(7 Simple Steps)
To 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
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.
For 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:
Filing Fee: $100 Minimum
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.
Appoint 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:
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.
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: