Incorporating a business in New Mexico requires filing Articles of Incorporation with the Secretary of State’s Office. This document establishes the directors’ powers and the company’s legal structure. In addition to setting out the corporate purpose and naming the officers, it lists the number of shares authorized and states whether the corporation is a domestic or foreign entity.
The Articles of Incorporation must be filed within 30 days of forming the corporation. If the Articles are not properly completed, the Secretary of State cannot accept them. All corporations must file Articles of Incorporation within one year of formation.
You will need to pay $100 to register your company name. After paying the fee, you will receive a Certificate of Registration. Your company name registration does not prevent others from registering similar names.
Three incorporators sign the Articles of Incorporation. They are called ‘incorporator’ or ‘incorpoated person.’ Each incorporator is entitled to one vote per share of stock held. The shareholders elect directors to oversee the affairs and activities of the corporation.
A director is someone the shareholders appoint to oversee and manage the corporation’s affairs; he/she is not necessarily involved in running the business’s day-to-day operations. He/she is responsible for ensuring that the company follows the law and complies with all applicable regulations. The board of directors typically consists of five members – one president, one secretary, and three directors.
Mandatory Additional Filings: New Mexico
The New York State Department of Financial Services (NYDFS) recently announced that it would require certain companies incorporated in the state to complete mandatory additional filings. This includes filing an Articles of Incorporation, a Certificate of Existence and a Document Delivery Instructions form. These forms are required because NYDFS wants to ensure that companies incorporated in New York do so legally.
Article of Incorporation – A corporation must file an original copy of its Articles of Incorporation within 30 days of incorporation. If a corporation files an amended version of its articles, it must provide written notice to the Secretary of State within 10 days of the amendment.
Certificate of Existence – A corporation must file a certificate of existence within 60 days of incorporation. This document provides basic corporate information such as the corporation’s name, the address where the corporation conducts business, the date of formation, and the registered agent.
Document Delivery Instructions – A corporation must file instructions regarding how documents should be delivered to the corporation within 15 days of incorporation. The instructions must specify how often documents should be sent and what type of delivery method should be used.
Create your LLC Corporation with just 3 easy steps
Fast Facts in New Mexico
New Mexico Corporations are required to file annual reports with the Secretary of State within 30 days of the end of the calendar year. All corporations must file an annual report with the Secretary of State unless it is exempt. Any person desiring to organize a corporation under the laws of New Mexico shall file an application for registration with the Secretary of State. A filing fee of $100 is charged for each corporation.
Other Helpful New Mexico Facts
There are three main steps involved in forming an NM corporation. First, you must file articles of incorporation. This involves filing documents with the Secretary of State’s office. Next, you choose a corporate name. Finally, you select directors and incorporators. Once you complete these steps, you can start doing business. However, it is essential to note that an NM corporation needs to be filed before doing any other business activity.
The articles of incorporation should include the following information:
• Legal Name
• Date of Formation
• Registered Agent
• Corporate Purpose
Frequently Asked Questions
How to File the New Mexico LLC Articles of Organization
The articles of organization are filed with the Secretary of State’s office once you open up an LLC. You’ll want to do this as soon as possible because it takes about 30 days for the secretary to process the filing. Once the documents are processed, you’ll receive a confirmation email from the secretary’s office. If you don’t see one within 24 hours, contact the secretary’s office via phone or email and ask them to send another copy to you.
Step One – Choose Your Name
You’ll name your LLC something like “Northwest Consulting.” This is what appears on your business card and most legal paperwork. Make sure to choose a unique name.
Step Two – Determine Your Business Purpose
This step is optional, but highly recommended. You’ll probably want to write down why you’re forming an LLC. For example, maybe you plan to start selling products online, or perhaps you want to incorporate a small business into a larger corporation. Whatever your reason is, make sure it’s clear in your mind.
Step Three – Write Out Your Articles of Organization
What is an S Corporation?
An S Corp is an incorporated business that does not pay corporate taxes. Instead, it passes its profits through to the shareholder(s). Shareholders then pay personal income tax on their share of the profits.
In order to qualify as an S Corp, the corporation must meet certain requirements. Corporations seeking to become an S Corp must file Form 2553, Election by a Small Business Company. The election must be signed by all of the shareholders and filed no later than the end of the second month following the beginning of the taxable year.
James Rourke is a business and legal writer. He has written extensively on subjects such as contract law, company law, and intellectual property. His work has been featured in publications such as The Times, The Guardian, and Forbes. When he’s not writing, James enjoys spending time with his family and playing golf.