New Mexico Memorandum of Operating Agreement and Financing Statement
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How to fill out Memorandum Of Operating Agreement And Financing Statement?
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FAQ
In New Mexico, there is no annual fee. Another cost that goes along with the formation of an LLC is the registered agent. You can choose a member of the LLC or a manager as the registered agent, but you can also choose to hire a third party.
As per the New Mexico LLC Act, an Operating Agreement isn't required for an LLC in New Mexico. But while it's not required in New Mexico to conduct business, we strongly recommend having an Operating Agreement for your LLC.
New Mexico LLC Formation Filing Fee: $50 The fee to file your New Mexico LLC's Articles of Organization is $50. You must file with the New Mexico Secretary of State through the online Business Services Division portal.
New Mexico does not require LLCs to file an annual report. New Mexico imposes a franchise tax on LLCs if they paid federal income tax. The franchise tax is filed along with the state income tax, and is due by the 15th day of the third month following the close of the tax year. The fee is $50.
All NM business entities are required to have a registered agent.
Another important part of the Operating Agreement is the provision that describes how profit is distributed to the members. Operating Agreements will also address the term of the LLC, how the initial capital is contributed, the tax status of the LLC, and other miscellaneous items such as the governing law.
In order to operate, LLCs require real humans (and other entities) to carry out company operations. While there is no state law requiring a written operating agreement, adopting one is an extremely important step for New Mexico LLCs.
An operating agreement is a key business document that shows your business operates like a legit company. Without the operating agreement, your state might not acknowledge you as an LLC, which means someone could sue you without there being any shield to protect your personal assets.