How Much Does It Cost to Start an LLC in New Mexico?

If you’re starting a business in New Mexico, you may be considering forming a limited liability company (LLC). Before diving in, you should know that this comes with costs. 

To prepare you, this handy guide details all you need to know about launching an LLC in New Mexico.

New Mexico LLC Costs 

Requirement	Cost
Name Reservation Fee	$20
LLC Registration Fee	$50
Business License Fees	Vary by localities and type of business
DBA fee	$50
Annual Report Fee	$0

Name Reservation Fee

One of your first decisions will be what to name your LLC. Once you’ve chosen the perfect name, you can reserve it with the state until you’re ready to form your LLC officially.

To do so, first, make sure the name is available. Here’s how:

1. Check for availability in New Mexico

To ensure the business name is available, go to the Secretary of State’s Business Search and enter the names you like and similar names. You don’t want a business name that can easily be confused with other New Mexico businesses.

2. Check New Mexico LLC name regulations

In New Mexico, your LLC name must contain the words “limited liability company” or the abbreviation “LLC” in some form and be distinguishable from all other business names in New Mexico.

3. Check Trademarks

It’s a good idea to ensure the name has not been trademarked. Check with the US Patent and Trademark Office to ensure the name is available nationally. 

4. Check domain name availability

You’ll want to ensure the domain name is available. You can check at a site like GoDaddy.com and use .com or .org, as those give your business more credibility.

5. Google it

Do a Google search to ensure the name is not being used in the U.S. or internationally. This is particularly important if you plan to have a strong online presence for your business.  

Once you’ve done your due diligence and know your preferred business name is available, you can reserve the name by filing a name reservation form with the Secretary of State.

Cost to Register Your LLC in New Mexico

To officially form your LLC, you’ll file articles of organization by visiting the Secretary of State’s Corporations and Business Services website. You’ll need the following information:

• Your LLC’s name
• A brief description of your business purpose
• Your registered agent’s name and address
• A signed form from your registered agent confirming their acceptance as your agent
• A email and phone number for your LLC
• Your principal place of business
• Your mailing address

Business Licenses and Permits

Your LLC may also need to obtain licenses and permits at the federal, state, and local levels. These, of course, come with varying fees. 

At the federal level, licenses and permits are generally industry-specific and may include health licenses and permits from the Occupational Safety and Health Administration (OSHA).  

You may need a general business license to operate at the state level. If you sell tangible goods or services subject to sales tax, you’ll need a sales tax license, also known as a seller’s permit. 

Check the SBA guide for specific licenses required for your business. 

Here are some standard licenses and permits you may need:

• Industry-specific licenses for certain professions and industries such as construction, plumbing, electrical, childcare, food handling, liquor, architecture, and finance
• Building and zoning permits
• Doing business as (DBA) permit if you’re doing business using a name other than your LLC name
• Health licenses and permits at federal, state, and local levels
• Fire permits
• Sign permits

This is a significant step in the LLC formation process, so make sure to check with your state and local government offices to find out all the licenses and permits that you need and their costs. You could face steep fines and penalties if you operate without the proper licenses and permits.

If you need help, it’s a good idea to consult with a business attorney to ensure you’re in full compliance. You can also use a service like MyCorporation to do the research and provide you with all the forms you need to license your business. 

Doing Business As (DBA) Name

If you plan to do business under a name that is not your LLC, you’ll want to register a “doing business as,” or DBA, name. 

You can add as many DBA names as you’d like to your articles of organization for no extra cost. However, if you decide to use another DBA name after filing, you’ll pay $50 to file a piece of amendment to add your DBA name to your registered names.

Annual Reports

Though most states require LLCs to file an annual report; New Mexico does not.

In Closing

Starting an LLC in New Mexico is instead a complicated process that includes a handful of fees. There are several hoops to jump through. Still, the benefits of ensuring your LLC is properly registered, and fully compliant are huge, while the alternative risks significant penalties. 

LLC formation can be daunting, so many entrepreneurs prefer a professional service like ZenBusiness. This ensures the process is done correctly, saving time and giving you peace of mind.