Business Resources

Business Resources

Filing for business licenses in the state and locally are the responsibility of each proprietor and may involve some of those listed below. This may not be an exhaustive list and does not substitute for knowing the laws yourself.

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State of New Mexico

Corporations must be registered with the Public Regulation Commission-Corporations Bureau. For more information go to http://www.nmcpr.state.nm.us

Tax collection and filing is required for most products and services sold over a value of $600 per year. To file the business must register with New Mexico Taxation and Revenue Department after which the business will receive a number and materials for routine filing. For more information go to http://www.tax.state.nm.us/BizPge.html

Companies with employees must be registered with the New Mexico Workforce Solutions Department after which the business will receive a number and materials for routine filing. For more information go to http://www.dws.state.nm.us

New Mexico Regulation and Licensing oversees industries including Alcohol & Gaming, Construction Industries, Financial Institutions, Manufactured Housing, Securities and many professionals. To learn more go to http://www.rld.state.nm.us/index.html or call (505) 476-4500. They are located in Santa Fe.

City of Santa Fe

Business licenses must be secured from the city offices. Vehicle loading zone licenses are required within the city limits

The following is from the State of New Mexico Website–09/07;

STARTING A BUSINESS IN NEW MEXICO

General Tax and Licensing Requirements

In New Mexico most businesses must register with the New Mexico Taxation and Revenue Department, and may be required to report and pay gross receipts tax and state income tax withholding on employee wages, as well as income tax on taxable income of the business. If the business has employees, it will be required to register with the New Mexico Department of Labor, and will probably be required to pay State Unemployment Taxes. In addition, if the business is required to provide Workers Compensation coverage, the business will be required to file quarterly reports with the New Mexico Taxation and Revenue Department.

Most businesses will also be required to obtain an occupation license from the municipality or county where its office(s) is located. Property used in the business must be assessed for property taxes by the County Assessor=s office in the county where the property is located.

Choice of Entity1

If you are considering starting a business in New Mexico, you will need to decide how you want to organize your business. The decision involves many different factors, including questions of legal liability, tax considerations, and operational factors. It is a good idea to consult with professionals in making this decision.

Many of the registration and licensing requirements imposed by State and local governments are determined by the type of entity that you select. The following is a brief summary of some of those requirements and the agencies that you should contact.

Sole Proprietorship

A sole proprietorship is not a separate entity. The owner of the business and the business itself are one and the same, and there is no need to file a document to create a sole proprietorship. The General Tax and Licensing Requirements discussed above will usually be applicable to a sole proprietorship.

1The Public Regulation Commission does not recommend one form of legal entity over another and urges that you seek the advice of counsel and other appropriate professionals before deciding whether to organize and, if so, what form of legal entity is best for you.