A certificate of good standing in New Mexico validates that a limited liability company (LLC) or corporation was founded lawfully and has been properly maintained.
In our Certificate of Good Standing New Mexico tutorial, we will go over the qualifications for good standing as well as how to get one in New Mexico.
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How Do I Obtain a New Mexico Certificate of Good Standing?
You may get your New Mexico certificate of good standing from the Secretary of State.
There are two major processes involved in obtaining your certificate of good standing:
1. Maintain your LLC’s compliance
2. Request a certificate of good standing.
What exactly is a good standing certificate? A certificate of good standing is a state document that confirms your company was created lawfully and has been properly maintained.
Step 1: Ensure that your New Mexico business is in compliance.
To be eligible for a New Mexico certificate of good standing, your company must meet the following state compliance requirements:
Permits and Licenses
To run a company in New Mexico, you must adhere to federal, state, and municipal licensing requirements. Regulations such as health permits and construction permits are examples of this.
The New Mexico Regulation & Licensing Department website has further information about state licensing requirements.
State levies
Depending on your company activity, you may be required to register for several types of New Mexico state tax. Sales tax, withholding tax, and Unemployment Insurance (UI) tax are all examples of this.
New Mexico has a gross receipts tax as well.
Annual Reports
All companies in New Mexico are required to submit a biannual report. This report validates the fundamental details of the company, such as its major office location, business tax ID, and registered agent information.
This report is required by the 15th of the fourth month after the conclusion of your corporation’s tax year and is submitted online with the Secretary of State. The application cost is $25.
LLCs in New Mexico are not required to produce a biannual report.
Step 2: Request a New Mexico Certificate of Good Standing.
Once your company is in good standing with the state, you may apply to the Secretary of State for a New Mexico certificate of good standing. This is something that can be done online.
Is a Certificate of Good Standing required in New Mexico?
While you don’t always need a certificate of good standing to manage a company in New Mexico, there are a few situations when you could. These are some examples:
Purchasing commercial insurance
Applying for commercial loans
Establishing a business checking account
Getting a business license in another state