Thinking of starting your own business in New Mexico?

The Santa Fe Chamber of Commerce Economic Committee has created this guide to help you navigate the process of setting up an LLC in New Mexico. Whether you're a first-time entrepreneur or expanding an existing venture, this resource outlines the key steps, costs, and requirements you’ll need to launch your business with confidence.

Estimated Cost of Setting Up an LLC:

Average cost to set up an LLC in New Mexico: $50-$250

Whether you set up a business in Santa Fe or Albuquerque, there’s a cost to doing business. As a business owner, you can project sales, but you should also project startup expenses.

​Take a look at these setup costs:
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• Incorporation fees: To get an LLC up and running in New Mexico, you must submit LLC formation documents, which cost $50 to file with the state.
• ​Registered agent service fees (optional): You choose to pay an annual fee to a registered agent service. By hiring a professional registered agent, this entity will receive all official notices on behalf of your company. When documents arrive, they alert owners through a personalized portal, where you can find scanned copies of the documents. The cost for this service varies but can range from $50 to $200 annually.

Selecting a name for your LLC:

• Come up with a distinguishable business name.
• ​LLC’s name must contain one of the following phrases or abbreviations: “Limited Liability Company”, “LLC”, “L.L.C.”, “L.C.”, or “LC.” The abbreviations “Ltd.” and “Co.” may be substituted for the words “Limited” and “Company”, respectively.
• Ensure the name you pick has not already been registered with the Secretary of State (SOS)
• Reserving your LLC name with the Secretary of State is a good idea since it prevents another New Mexico business from using it before you file your Articles of Organization. File an application by mail to reserve the name for up to 120 days. The filing fee is $20.

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Designate a registered agent:
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• An LLC in New Mexico requires the appointment of a registered agent to handle state and federal legal documents and service of process on the business’s behalf. The registered agent must either be a state resident or business entity with a street address in New Mexico, OR if the individual or business is based out-of-state, they must have a business office in New Mexico.

File Articles of Organization:

An LLC is legally formed in New Mexico by filing Articles of Organization with the New Mexico Secretary of State.
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The Articles of Organization must provide the following details:

• LLC’s name, address, email address, and phone number (optional)
• Registered agent name and address
• The date that the Articles become effective
• LLC’s duration (if not perpetual)
• LLC’s purpose of business
• Whether the LLC is member-managed, manager-managed, or has a single member
• LLC organizer name and contact information

The filing must be done online (creating a user account is required). The filing fee is $50 and can be paid by credit card.

sos.nm.gov/business-services/start-a-business/domestic-nm-llc

Create an Operating Agreement:

The operating agreement should do the following:

1. Describe the LLC’s business structure
2. Establish the individual responsibilities and obligations of LLC members
3. Detail how the LLC will be run

Without an operating agreement clarifying the specific duties of its members, an LLC may face significant legal and operational difficulties.​

​Obtain a Certificate of Good Standing and Existence:

Once you’ve registered your business with the state, LLC owners should request a Certificate of Good Standing and Existence. This certificate shows you can conduct business and follow the rules to stay compliant.

You can request this certificate online with the Secretary of State at enterprise.sos.nm.gov.

Obtain an IRS Employer Identification Number (EIN):

All newly formed LLCs in the United States must acquire an IRS Employer Identification Number (EIN) from the Internal Revenue Service (with the exception of single-member LLCs). The nine-digit EIN is like a social security number for a business and is necessary to pay income tax, file tax returns, open business bank accounts, and perform many other important functions.

You can apply online on the IRS website without paying a filing fee.

 irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number 

New Mexico Taxes:

All LLCs active in New Mexico must register with the New Mexico Taxation and Revenue Department to acquire a Combined Reporting System identification number. This includes LLCs formed outside of the state that are doing business in New Mexico.

You can register to get a CRS ID number using New Mexico’s Taxpayer Access Point (TAP) or print a paper form ACD-31015 and submit it to a local tax office.

tap.state.nm.us/tap
tax.newmexico.gov

​Obtaining a Business License:

New Mexico LLCs must obtain one or more state or local business licenses, permits, or certifications, depending on the nature of their business and location. You can apply for your business license online in the City of Santa Fe.

santafenm.gov/land-use/doing-business-with-the-city

​File a Beneficial Ownership Report (BOI):

File a BOI with the federal government’s Financial Crime Enforcement Network. This requirement is new this year after Congress passed measures to help authorities limit financial crime.

The report asks you to provide:

• Company information
• Owner and stakeholder information

You’ll provide each owner’s name, address, and birth date or anyone with a controlling interest in your company. Once you file this report, which is required within 90 days of creation, you’ll update it as needed. In other words, you won’t file this report annually.

fincen.gov

Obtain Business Insurance:

Chamber Members who provide business insurance:
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web.santafechamber.com/atlas/directory/category/insurance

Open a Business Bank Account:

Chamber Members who can provide business banking services:
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web.santafechamber.com/atlas/directory/category/banks

web.santafechamber.com/atlas/directory/category/credit%20unions

Build A Business Website:

Chamber Members who can help create a website for your business:
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web.santafechamber.com/atlas/directory/category/Marketing%20-%20Research%20- %20Communications

Register with Department of Workforce Solutions if Hiring Employees:

dws.state.nm.us/en-us