You did it. Your New Mexico LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.
There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.
In this flurry of activity, it’s important to remember your LLC’s ongoing compliance requirements. These fees and filings help keep the state updated on yearly changes to your business information. Each state has its own requirements, and in most, these updates take the form of annual or biennial reports.
Nearly every state requires some type of regular reporting for LLCs, but you’re in luck! New Mexico does not. If you run a corporation, you will need to submit a Biennial Report through the Corporations and Business Services Filing Portal, but as an LLC, you do not.
This doesn’t mean, however, that LLCs have no annual maintenance requirements. You’ll still need to complete yearly filings and payments for federal and state taxes, so don’t forget about those. But when it comes to reporting, you’re off the hook.
Still Working on Forming Your LLC?
If the process seems overwhelming, you can always enlist the help of an LLC formation service. One of these businesses can quickly and effectively form your LLC, ensuring that all of your documents are filed correctly and fees are paid on time.
Some (like ZenBusiness and IncFile) will even handle your ongoing registered agent and compliance requirements. Just turn everything over to them and your LLC will be off the ground before you know it.