Cost to Start an LLC in New Mexico (How Much in Total?)
Starting an LLC in New Mexico can seem daunting, however, understanding the costs involved is a major factor in business planning and success. Estimating startup costs helps ensure that you start your new venture on solid footing. This guide answers the frequently asked question of “How much does it cost to start an LLC in New Mexico?” and provides insight into associated expenses. Knowing this information ahead of time can prevent costly mistakes down the road. So, take the hassle out of launching your new business by reading through this LLG guide and estimating your total cost to become fully incorporated in New Mexico.
- Hire Professionals to Create a New Mexico LLC (from $0 + state fees)
- Quick Costs for New Mexico LLC Breakdown & Best Options
- What To Do Before Setting Up a New Mexico LLC?
- Pros and Cons of Starting an LLC in New Mexico
- How Much Does a New Mexico LLC Cost?
- New Mexico LLC Online Filing Fee ($50)
- New Mexico LLC Annual Report ($0)
- New Mexico Registered Agent ($39 or $125/year)
- Cost to Form a Foreign LLC in New Mexico ($100)
- New Mexico LLC Operating Agreement ($0)
- EIN Number for an LLC in New Mexico ($0)
- New Mexico Business Licenses and/or Permits (varies)
- New Mexico LLC Taxes (varies $300-$900)
- Do I Need to Hire an Attorney to Form an LLC in New Mexico?
- Other LLC Filing Costs (Optional)
- Cost of Filing Formation Certificates
- How to Start an LLC in New Mexico?
- Get Professional Help in Forming an LLC in New Mexico
Quick Costs for New Mexico LLC Breakdown & Best Options
|Who forms the LLC?||Total fees|
You form the LLC in New Mexico Yourself
|$70= ($50 Articles of Organization fee + $20 Name Reservation)|
|by using ZenBusiness||$0 + state fees|
|by using Northwest Registered Agent||$39 + state fees|
|see our other best LLC service providers||varies|
What To Do Before Setting Up a New Mexico LLC?
Things that you need to get done before you decide to start your own LLC in New Mexico.
Ready to start your own LLC? But don’t know where to begin? Take a look at our easy step-by-step guide on how to start your own LLC. This guide will work in any U.S. state regardless.
Pros and Cons of Starting an LLC in New Mexico
Here are some Pros and Cons of starting your own LLC in New Mexico. All LLC owners must take a look at these pros and cons to benefit their business.
Starting a Limited Liability Company (LLC) in New Mexico has its advantages, however, there are some significant cons that must be taken into consideration for those considering doing this in this particular state.
For these reasons, it is important potential business owners thoroughly weigh their options before starting an LLC in New Mexico as they could incur high costs without proper research and planning.
How Much Does a New Mexico LLC Cost?
Establishing an LLC in New Mexico requires a one-time fee of $50. The document you need to file is called the Articles of Organization, which must be submitted to the Secretary of State. Once approved, your LLC will officially come into existence. As soon as it’s created there are no ongoing fees or charges so you don’t have to worry about any monthly or yearly payments!
Are you wanting to file the Articles of Organization for your New Mexico LLC? If so, then great news: Approval time is only 1-3 business days after filing and it can be done exclusively online. However, don’t forget that there are still some additional costs associated with forming a New Mexico LLC besides just the fee for filing the Articles of Organization. So make sure you account for those too!
Now let’s dive deeper into all of the costs.
New Mexico LLC Online Filing Fee ($50)
Setting up an LLC in New Mexico has a simple and affordable start-up cost – all you need to do is pay the $50 fee for submitting your New Mexico Articles of Organization online with the Secretary of State.
New Mexico LLC Annual Report ($0)
Delightful news: There’s no requirement to submit Annual Reports for LLCs in New Mexico! Unlike the majority of states that need your business’ information updated regularly through Biennial or Annual reports, this is not a responsibility you have to worry about if your company is based out of New Mexico.
Submitting your Articles of Organization to the New Mexico Secretary of State is all you need to do – no additional paperwork necessary!
New Mexico Registered Agent ($39 or $125/year)
By New Mexico law, setting up an LLC requires that you appoint a Registered Agent to receive legal paperwork on behalf of your LLC should it become involved in any sort of legal proceedings. Opting for yourself or someone close to you as the official LLC’s Registered Agent? Not only does this mean there is no additional cost but also added security in knowing who will be representing your interests if matters escalate!
If you’re an entrepreneur in New Mexico, rest assured that filing documents with the state is hassle-free and painless when enlisting the help of a registered agent service. Not only will this make sure your company remains compliant, but it also ensures that vital filing deadlines are met to avoid unwarranted late fees. Don’t miss out – be proactive and get ahead!
Here are our recommended Agent service providers:
- Northwest Registered Agent services is the perfect choice for those seeking to establish a new business and gain access to a registered agent, with a full LLC creation package starting at only $39 + state fees.
- When you only require a professional registered agent service, Northwest is the perfect solution. Their exceptional RA service comes at an unbeatable price of $125/year!
- Alternatively, you can also read our full guide on the best Registered Agent services.
Cost to Form a Foreign LLC in New Mexico ($100)
If you’re looking to grow your LLC into New Mexico, registering as a foreign LLC is essential. The process entails filing the Foreign Limited Liability Company Application for Registration and only costs $100. Once this has been done, you can rest assured that doing business in New Mexico with your existing LLC will be both efficient and cost-effective!
New Mexico LLC Operating Agreement ($0)
An Operating Agreement for a New Mexico LLC is an essential written contract that all members should have, regardless of if the business is owned by one or multiple people. This legal document outlines information regarding ownership and management as well as how profits are distributed among those involved. Each member must be given their own copy to keep in order to protect themselves from any future misunderstandings or issues with the LLC.
Most websites charge between $50 and $200.
EIN Number for an LLC in New Mexico ($0)
An EIN Number is a synonym for both Employer Identification Number (EIN) and Federal Tax ID Number (FEIN). While many websites offer you help to get your LLC an EIN at a fee, the IRS provides it free of cost. Applying for an EIN from the Internal Revenue Service doesn’t require any payment – it’s entirely complimentary! Opening a business bank account Hiring employees Free EIN
New Mexico Business Licenses and/or Permits (varies)
No matter your business’s industry or location in New Mexico, you might need to acquire some licenses and/or permits. Our guide on New Mexico Business Licenses offers detailed information about this process. The pricing for these fees tends to be quite reasonable, but it will depend upon the locality and field of operation. If you think that a license or permit could be necessary for your company’s operations, don’t hesitate to call up your county government department for guidance!
New Mexico LLC Taxes (varies $300-$900)
If you’re the owner of a New Mexico LLC, there are numerous taxes to keep track of including federal income tax, payroll tax (if applicable), state income tax, sales tax and more. To accurately determine which taxes your business is liable for and how much you have to pay each year, it’s prudent to seek expert assistance from an experienced accountant in the area. Although costs may vary depending on individual circumstances and size of the company, most small business owners typically spend between $300 – $900 annually on accounting services.
Do I Need to Hire an Attorney to Form an LLC in New Mexico?
Forming a Limited Liability Company in New Mexico doesn’t require you to hire an attorney, even though you can if it’s your preference. However, bear in mind that attorneys typically charge anywhere between $800 and $2,500 on top of the state filing fee of fifty dollars. So we would highly recommend using our reviewed LLC service providers.
Other LLC Filing Costs (Optional)
There are optional fees associated with LLC formation:
LLC Name Reservation ($20)
Secure your company name ahead of time by filing an Application for Reservation of a Domestic Limited Liability Company Name, costing only $20 and protecting you up to 120 days prior to the formation of your LLC.
Foreign LLC Name Reservation ($40)
Before forming an LLC, you can reserve a name for up to 12 months by filing an Application for Reservation of Foreign Limited Liability Company Name and paying the $40 fee. This is beneficial as it ensures that your desired name will be available once you’re ready to form your business!
Certified Document Copies ($25)
Easily acquire certified copies of your New Mexico business documents from the Secretary of State for a fee of $25 or more.
Certificate of Good Standing ($25)
For only $25, you can obtain a New Mexico Certificate of Good Standing from the Secretary of State. This certificate is imperative if you wish to be accepted by banks and other lending institutions for potential business opportunities.
Cost of Filing Formation Certificates
|New York||Domestic LLC||Foreign LLC|
|Name Reservation fee||$20||$40|
|By Mail||No Mail|
Can only be submitted Online.
|By Mail: Fill out the application form, and send it to Secretary of State Corporations Bureau Chartered Documents Division 325 Don Gaspar, Suite 300 Santa Fe, New Mexico 87501. Costs $100.|
How to Start an LLC in New Mexico?
After taking a detailed view of the Mexico LLC costs. If you decide to start your LLC here are the basic steps that You can follow.
Step 1: Choose a Name for Your LLC
When establishing an LLC in New Mexico, your business name must include “Limited Liability Company,” “Limited Company,” or one of the abbreviations: “LLC,” “LC,””L.L.C.,” or “L. C.” You’re also allowed to use Limited as Ltd., and Company as Co. To ensure uniqueness from other businesses already registered with the Secretary of State, you should check its business name database for availability first.
Secure your desired LLC name for the next 120 days by submitting an application to reserve a Limited Liability Company Name with the New Mexico Secretary of State. All applications must be sent through mail, and there is just a minimal filing fee of $20!
Step 2: Appoint a Registered Agent
Setting up a New Mexico LLC requires having an agent for service of process, the individual or business entity that agrees to accept legal documents on its behalf if ever sued. The registered agent must be either a resident in New Mexico, a foreign or domestic business legally operating within the state’s borders, and provide their own physical street address. Notably, though, the LLC itself cannot serve as its own registered agent.
Step 3: File Articles of Organization
To form an LLC in New Mexico, you must submit Articles of Organization to the Secretary of State. This will officially create your business entity!
Prepare an Operating Agreement
Although an LLC operating agreement is not mandatory in New Mexico, it’s highly recommended. This internal document outlines the roles and responsibilities of the members and managers, including how your LLC will be managed. It also offers vital protection by demonstrating that your business entity remains distinct from you as a limited liability company. If you don’t have one already crafted, state law stands to govern your operations instead; if there is an agreement in place however, you won’t need to file it with the Articles of Organization submission.
Obtain an EIN
If your LLC has multiple members, you must acquire its own IRS Employer Identification Number (EIN), even without any employees. For a one-member company, however, an EIN is only necessary if it will have workers or be taxed as a corporation instead of a single proprietorship (ignored entity). Submit the free online EIN application on the Internal Revenue Service website to get started.
Get Professional Help in Forming an LLC in New Mexico
It can be difficult and time-consuming to form a New Mexico LLC all by yourself.
That’s why we decided to give you a few of the best options for professional services that can help you start an LLC in no time & with 0 effort!
#1 – Create an LLC in New Mexico Using Northwest Registered Agent
Northwest has vast experience in creating LLCs and Corporations. They by far have the best support and client satisfaction rate. We’ve used and tested them ourselves and can guarantee that they’ll do an exceptional job for you.
You can read our full & extensive Northwest review here.
Review count: 4850+
Form an LLC today with Nortwest. They have 98% customer satisfaction rating and over 4150+ verified reviews. They will include 1 year of free registered agent service!
#2 – ZenBusiness Will Form an LLC in New Mexico
ZenBusiness is one of our top-rated LLC services as well. They have a super value-to-price ratio. And it’s perfect for those who are looking for the cheapest option to form their LLCs. When we tested their service — they’ve done a great job, so we can honestly recommend them.
To know more about them — read our full ZenBusiness review here.
$0 + State Fees
Review count: 4830+
Form an LLC today with ZenBusiness for only $0 + State fees. They Have 98% customer satisfaction rating and over 4830+ verified reviews.