Starting a corporation can seem like a daunting task, but for those looking to establish a business in New Mexico, the process is straightforward. In this article, we will guide you through the steps required to start a New Mexico corporation, from filing articles of incorporation to registering for state, federal, and local taxes.
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Step 1: Choose a Name for Your New Mexico Corporation
The first step to forming a New Mexico corporation is to select a name. The name must be distinguishable from other businesses registered in the state, and it cannot be misleading. You can coordinate with the Secretary of State's office to check name availability. After you find a unique name, protect it by securing a domain and filing for trademark registration if required.
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Step 2: Appoint a Registered Agent
New Mexico law requires a corporation to appoint a registered agent who can receive service of process for the company. The registered agent must be a resident of the state or a registered business entity authorized to do business in New Mexico.
Step 3: File Articles of Incorporation
To formally establish your corporation in New Mexico, you must file articles of incorporation with the Secretary of State. The form is online and only takes around five minutes to complete. You must be specific about details such as the corporation's name, the purpose of the corporation, the number of shares of stock, and the names and addresses for all board of directors.
Step 4: Create Bylaws for Your Corporation
Bylaws are the governing document for corporations, and are required by law. Your bylaws will outline the company's internal rules such as the roles and responsibilities of directors and the procedures for calling meetings. Keep in mind, your bylaws can later amend as preferred.
Step 5: Hold an Organizational Meeting for the Board of Directors
Once the corporation's organizing petition has approved, an organizational meeting must take place with the board members to review and approve the bylaws, select corporate officers, and issue stock certificates if issued.
Step 6: Obtain Necessary Permits and Licenses for Your Business
If you plan on conducting particular types of business activities, certain permits or licenses may need to be obtained. The New Mexico Taxation and Revenue division outlines what permits are required in the state of New Mexico to conduct particular business activities. Consulting with a local tax attorney or advisor during this process also helps.
Step 7: Register for State, Federal, and Local Taxes
Like all businesses, your New Mexico corporation is generally required to register for taxes through various government tax agencies, including local, state, and applicable federal tax agencies. New Mexico also requires registration with the New Mexico Environment Department.
Conclusion
Starting a New Mexico Corporation is, in practice, relatively straightforward. Main steps to follow include: choosing (and registering) a unique business name, filing articles of incorporation with the Secretary of State, appointing a registered agent, creating corporate bylaws, holding an organizational meeting with the board of directors, obtaining any necessary permits and licenses, and registering with the appropriate government tax agencies.
Consulting with a tax advisor to examine any gaps or irregularities in your tax plan often also recommended for future growth. By breaking down the process and taking it step-by-step, any individual with the initiative and capital may quickly set up a corporation in The Land Of Enchantment.
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