How To Close An LLC In New Mexico? Detailed Answers
If you have a New Mexico LLC you want to close; the official process is called New Mexico LLC dissolution. It’s relatively straightforward, but there are some things you should be aware of about reviewing your New Mexico LLC operating agreement and other New Mexico business resources.
That’s why we’ve created this guide. It covers everything New Mexico LLC members need to know about completing articles of dissolution in a way that conforms with the requirements set by the Revenue Department and New Mexico Secretary of State.
So with that in mind, let’s get started.
Read More: Best Registered Agent Services 2023
What Is New Mexico LLC Dissolution?
New Mexico LLC dissolution is the official terminology for shutting down a New Mexico LLC in the way that the New Mexico Secretary of State and the Taxation and Revenue Department want you to.
New Mexico LLCs can file New Mexico LLC articles of dissolution at any time. However, before filing articles of dissolution, you need to follow the terms laid out in your operating agreement. Otherwise, some LLC members may be unhappy with the decision, and you could run into legal challenges that cost time and money.
In later sections we cover the process more in-depth in later sections, so keep reading to learn more about shutting down your New Mexico business.
What Do I Have To Do Before I Dissolve An LLC?
In New Mexico, there’s nothing that you need to do as a business owner before you file articles of dissolution with the New Mexico Secretary of State except refer to your operating agreement for instructions.
Some states require a business entity to submit claims for tax clearance before they can officially dissolve. But that’s not something your LLC in New Mexico needs to worry about before beginning the dissolution process.
The main thing is to look at the original signatures on your New Mexico LLC operating agreement. They may have specific instructions that your New Mexico Limited Liability Company has to follow before submitting any paperwork to the New Mexico Secretary of State and the New Mexico Department of Taxation and Public Regulation Commission.
How To Dissolve An LLC in New Mexico? Steps By Steps
Look at your operating agreement
The first thing you need to do is look at your New Mexico LLC operating agreement for specific instructions. Some New Mexico LLCs will need to follow specific processes for voting on filing articles of dissolution for the New Mexico business.
There may also be specific requirements you need to follow for dealing with business debts, tax accounts, and any remaining LLC assets before you file articles of dissolution for your New Mexico business.
File articles of dissolution
Once you review your operating agreement and follow any instructions it contains, you can fill out and submit your articles of dissolution to the New Mexico Secretary of State and Workforce Solutions.
The process for this is easy to do. Simply visit the state’s website, fill out the form, and pay the filing fee of $25. The state will process the dissolution paperwork for your business within 15 business days, and your account status will note the dissolution when it’s been completed.
Complete the wind-up process
After you dissolve your company by filing articles of dissolution, you may still have outstanding tasks to complete. This is called the wind-up process, and it’s the last step of dissolving your LLC in New Mexico in a way that conforms with the Public Regulation Commission.
Some of the tasks that you may need to complete during the wind-up process include:
- Paying any outstanding taxes
- Notifying creditors of your intention to dissolve the corporation
- Distributing remaining assets to LLC members
- Shutting down any still-open tax account you may have
- Paying your last balances on unemployment insurance tax and employee withholding tax, among others
- Paying your gross receipts tax
What Do I Have To Do After I Dissolve An LLC?
The steps you need to complete after you dissolve a New Mexico business will vary based on how you conduct business and whether there are still any outstanding tasks to complete after the dissolution process is completed with the Public Regulation Commission.
For example, you may need to update your mailing address, file form for business name renewal, pay off creditors, and alert the Secretary of State of any remaining tax accounts you may have.
The bottom line is that if your New Mexico LLC has any remaining obligations or assets, then these need to be dealt with before you can officially dissolve your New Mexico LLC.
How Much Does It Cost To Dissolve An LLC?
The cost of LLC dissolution in New Mexico is only a filing fee of $25. However, you may be able to pay extra for same-day processing if you want it. There may also be fees for things like tax advice and paying off your registered agent to remain in good standing, if those are things you still need to do.
But the only fee that you will definitely have when you dissolve your New Mexico LLC is the $25 filing fee that you submit when you turn in the articles of dissolution for your business name.
Top 2 LLC Services
If you need help with starting a new LLC after you dissolve your New Mexico business, or if you’re looking for guidance with New Mexico taxation rules, each of the following business service providers can offer you support.
| ZenBusiness | Northwest | |
| Award | Best Overall | Most Affordable |
| Detail | Read Review | Read Review |
| Link |
ZenBusiness
ZenBusiess is our top LLC business overall because it offers a wide variety of services that can help an LLC or corporation in New Mexico. Whether you need help finding the right form and account or you’re looking for LLC dissolution guidance while retaining your business name and your good standing, this corporation can help you do it.
Northwest Registered Agent
Northwest is another solid choice if your LLC needs some professional support with things like taxes or dissolution. The business offers a wide variety of affordable services, but not quite as many different forms of support as your New Mexico LLC would have available to it if you went with ZenBusiness.
Final Thoughts
Shutting down a New Mexico LLC is a straightforward process. Your New Mexico LLC just needs to submit articles of dissolution, pay off its taxes, and shut down any LLC account or tax accounts it may have in the state.
That being said, your New Mexico LLC could run into some challenges if you’re facing a unique situation or have significant outstanding amounts due in your tax accounts. If you’re trying to dissolve a New Mexico LLC with those kinds of issues, hiring a professional business that offers support with these tasks could be valuable.
To dissolve a New Mexico business, you need to submit a form called articles of dissolution to the New Mexico Secretary of State. This form carries a $25 filing fee, and there may be other tasks you need to do before you can dissolve depending on your business type and account status.
The only guaranteed cost you’ll have when you dissolve a New Mexico LLC is a $25 filing fee when you turn in the form for your account. But your business in New Mexico may have other charges to pay before it can dissolve if you need to submit an additional form or seek professional assistance.
If you don’t do anything, your New Mexico business will likely remain open in perpetuity since New Mexico companies aren’t required to submit annual reports or pay annual fees. However, your New Mexico business could still be administratively dissolved if you fail to pay your taxes or fall out of good standing with the state in another way.
Yes, it’s 100% possible to dissolve your New Mexico business without any outside help. You just need to fill out a form and submit it online.