New Mexico Sample Letter for Corporation Application
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How to fill out Sample Letter For Corporation Application?
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FAQ
Copies of business formation documents are available online. To obtain copies of business formation documents access the New Mexico Secretary of State website by selecting the CORPORATIONS AND BUSINESS SERVICES link. If you have not created an account, select Create User Account.
New Mexico LLCs taxed as S-corp Like regular LLCs, S-corps are taxed as pass-through entities. This results in S-corps not having to pay the usual corporate income taxes. The benefit of the S-corp is that it can reduce the amount of self-employment tax (15.3%) an LLC owes.
To qualify for S corporation status, the corporation must meet the following requirements: Be a domestic corporation. Have only allowable shareholders. ... Have no more than 100 shareholders. Have only one class of stock.
The franchise tax is a flat yearly fee of $50 that is required to be paid by every corporation in New Mexico, including S-corporations.
You can apply for a New Mexico Business Tax Identification Number (NMBTIN) online using the Departments website, Taxpayer Access Point (TAP) . From the TAP homepage, under Businesses select Apply for a New Mexico Business Tax ID. Follow the steps to complete the business registration.
Choose a business name for your S corp. ... File articles of incorporation. ... Issue stock for your S corp. ... Elect a board of directors and appoint officers. ... Meet other S corp eligibility requirements. ... Obtain an employer identification number. ... Elect S corp status. ... Apply for state and local S corp business licenses.
Anyone who engages in business in New Mexico must register with the Taxation and Revenue Department. ?Engaging in business? means carrying on or causing to be carried on any activity with the purpose of direct or indirect benefit.
Follow these five steps to start a New Mexico LLC and elect New Mexico S corp designation: Name Your Business. Choose a Registered Agent. File the New Mexico Articles of Organization. Create an Operating Agreement. File Form 2553 to Elect New Mexico S Corp Tax Designation.
