Here are the costs to forming a New Mexico LLC:
|New Mexico LLC Items||Cost|
|Articles of Organization||$50|
|Registered Agent||$0 or $125 per year|
|Operating Agreement||Free on our site|
|EIN Number||Free from IRS|
|Annual Report||None ($0)|
|Taxes||Varies (paid every year)|
How much does a New Mexico LLC cost?
Starting a New Mexico LLC costs $50. This is the state filing fee for a document called the Articles of Organization.
The Articles of Organization is filed with the New Mexico Secretary of State and once approved, this is what creates your LLC.
The $50 fee is a one-time fee. You don’t have to pay any monthly (or annual) fees to maintain your New Mexico LLC.
You can only file the Articles of Organization online. Approval time takes 1-3 business days.
But that’s just the filing fee for the Articles of Organization in New Mexico. There are a few other costs you have to consider when forming an LLC in New Mexico.
New Mexico LLC Name ($0)
Naming your New Mexico LLC doesn’t cost anything ($0). The New Mexico Secretary of State doesn’t require you to file a Name Reservation or anything like that.
Your LLC name is approved (at no extra cost) when your Articles of Organization is approved.
Check the New Mexico LLC name rules and requirements before you file.
New Mexico Registered Agent ($0 or $125/year)
New Mexico law requires that you designate a Registered Agent when forming your LLC.
A Registered Agent is a person or company who receives legal documents (called “Service of Process”) if your LLC is involved in a legal proceeding.
There is no additional cost if you (or someone you know) will be your LLC’s Registered Agent.
However, if you hire a Commercial Registered Agent, that will cost you about $125 per year.
Hiring a Commercial Registered Agent is a good idea if:
- you don’t have an address in the state (New Mexico law requires a Registered Agent to have a physical address in the state)
- you want to keep your address off public record (depending on which company you hire, you may be able to use their address throughout your entire LLC filing for extra privacy)
No matter who you choose to be your LLC’s Registered Agent in New Mexico, there’s no Registered Agent fee when you list that person or company on your LLC formation documents.
New Mexico LLC Operating Agreement ($0)
A New Mexico LLC Operating Agreement is a written contract between the LLC Members. Operating Agreements include detailed information about LLC ownership, how the LLC is managed, and how profits are distributed.
Single-Member LLCs and Multi-Member LLCs should draft an Operating Agreement, keep it with their business records, and give a copy to each Member.
Most websites charge $50 to $200 for LLC Operating Agreements.
Here at LLC University®, we offer free LLC Operating Agreement templates for all types of LLCs.
EIN Number for an LLC in New Mexico ($0)
An EIN Number is also known as an Employer Identification Number (EIN) or a Federal Tax ID Number (FEIN). They mean the same thing.
Although many websites charge a service fee to help you get an EIN for your LLC, it’s actually free. You can obtain an EIN for your LLC from the IRS at no cost ($0).
We have step-by-step instructions on how to get an EIN for your LLC in New Mexico: New Mexico EIN Number.
New Mexico LLC Annual Report
Good news: New Mexico LLCs do not have to file any Annual Reports! (Read more here)
While most states require you to regularly update your LLC’s information with them (via Annual or Biennial Reports), New Mexico does not.
After filing your Articles of Organization, you don’t have to file any other documents with the New Mexico Secretary of State.
New Mexico Business Licenses and/or Permits (varies)
Depending on where your LLC does business in New Mexico and the industry you’re in, you may need to obtain certain business licenses and/or permits. Check out our New Mexico Business License guide for more information.
The costs will vary depending on location and industry, but usually these fees are not too high.
If you think your business may require a license or permit, you can call you county’s government office for assistance.
New Mexico LLC Taxes (varies)
There are many different types of New Mexico LLC taxes that LLC owners must pay. Federal income tax, state income tax, payroll tax (if your LLC has employees), sales tax, and more.
What kind of taxes and how much you’ll have to pay can be determined by working with a qualified accountant in New Mexico.
The amount you’ll pay your accountant will vary, but most small business owners pay their accountant between $300 to $900 per year.
Do I need to hire an attorney to form an LLC in New Mexico?
You are not required to hire an attorney to form your Limited Liability Company in New Mexico (although you certainly can if you want to).
An attorney usually charges between $800 to $2,500 to form your New Mexico LLC. Their fee may be in addition to the $50 state filing fee.
You can save a lot of money if you form your LLC yourself. You can follow our free New Mexico LLC lessons to help you form your LLC (links are at the top of this page).
Should I hire an LLC filing company?
An LLC filing company usually charges $50 to $400 to file your LLC formation documents for you, depending on the company.
New Mexico LLC Filing Cost
The total New Mexico LLC formation costs (the cost to create the LLC by filing the Articles of Organization) is $50. This LLC cost is the same for all New Mexico LLCs.
This is the only amount you have to pay if you file the Articles of Organization yourself.
New Mexico LLC Annual/Recurring Costs
Unlike some states, New Mexico doesn’t have an annual fee for LLCs ($0). The only thing you have to pay every year is taxes.
There are many different types of taxes that we as business owners must pay. Federal income tax, business taxes, sales tax, payroll tax (if you have employees), sales and use tax, property tax (if the LLC owns property), and more.
How much you’ll pay in taxes can only be determined by working with a qualified accountant in your area.
The amount you’ll pay your accountant will also vary, but most accountants for a new business starting out will cost between a few hundred dollars per year to about $900 or $1,200 on the more expensive end.
Hiring a Registered Agent Service will cost you about $125 per year. But you can save money by being your own Registered Agent (Yes, you can be your own Registered Agent in New Mexico) and not hiring a Registered Agent Service.
And of course there’s taxes, which include the amount you pay in federal taxes and state taxes (like sales tax and other withholding). It also includes how much you pay your accountant for their services. This will vary quite a bit and we’re not able to provide an estimate. You’ll need to speak to a few accountants regarding your business.
Your LLC needs a business bank account, and some banks charge monthly fees.
New Mexico Taxation and Revenue Department
New Mexico Secretary of State: Domestic NM LLC
New Mexico Secretary of State: Statutes Governing Businesses in NM
New Mexico Secretary of State; Domestic NM LLC Business Maintenance