STEP 1) VERIFY & SECURE BRAND NAME

Choose a Business NameTo secure and register your brand name it must be unique, not too similar to another registered name in New Mexico, and shouldn’t contain any restricted wording. To check, conduct a free Business Entity Search through the state, and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.

Keep in mind the name you choose should contain the words “Corporation”, “Incorporated”, “Company”,  or “Limited.” Abbreviations like, “Corp.”, “Inc.”, “Co.” or “Ltd.” are also acceptable. If needed, you can file an Application for Reservation of Corp. Name form that’s good for 120 days.

Filing Fee: $25

STEP 2) APPOINT A REGISTERED AGENT

Choose a Registered Agent

As an corporate business entity, the law requires there to be a certified professional to represent your company and receive/process official documents on its behalf – court notices, tax forms, state filings, etc.

  • Must be a natural citizen of the state of New Mexico,
  • Must have a non-P.O. box street address or office address in New Mexico,
  • Must always be available during regular business hours (9am to 5pm) M-F.

Note: You can get a qualified agent for free when you incorporate with IncFile or CorpNet.

STEP 3) FILE ARTICLES OF INCORPORATION

Register an LLCFor your New Mexico corporation to be legally formed, you need to file Articles of Incorporation with the New Mexico Public Regulation Commission. It declares the basics of your brand for the public record including:

  • Corporate name, address, purpose,
  • Name and address of New Mexico registered agent,
  • Number of shares the corporation is permitted to issue,
  • Name and address of every incorporator,
  • Name and address of every member of the Board of Directors, and so on.

Filing Fee: $100 Minimum

STEP 4) GET A CORPORATE RECORDS BOOK

File Annual Reports & Publication Requirements

Think of this as the hard copy record book where all critical corporate documents are kept like the Articles of Incorporation, Bylaws, meeting minutes, stock certificate ledger, stock certificates, stock certificate stubs, stock transfer documents, etc. It’s the ultimate company binder! They’re very common and while not necessary having one is highly recommended for all serious business entities.

You can find them at nearby office supply stores or on Amazon, but we’re huge fans of Corporate Kits which include gorgeous records books/binders you can brand for as little as $99.

STEP 5) ELECT DIRECTOR, MEET, DISCUSS BYLAWS

Hold a Meeting with Your Board of DirectorsAppoint at least 1 initial Director who among other things will oversee the corporation until the first shareholder meeting where new directors will be voted in. Prepare an “Incorporator Statement” with complete names and addresses of each director and keep it in your records book. Once elected, an initial meeting should:

  • Appoint officers & discuss/create Corporate Bylaws.
  • Choose a bank & approve the issuance of stock certificates.
  • Agree on corporate seal and adopt official stock certificate form.
  • Approve s-corp (opt.). Record Minutes of Meeting, have directors sign, then add to records book.

STEP 6) OPEN A BUSINESS BANK ACCOUNT

Best Business Bank Account

First of all, your corporation’s financials need to be separate from all other accounts or streams of financial data. Don’t just assume you should set it up where you or your team already have personal bank accounts. Would that be convenient? Yes, but keep in mind there are plenty of options – local, state, and national banks as well as credit unions.

Try to look at the differences in fees, kickbacks, incentives and financial services on an annual basis when you do your comparisons. Just don’t be hasty. Do some homework. Here’s a quick breakdown article on Business Checking Accounts from some of the biggest banks to begin your research.

STEP 7) HANDLE TAXATION & LICENSING/PERMITS

Business Licenses

As a legally operating corporation, you’re required to be 100% compliant with all relevant local/state/federal agencies. Ideally you should have an attorney or at least be working with a professional filing service. Otherwise, here are four steps to get started:

  1. Get an EIN, or Employer Identification Number, freely and quickly through the IRS Website.
  2. Bookmark the Albuquerque Small Business Administration office and NM Small Biz-Dev Center.
  3. To form an S-Corp, submit Form 2553 with the IRS and be sure all board of directors have signed it.
  4. Consider professional Business License Research packages that take care of the legwork for you.

OPTIONAL) WRITE A BUSINESS PLAN

Write a Business Plan

If you’re like most new corporations you a) have no one with solid experience in serious business planning/strategy aboard yet or, b) are operating more on a reactionary informal business plan. You’re moving and shaking and evolving day by day and the thought of crafting a professional business plan seems unnecessary until it’s time to search for funding.

First, modern business planning isn’t what it used to be. No one wants to see a 40-page breakdown. It’s about streamlining and focusing on core fundamentals; presentation-ready plans for everything from potential partners to investors. Learn more through our free resources below.

QUICK LINKS TO BUSINESS PLANNING

  • Our free Business Plan Guide is designed to take you smoothly through the process step-by-step.

OPTIONAL) PUBLISH A COMPANY WEBSITE

Build a Business Website

Start small, simple, and responsive then build over time only as your corporate needs grow. Don’t spend $4000 on a site before making a sale. Ideally, use profits to build from a basic landing page, agency site, or ecommerce store into something much more extensive.

It’s about marketing potential. It’s about brand expansion. It’s about social selling and generating leads by giving search engines a way to show your brand to the world. If this is your first web design rodeo, consider using a business website builder like Wix or Weebly. They’re both affordable and very easy to use.

Need Help Forming Your Corporation?

Have a reliable incorporation service like IncFile or LegalZoom do the work for you. Just answer a few questions about your business and they’ll take care of the paperwork.

Although both offer virtually the same service, IncFile is $100 less and our top pick. Enjoy!

Visit IncFile Or Visit LegalZoom

Note that this article on how to form a New Mexico Corporation isn’t a legal document or legal advice. It’s for informational purposes and the information above is subject to change. For specific legal questions regarding how to form a New Mexico Corporation or business in general, please consult with a lawyer or other accredited professional.