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 your LLC name should contain the words ‘Limited Liability Company’ or ‘Limited Company’. Abbreviations for these words like ‘L.C.’ or ‘L.L.C’ are also acceptable. If needed, you can file an Application for Reservation of LLC Name form through that’s good for 120 days.
Filing Fee: $20
As an LLC 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.
Download and print out the Articles of Organization which will need to be filed with the New Mexico Secretary of State’s Office. Include a Statement of Acceptance of Appointment by your registered agent as well. This form will declare some basics of your brand for the public record including:
Filing Fee: $50
Your EIN, or Employer Identification Number, is a federal tracking number similar to social security numbers for individuals. It allows regulatory and tax departments to track your business activity. They also make it possible to legally hire employees, open a bank account for your brand in the next step, and more.
How much do you know about, or how experienced are you with business banking? It’s similar to personal banking but there’s a bit more involved depending on the complexity of your operation, for example how many people use the account, the volume of usage, etc.
Shop around! You’ve got plenty of local and NM state banks as well as credit unions and large national banks. Who has the best deals and the most to offer? Here’s a quick breakdown article of Business Checking Accounts from some of the biggest banks to begin your research.
While not mandated by law or required, we believe you should draft an operating agreement for your LLC even if you’re a solopreneur. It lays down on paper the basic operational rules as well as ownership/management duties and financial responsibilities. It’s about being professional and adding a layer of protection for everyone involved and the new LLC status as well.
To get started, consider checking out our list of Operating Agreement templates which you can customize yourself online.
The regulatory environment in New Mexico is great, with plenty of southwestern charm and class. Depending on a number of variables the amount of red tape could either be quick and easy, or take some time to source all the documents and forms and make sure you’re 100% compliant. This is where you’ll want to buckle down and make sure you’re ready to legally operate.
If you’re solo, bookmark the Albuquerque district office of the Small Business Administration and the NM Small Biz Development Center page because they’re likely going to be go-to sources. If you need help, consider professional Business License Research packages that handle most of the leg work.
Are you a planner? Either way, at some point your LLC will likely need help from potential stakeholders, investors, VC-types, new talented partners, lending institutions, and so forth.
The only kind of people you want to work with will ask to see your business plan, right? Not some monster collegiate-level tome, but a streamlined presentation-ready outlook of your pitch, executive summary, marketing, financials, team structure, etc. The sooner you begin creating this plan, well, the better we’d say.
QUICK LINKS TO BUSINESS PLANNING
Now that your LLC’s legal and financial foundations are laid, it’s time to forge the digital presence of your brand. Your website is home base, whether that’s an eCommerce store or agency-style platform doesn’t matter. Consumers of all kinds are now trained to investigate the digital persona of just about everything before they buy.
Here’s the key, it just needs to be functional. Forget the bells and whistles and focus first on being laser-focused about the goals of your site then making it as easy as possible for web-users to accomplish them. And if this is your first time, check out Wix and Weebly. We’ve tried out both and highly recommend them.
Note that this article on how to form an LLC in New Mexico 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 an LLC in New Mexico or business in general, please consult with a lawyer or other accredited professional.