How To Get A New Mexico Certificate Of Authority:
The New Mexico Secretary of State requires different forms and fees depending on what type of entity you are operating.
Foreign Qualification Requirements for LLCs:
- File an Application for a New Mexico Certificate of Authority
- In New Mexico, a Certificate of Good Standing dated within 30 days of application is required.
Foreign Qualification Requirements for Corporations:
- File an Application for a New Mexico Certificate of Authority
- Fee for Stock Corporations: Depends on number of authorized shares. Minimum $200 and maximum of $1,000.
- Fee for Nonprofit Corporations: $25
- In New Mexico, a Certificate of Good Standing dated within 30 days of application is required.
You must also appoint and list a New Mexico Registered Agent. The Registered Agent must be maintained at all times. Harvard Business Services can provide this service at a cost of just $99/year.
Harvard Business Services can assist with your application so you dont have to deal with the New Mexico Secretary of State directly. We do charge our own fee for this service, in addition to state fees. The exact fee can vary based upon whether your company is already filed and whether you need us to obtain additional documents to meet the states requirements. Please contact us for an exact quote.
When Do You Need A Certificate Of Good Standing
Any company will find that their Good Standing certification is an important part of their legal documentation. New Mexico registered businesses often need Certificates of Good Standing when they are buying a company outright, selling their company or companies, or involved in an acquisition or a merger.
Another common need for a Certificate of Good Standing is the application for a line of credit such as a business loan. Special licensing requirements and tax matters may also require having a Certificate of Good Standing. Remember that you can still be in good standing with the state of New Mexico even if you owe taxes, but you cannot be out of compliance with the actual tax process in the state.
If you plan to register your entity to conduct business in another state, you need to obtain foreign qualification. Go here to learn how SunDoc can help you with the foreign qualification process.
Finally, keep in mind that you must fully understand the unique requirements for your documentation needs. This means knowing about possible expiration deadlines .
What Is A New Mexico Certificate Of Good Standing
A New Mexico Certificate of Good Standing is proof that your corporation is in existence and is legally authorized to conduct its operations. It complies with state law. Issued by the Secretary of State , the certificate confirms that the business is properly registered to do business in the state, and all fees and taxes owed to the state have been duly paid.
A New Mexico Good Standing and Status Certificate confirms all of the above for an LLC.
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How Do I Know If I Need To Register My Corporation In New Mexico
The New Mexico laws are ambiguous at best regarding which foreign corporations need to register. The law requires that all legal business entities that want to transact business in New Mexico must submit an application. However, it does not outline in detail what transacting business means.
The intricacies of the law get a little complicated when it comes to internet sales, but a good rule of thumb is if your business has a physical presence in the street such as a store, sales representative, office, or warehouse, you will be required to register.
New Mexico Annual Requirements
Once you have New Mexico Foreign Qualification, state law requires entities to file an annual report. These are to be filed by stock corporations and are due biennially, typically by April 15th. Companies can look up their next report date online.
Nonprofit corporations are required to file an annual report every year, typically by April 15th.
Foreign Stock Corporations biennial report fee is $25.
Foreign Nonprofit Corporations annual report fee is $10.
Foreign LLCs, LPs, and LLPs are not required to file an annual report.
Please note that annual requirements for New Mexico Foreign Qualification are independent from requirements you may have in Delaware or other states.
Since 1981, Harvard Business Services, Inc. has helped form 339,088 Delaware corporations and LLCs for people all over the world.
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When Do Owners Need A Certificate Of Good Standing
For the purposes of daily business, owners do not need to worry about having a letter of good standing on hand. But there will likely come a time during the life of an entity when it will be necessary to procure a certificate. Common reasons you might need a certificate of good standing include::
- Opening a business bank account
- Soliciting funds from potential investors
- Registering to do business in a different state
- Contracting with another company
What Is A Foreign Business Trust
A foreign business trust is an entity formed pursuant to the Foreign Business Trust Registration Act that is engaged in a trade or business under the laws of a state other than New Mexico, that is created by a declaration of trust that transfers property to trustees, to be held and managed by them for the benefit of persons holding certificates representing the beneficial interest in the trust estate and assets.
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What Is A Certificate Of Good Standing New Mexico
The certificate of good standing is proof that a business is up to date on its filed documents, taxes, and other regulations pertaining to the formation of the business within the state. The regulations and requirements can vary from state to state.
Generally speaking, you can obtain a certificate of good standing through the business filing agency in your state. It could be required when it comes time to apply for a loan, open a business bank account, or raise investor funds. This is different from a business license, which is required to conduct business in that state.
How Do I Know If I Need A New Mexico Certificate Of Authority
In New Mexico, a Certificate of Authority is required. Some of the most common reasons for applying for a New Mexico certificate of authority include:
- Opening a physical office or location
- Hiring employees
- Licensing authority
- Beginning a contract or job in the state
Keep in mind that even if a New Mexico Certificate of Authority is not required for a specific activity, a bank, vendor or another party can still require one in order to establish a relationship.
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How To Register A Foreign Corporation In New Mexico: A Diy Guide
The first step in completing the registration of your foreign corporation with the New Mexico Secretary of State is obtaining and filling out the Foreign Profit Corporation Application for Certificate of Authority. On this application, you are required to provide the following information:
- The name of the corporation as it reads on the Good Standing Certificate
- The name of the state it was originally incorporated in
- The date of the original incorporation
- The name and address of the registered agent in the original state of incorporation
- The purpose that the corporation wants to pursue in New Mexico
- The names and addresses of the corporate officers
- The number of shares the corporation has authority to issue, including any information regarding class and series
- The number of shares that have currently been issued by the corporation
- The estimated monetary amount of business that will be transacted by the corporation in New Mexico during its first year
- The estimated monetary amount of business that will be transacted by the corporation from all states that it is registered in, as a total
- The estimated monetary value of all property that the corporation will own in New Mexico during the first fiscal year
- The estimated monetary value of all property owned anywhere by the corporation
- The signature, and date, of an authorized corporate officer
The office address is:
If you have any questions, you can contact the NM SOS Office at 477-3632.
What Is A Limited Liability Company
A limited liability company is a type of business structure that is formed pursuant to the Limited Liability Company Act by an organizer or organizers that have filed articles or organization with the Secretary of State. Owners of an LLC are called members. A Limited Liability Company is a business where no part of the income or profit is distributable to its members, directors or officers.
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Faqs On New Mexico Certificate Of Good Standing
In New Mexico, a certificate of good standing is called the New Mexico certificate of Good Standing. You can get the New Mexico certificate of good standing from the New Mexico Secretary of State.
A certificate of good standing can be used for a limited period and typically has an expiration date. Mostly, it is valid for a year after the issuance. This could be at the end of a calendar year or at some other time during the year when the states laws require renewal or periodic filings.
You need a certificate of good standing for several reasons such as: Opening a business bank account Applying for a business loan or line of credit from a bank To lease commercial space
Why Do I Need A Certificate Of Good Standing In New Mexico
While you dont necessarily need a certificate of compliance to run your LLC or corporation in New Mexico, there are several instances where you may need to get one. These include:
- Opening a business bank account
- Applying for a business loan or line of credit from a bank
- Purchasing business insurance
- Trying to lease commercial space
- Soliciting funds from potential investors
- Youre selling your business, and the buyer wants proof that the company is in good legal standing
- You are contracting with another company
- You need to show compliance with government regulations in any other situation
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Information About Registering Or Closing Your Corporation
Corporations are required to have a Federal Employer Identification Number . If your corporation has gross receipts, compensating or withholding tax to report, you are also required to obtain a Business Tax Identification Number . More information is available on the Who Must Register page of this website. You may also be required to register your corporation with the Secretary of State .
Why Do I Need A Certificate Of Good Standing
Your LLC only needs a certificate of good standing if another party requests one. For instance, a bank might request one if youre opening a bank account or applying for a loan. A credit firm might request one if you apply for a business credit card, or if you set up credit card processing for customer payments.
If youre registering as a foreign LLC in another state, you will probably be asked for a certificate of good standing.
A foreign entity is simply a business entity doing business in a state other than the one in which its registered. For example, if your business is registered in New Mexico but you also do business in Georgia, youll need to register a foreign entity in Georgia.
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How To Get A Certificate Of Good Standing New Mexico
There are a lot of things required of a business to operate simply. A certificate of good standing is one of those requirements. Obtaining that certificate can vary from state to state, with some states being more straightforward to deal with than others.
If you arent sure what the New Mexico certificate of good standing is or how to get one, a helpful guide can go a long way. Understanding the type of business that you are what filing entity can be a good start on the path towards getting a certificate of good standing.
How Do I Obtain A Certificate Of Good Standing And Compliance
The Certificate may be requested, paid for and printed through Online Services or by sending in a letter requesting Certificate of Good Standing, along with the required filing fee. Corporations must be in good standing to obtain a certificate of good standing. Please refer to our fee schedule for the appropriate fee. You may also come in person to our office from 8:00 a.m. to 5:00 p.m. Monday through Friday .
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Certificate Of Good Standing Purpose
While a main purpose of your Certificate of Good Standing is to confirm that your business is current on its fees and filings with the state, there are a few other reasons why your business might need this certificate:
- If you are registering your business to operate in another state, that state in which you wish to operate will likely request a Certificate of Good Standing from the state in which your business was formed.
- It is possible that one of your business relationships, such as a partner or vendor, may require your Certificate of Good Standing when setting up a bank account or applying for credit.
As you can see from these scenarios, your certificate verifies the good standing of your business when registering with outside parties. So, apart from serving as a necessary requirement for operating in the state of New Mexico, your Certificate of Compliance can also prove helpful with additional business ventures.
Certificate Of Good Standing Or Certificate Of Status
The Certificate of Good Standing in other jurisdictions may also be referred to as a Certificate of Status or of Existence. In New Mexico, it shows that an entity is registered to do business in the state, is in compliance with applicable corporate rules and licensing requirements, and has not been suspended by the state taxing authority, the Franchise Tax Board.
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When Is It Necessary To Apply For A Certificate Of Good Standing
While it is not a requirement to conduct business within the state, there are several situations in which that certificate would be required.
Applying for a business loan, raising investor funds, recruiting business partners, opening a business bank account, or applying for government-backed business loans. It is also required if you plan to register in a state other than the one where the business was formed.
So, while it is not imperative to have the certificate to run your business, there are a variety of situations in which that certificate can be beneficial. Just keep in mind that there are specific time frames required when presenting that certificate.
What Does It Say On A New Mexico Good Standing Certificate
PLEASE NOTE: In New Mexico a Good Standing Certificate is called a Certificate of Compliance. This sometimes causes confusion when the requesting party, commonly the Secretary of State in another state besides New Mexico, requests a “Good Standing Certificate”. In these cases a New Mexico Certificate of Compliance will fulfill the requirements for a New Mexico Good Standing Certificate.
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Be Sure Your Certificate Is Valid
There are expiration dates for these certificates, though they vary based on purpose as well as the state. A lender might want a certificate that is under 60 days old, another might allow one that is substantially older than that.Generally speaking, the average certificate is valid for around 90 days or so. Be sure to check what the requirements are for your state as they can vary drastically. Another thing to keep in mind is registering in another state.If you plan on registering to do business in a state where you are not currently registered, then it may be possible that you will have to not only provide a certificate of good standing from your state but register as a foreign entity. Again, this comes down to the specific requirements of each state, so do your homework.
Get A Certificate Of Good Standing For Your Business
A Certificate of Good Standing provides evidence that your company has submitted all required reports and paid all required fees to the state. We can help you obtain a Certificate of Good Standing in all 50 states.
If you have a business, you know how crucial a Certificate of Good Standing is. On the other hand, if you lack one, perhaps it is time you got it. This is because there are instances you will be required to provide it, thus, making it inevitable. If anything having one means that you comply with the state filings and other requirements, which is a plus. Therefore, what are you waiting for? As much as it requires a lot of paperwork and is not always needed, it helps establish your company as a legitimate venture. The following are things you didnt know about a New Mexico certificate of Good Standing, also referred to as the certificate of Authorization or Existence:
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How To Obtain A Certificate Of Good Standing:
Who Is Eligible For A Letter Of Good Standing
In most states, registered business entities such as corporations, partnerships, LLCs and limited liability partnerships are eligible to request a certificate of good standing. Before requesting a certificate, businesses should be up to date on their annual reports and fees and registered agent designation.
Businesses that operate as a sole proprietorship or general partnership are unincorporated. Because theyâre not registered with the state, they canât get a certificate of good standing.
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