.
The articles of organization must be filed with your local office of the Public Regulation Commission of New Mexico.If you fill out the form correctly, you will not have to make any changes down the road.The forms will ask for your name and signature, as well as the address of your business, your registered agent, and your company name.Stop by your local courthouse to find the right office to leave the paperwork at.You can find this information on the New Mexico state government's website.
Step 6: You have to register for taxes.
You need to register for taxes before you start your company.To register for New Mexico state taxes, you have to fill out some forms.You need to register for taxes if you sell a physical product that requires a sales tax.You can find the exact regulations for taxes in New Mexico on SBA.gov.There are also necessary paperwork there.Depending on your business type, you may need to fill out special forms during this process.
Step 7: Obtain permits for a business.
A business license is needed to conduct business as an limited liability company.You may need special permits for your business.Ask your local courthouse for a business permit.Regulations can be different from county to county.Much of the same information as the articles or organization will be requested by the application.Depending on your business type, any other permits can be used.A health permit is required for a restaurant.To find out if you need additional permits, go to sba.gov and fill out the US Small Business Administration Comprehensive guide.You should get a list of the other permits you need to apply for.
Step 8: You should get insurance.
It's important that you have business insurance.Your liability is limited in an limited liability company.Look into worker's compensation insurance and limited liability insurance.To make sure you get a policy that works for you and your business, it's a good idea to talk to a lawyer.
Step 9: Hire employees.
Businesses usually need at least some employees.During the hiring process, make sure to ask if your employees are allowed to work in the US.Employers should be reported to the state as new hires.Pay employees according to any state regulations.Income taxes should not be included in employee paychecks.
Step 10: Understand your legal obligations.
As you continue to operate, you'll have continuing legal obligations.You'll need to fill out legal forms through the year if you don't know the requirements for state taxes, annual and biennial reports.Before forming a limited liability company, you should have a lawyer review your legal obligations.