How To Start A Business In New Mexico

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How to Start a Business In New Mexico

There are a few steps to take to start a business in the state of New Mexico.
Getting started– New Mexico has a website to help you get your business started: https://gonm.biz/business-resource-center/

1. Register your business name.

You may not need to register your business name unless you want to trademark it.  Make sure no one else is using the name you choose here: https://portal.sos.state.nm.us/BFS/online/CorporationBusinessSearch

If you need help choosing a business name: 12 Tips to Help Choose a Business Name

2. Select your business structure.

Sole-proprietor, LLC, Partnership, Corporation, etc.  Find out more here: http://www.hg.org/busstructure.html

3.  Register your business.

You can register your new business with the state of New Mexico here:http://www.tax.newmexico.gov/Businesses/register-your-business.aspx

4. Open a Business Checking Account.

You will need to open a separate bank account for your business with your new business name.

5. Find out about taxes and hire an accountant.

You may want to file your own taxes if you are a small company. As you grow, it will be easier to have an accountant do the work. More info about taxes here:  http://www.tax.newmexico.gov/Businesses/register-your-business.aspx and http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business

6.  Get Liability Insurance.

Depending on what type of services you will offer, you may want to consider liability insurance.