New Mexico | How to Start an LLC in New Mexico (2 Free Ways)

Описание: 👩‍💼 📝 3 Ways to Start an LLC in New Mexico (2 Free & 1 Paid)
Start your LLC the smart way with Bizee (Formerly Incfile) – Click here for the best deal
➡️ https://womensmb.com/bizee
(On 12/1/23 Incfile rebranded to Bizee as they're offering a full suite of business services beyond just business formation). Check them out! ➡️ https://womensmb.com/bizee

Thanks for using our affiliate links. We may earn a commission, but you still get the lowest possible from Bizee, and we’ll donate $20 to Crisis Services for every LLC purchase.

Great Tools to Help You Run Your Business:
Business Banking Online with Novo ➡️ https://womensmb.com/novo-bank
Gusto Payroll Trial ($100 bonus) ➡️ https://womensmb.com/gusto-100

Other Resources Mentioned:
New Mexico LLC Website ➡️ https://cutt.ly/DKiWrwT
Free Attorney Consult ➡️ https://womensmb.com/anderson-advisors
EIN Setup with IRS ➡️ https://www.irs.gov/businesses/small-...

For complex businesses that carry more liability, you should consult with an attorney. I recommend Anderson Advisors. They offer a free 45 minute consult ➡️ https://womensmb.com/anderson-advisors

We recommend incfile because you can get set up for $0 + State fee which currently is the silver package. This allows you to also get a registered agent for free for 1 year with incfile as well. If you want to save time and frustration I recommend going with the Gold package so EIN is taken care of for you.

Gusto Payroll Trial ➡️ https://womensmb.com/gusto-100
This is the easiest payroll service you'll ever use. Advantages are that you're not charged every payroll run, it's just a low flat monthly fee.

Table of Contents
0:00 New Mexico LLC Intro
0:30 New Mexico website
0:45 State Filing Fee
1:33 What is an LLC?
2:05 Corporate Veil
2:35 Pierce the Corporate Veil
3:12 Free Online Tool IncFile
3:48 Registered Agent
4:56 EIN Number
5:48 Commingling Funds
6:20 Dashboard

#LLC #NewMexico

Start your LLC the smart way with Bizee (Formerly Incfile) – Click here for the best deal
⏩ https://womensmb.com/free-llc-setup

Take the next step and start your LLC and keep taking steps!

Helpful Notes:

What is a Registered Agent?
This was covered in the video but a registered agent is a great resource to any new business owner. That's because they act as a 3rd party that helps sift through communications to make sure you're getting notified of important business functions. This could be filing your annual report (see below for more details) or service of process notice (show up to court). With Incfile they provide this service free for the first year ($119 annually after that) and you're not locked into their service. Many times when you start a new business your information becomes public on various mailer lists. That's why you'll get a bunch of solicitations for business services or "official" looking documents. These are solicitations. Your registered agent will sort that junk out and only deliver important communications to your incfile inbox.

What is an annual report?
Many States will have you file an annual report for your LLC. Most times there is a small fee associated with this report. It's important you file this report to keep your LLC compliant. A registered agent will help notify you to file this report. With Incfile they have automated reminders for this report as well. They will email you and also send a text notice to file so you don't forget this important step!

Does an LLC help you save on taxes?
Yes and No. When you set up an LLC it's typically treated as a pass-through entity for federal taxes. What that jargon means is that the LLC itself does not pay taxes on business income. The actual members of the LLC pay taxes on the profits. So those will show up on your personal tax return. You do not save on taxes but when you start your business you can begin keeping track of legit business expenses and these are tax deductions. If you start a coffee shop things like coffee beans, blenders, payroll, and rent are all tax-deductible. There are ways to adjust your filing status to save on taxes in the future (see below).

How to save on taxes?
Once your business is up and running you can make an election for your LLC to be taxed as an S-Corp. It's a simple form you can fill out and send to the IRS. Many businesses do this once they're around $50,000 in NET profit. The reason it helps you save on taxes is that you can be paid a salary (you'll need to set up payroll to do this) and then also take a distribution or owner's draw from the company. That distribution is taxed less than your payroll income. So you can get set up as an LLC and then change your election so you can file form 2553 to be taxed as an S-Corporation.

Disclaimer- This content is not intended as legal advice. If you have questions be sure to consult with your CPA or an Attorney on what structure suits your business best for protection and tax purposes.