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Home » New Mexico Secretary of State: The Roles and Responsibilities for Businesses

New Mexico Secretary of State: The Roles and Responsibilities for Businesses

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1. New Mexico Secretary of State

The secretary of state is responsible for administering elections, maintaining records of corporations, and ensuring compliance with election laws. In addition, they are responsible for overseeing the registration of businesses and keeping track of corporate filings.

2. Corporations

Corporations are legal entities that exist separate from their owners. A corporation may have many shareholders who each own a share of the company. The corporation exists separately from its shareholders and owns property, assets, and business operations.

3. Filing Requirements

Businesses need to file certain documents with the secretary of state’s office. These include articles of incorporation, annual reports, and amendments to these forms.

4. Corporate Filings

Filings are necessary to ensure that companies comply with various requirements. Companies must keep accurate financial records and submit them to the secretary of state at least once a year.

5. Annual Reports

Annual reports provide information about the finances of a company. They are filed annually and are public record.

6. Amendments

Amendments are changes to a company’s articles of incorporation or filing requirements. An amendment requires approval from the secretary of state before becoming effective.

Who is the new Secretary of State for New Mexico, and what are their roles and responsibilities?

What is the Secretary of State?

The Secretary of State is responsible for administering elections, maintaining voter registration records, and overseeing the Division of Elections. The office was established in 1851 under the territorial government. In 1862, the first statewide election was held, electing John Charles Miller as governor. Since then, the office has been occupied by both Democrats and Republicans.

What are the duties of the Secretary of State?

The Secretary of State’s Office oversees the administration of elections, maintains voter registration records, and oversees the Division of Elections.

Who serves as Secretary of State?

There have been six Secretaries of State since the creation of the office in 1851. Currently, the current Secretary of State is Dianna Duran-Ballard. She took over after her predecessor, Susana Martinez, resigned.

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How many offices does the Secretary of State hold?

Currently, the Secretary of State holds two elected positions. One is the position of Governor, while the other is the position of Lieutenant Governor.

When were the offices created?

The offices of Secretary of State and Lieutenant Governor were created in 1851 under the Territorial Government.

Where do they serve?

The offices of the Secretary of State and Lieutenant Governors serve throughout New Mexico.

Why did the offices become separate?

In 1861, the first statewide election occurred. Voters chose John C. Miller as their governor. However, he died before his term began. His brother, William H. Miller, became acting governor until the next election. After the election, voters decided that having two governors would make things easier. Therefore, the offices of the Secretary of State (which oversaw elections) and the Lieutenant Governor (which oversaw the Department of Interior) were separated.

 

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What services does the Secretary of State offer for New Mexico businesses?

1. Business registration

The Secretary of State’s Office offers business registration services to individuals and businesses throughout New Mexico. These services include filing of articles of incorporation, obtaining corporate identification numbers, registering trademarks, and providing information about how to obtain licenses and permits. You may file online at www.dos.state.nm.us/businessregistration/. If you need assistance filing your documents, call (505) 476-8500.

2. Filing taxes

Individuals who own their own business must pay income tax on their profits. Individuals who work for someone else must report their wages and tips on their W-2 forms. All employers must withhold federal income tax from employees’ wages and send them quarterly payments. Employers must remit these funds to the IRS.

Businesses must pay sales tax on purchases they make. Sales tax rates vary depending on where you do business. To find out what sales tax rate applies to your purchase, visit www.tax.nmsos.gov.

3. Licensing

New Mexico requires businesses to get licenses before they start operating. There are different types of licenses, including food service licenses, liquor licenses, retail licenses, and others. 4. Permits

Permits are issued by local governments to allow certain activities to take place. Examples of permits include building permits, excavation permits, and demolition permits. Contact your local government office to determine if any permits are necessary for your activity.

5. Notary public

Notaries public perform official duties related to real estate transactions. A notary public is appointed by the governor and confirmed by the Senate. Notarization is performed in person or by mail.

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You will need to file certain documents at the New Mexico Secretary of State if you want to form an LLC there.

1. Filing fees

The fee for filing an LLC in New Mexcio is $50.00 per member (LLC). If you have any questions about how to file an LLC in NM, please contact us at [email protected].

2. Operating agreement

An operating agreement is not necessary if you do not plan on having members. However, if you want to protect your business interests, we recommend that you create an operating agreement. You may download our free sample operating agreements here.

3. Articles of organization

You need to complete the following documents before filing them with the secretary of state’s office:

a) Articles of Organization – fill out and sign

b) Certificate of Good Standing – fill out and sign

4. Business name

Your business name should reflect what type of business you are doing. We suggest using words that describe your business. For example, if you are opening a medical marijuana dispensary, use a name like ‘Marijuana Dispensary’ instead of ‘Medical Marijuana Dispensary’.

5. DBA

If you are going to operate under a different name than your company name, you’ll need to register your business name as a fictitious business name. A DBA is a legal way to protect your business name.

6. Tax ID number

A tax identification number (TIN) is a 9-digit number issued by the IRS. Your TIN is only valid for federal taxes purposes. To obtain a TIN, you must pay a nonrefundable application processing fee of $25.00 plus applicable sales tax. Once you receive your TIN, you must provide it to the New Mexico Department of Revenue upon request.

 How to avoid common mistakes some people make when filing for an LLC in New Mexico Secretary of State

1. Not having enough money to pay the $25 fee

The first thing you need to do before filing your business formation documents is to have at least $25 cash on hand. You’ll want to keep this amount handy until you receive your official receipt from the Secretary of State’s office. If you don’t have enough money, you may be able to get a loan or ask family members or friends for help.

2. Filing without a completed application

You should always file your paperwork before applying for a license. Once you’ve filed your papers, you’ll receive a confirmation email from the state. Make sure you check your spam folder if you haven’t received anything yet.

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3. Using the wrong address

If you’re using a post office box instead of a physical address, you could end up paying extra fees. Your physical address should be listed on your driver’s license or utility bill. If you’re not sure where to find your address, call your local post office or look online.

4. Failing to provide proof of residency

When you apply for a business license, you’ll need to prove that you live in the state. To do this, you’ll need to show that you reside somewhere in New Mexico. If you own property, you can use a deed showing ownership. Otherwise, you can use a lease agreement or rental contract.

5. Failing to provide documentation

In order to obtain a business license, you need to provide several pieces of information. These include your name, mailing address, phone number, and e-mail address. You’ll also need to provide copies of any licenses you hold (if applicable), along with your social security card.

6. Failing to register your business

Once you’ve obtained your business license, you’ll still need to register your company with the Secretary of State’s Office. You’ll need to complete Form NMSSC-001 and submit it to the Secretary of State’s website.

7. Failing to renew your registration

Every year, you’ll need to renew your business license. In order to renew, you’ll need to fill out Form NMSSC-002 and send it back to the Secretary of State.

The importance of maintaining good records with the New Mexico Secretary of State

Keeping track of your business transactions is important to any business owner. Whether running a small local shop or a larger corporation, keeping accurate records is critical to ensuring everything runs smoothly. If you don’t keep good records, you could face fines or, even worse, lose your license.

 

 

Frequently Asked Questions

How much is a business license in New Mexico

New Mexico requires businesses to obtain a Business License before they start operating. A business license costs $50 per year.

How do I find my NM tax ID number?

The New Mexico Taxation & Revenue Department (T&R) requires growers to register their businesses before legally selling marijuana. Once registered, you’ll need to provide T&R with your business name, address, phone number, email address, and any other information requested. You may have to pay a $25 fee at the time of registration. If you don’t already have a federal Employer Identification Number (EIN), you’ll need to apply for one first.

Once you’ve completed the application, you’ll receive an EIN via mail. After receiving your EIN, you’ll need to file a Form 1120S with the IRS. You’ll then use your EIN to complete Form 1040 Schedule C, Profit or Loss From Business.

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