If you have a limited liability company (LLC) in New Mexico, you’re not required to file an annual or biennial report. Corporations, however, must file a biennial report to remain in good standing. It’s a relatively painless process that can be done online.
What Is a Biennial Report?
A biennial report is filed once every two years, verifies your business information, and tells the state of New Mexico that your corporation is still operating. Keeping up with biennial reports is a legal requirement that enables you to obtain a Certificate of Good Standing, which a bank or creditor might request to confirm your compliance.
In New Mexico, the following information is required for the biennial report:
How to File a Biennial Report in New Mexico
To file your biennial report in New Mexico, visit the Corporations and Business Services website of the Secretary of State’s office and log in to your account.
In New Mexico, you must have funds in an account to pay for online transactions. If you have no balance in your account, you must replenish it before you file your report.
Once your account is replenished, you’ll enter your business name or entity number.
Then you’ll select to file your biennial report and enter the required information.
The fee for filing your biennial report is $25, and reports are due every other year by the 15th day of the fourth month following the close of your fiscal year.
If You Do Business in Other States
If you do business in other states, be sure to register in those states as a foreign corporation. For example, if your corporation is registered in New Mexico and you start doing business in Florida, you’ll need to register in Florida as a foreign corporation.
You’re generally required to register as a foreign corporation if:
- You have a physical presence of any kind in that state
- You have employees in that state
- You regularly meet with clients, managers, or investors in that state
- You are licensed to do business in that state
Once you’ve registered as a foreign corporation, your business will need to follow the annual reporting requirements of that state and pay taxes in that state.
Filing a biennial report in New Mexico is relatively easy and crucial to smooth business operations.
Failing to file a biennial report can result in serious penalties, as can filing an inaccurate report.
Review all your business information and file your report on time to ensure your corporation remains in good standing.