State Information

New Mexico

Selecting the New Mexico Corporation or LLC Name

While you are choosing a name to use for your New Mexico corporation, it should be remembered that the name will be unique and will identify you as a separate entity transacting business in the state. The name of your corporation must end with “Incorporated,” “Corporation,” “Corp” or “Inc.”. When developing a name for a limited liability company remember that it must end with “Limited Liability Company” or “LLC”.

The name you choose for your New Mexico business will be identifying your corporation or LLC as a unique company. The name will not be accepted if it is likely to mislead the public or if it too closely resembles the name of another corporation or LLC formed in state of New Mexico.

You should not use any type of punctuation such as colons, dashes, periods, commas or asterisks in name selection. It is advantageous to try to name your company so that it identifies with the services or goods you provide, but this is not required by the state to form a corporation or LLC.

Selecting a Board of Directors

A corporation formed under New Mexico law can have several members serving as director but is only required to have one. Since the board is responsible for managing the corporation, it is suggested that the board be comprised of individuals that are officers or shareholders who have some type of daily involvement with the corporation. New Mexico has no minimum age for directors.

New Mexico Taxes

Corporations that do business within New Mexico are expected to file the New Mexico Corporate Income and Franchise Tax return, Form CIT-1 annually. The amount of tax is dependent on a number of factors and the minimum tax is $50.00. An S Corporation must file PTE-1 to report pass through income.

An LLC within New Mexico is required to file as either a corporation or a partnership dependent on the election made on the SS-4. New Mexico does maintain an individual income tax so employers are expected to withhold state income tax. New Mexico maintains a general sales and use tax of 5% to 7.1875%.

Registered Agent

The registered agent must have a physical street address within New Mexico state. PO boxes are not acceptable, within New Mexico.

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