After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for New Mexico corporations.
New Mexico corporations must keep the following items with their corporate records at the principal place of business or registered office:
- Complete books and records of account
- Minutes of director and shareholder meetings
- A list of shareholders including their names and addresses and outlining the number and class of shares held by each
Corporate taxes and fees
The following are taxation requirements and ongoing fees for New Mexico corporations:
- Biennial report and franchise tax. New Mexico requires corporations to file a biennial (every two years) report on or before the 15th day of the third month following the end of the corporation’s fiscal year. The filing fee is $25. New Mexico also requires corporations to file a franchise tax with their corporate income tax. The franchise tax is due by the 15th day of the third month following the close of the tax year. The fee is $50.
- Taxes. For complete details on state taxes for New Mexico corporations, visit Business Owner's Toolkit or the State of New Mexico.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. New Mexico requires a state tax identification number.
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
New Mexico recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional New Mexico information
View the following additional resources BizFilings has for forming and maintaining companies in New Mexico:
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