How to Dissolve a Corporation in New Mexico (How to legally Close a New Mexico Business)
NEW MEXICO BUSINESS SERVICES CORPORATION Incorporate in New Mexico New Mexico Professional Corporation New Mexico Nonprofit Corporation NM Corporation Foreign Qualification New Mexico Corporation Annual Report New Mexico Corporation Dissolution LLC Form a LLC in New Mexico NM LLC Foreign Qualification New Mexico LLC Annual Report New Mexico LLC Dissolution OTHER NEW MEXICO BUSINESS SERVICES New Mexico Good Standing Certificate New Mexico Apostille New Mexico DBA Name New Mexico Registered Agent NM Corporation Kit and Seal New Mexico Certified Copies NM Business Reinstatement NM Company Name Reservation NM Tax Status Compliance Certificate NM Attorney Good Standing Certificate New Mexico Property Deed NM Employer Requirements QUICK ENTRY FORMS New Mexico Incorporation New Mexico LLC NM Professional Corporation NM Nonprofit Corporation NM Foreign Corporation NM Foreign LLC NM LLC Dissolution NM Corporation Dissolution CORPORATE GLOSSARY   Administrative Dissolution Agent for Service of Process Apostille Apportionment Articles of Incorporation Articles of Organization Assumed Name At Will LLC Authorized Shares B Corporation Benefit Corporation Board of Directors Business Dissolution Business Entity Bylaws Certificate of Existence Certificate of Status Certified Copy Close Corporation Common Stock Conversion Corporate Bylaws Corporate Name Reservation Corporate Stock DBA Disregarded Entity Dividends ESOP Excise Tax Federal Tax ID Ficticious Name Foreign Qualification Franchise Tax General Partnership Good Standing Certificate Incorporator Involuntary Dissolution IRS Form 966 ITIN Limited Liability Company Limited Partnership Liquidation LLC LP Majority Shareholder Meetings Merger Nexus Non-Stock Corporation Nonprofit Corporation Obligated Member LLC Organizer Paid-in Capital Paid-in Surplus Par Value Personal Service Corporation Preferred Stock Privilege Tax Professional Corporation Professional Service Proxy Registered Agent Registered Office Reporting Requirements Revocation S Corporation Series LLC Service Mark Shareholder Sole Proprietor Stated Capital Statutory Agent Stock Certificate Term LLC Trade Name Trademark Trust Trustee Winding Up	What is New Mexico Corporation Dissolution? A New Mexico Corporation is created when the NM Secretary of State approves the Articles of Incorporation. A record of the New Mexico Corporation is added to the list of Corporations which have officially registered with the New Mexico Secretary of State.  Once a Corporation is registered with the New Mexico Secretary of State, that Corporation immediately has both reporting and tax obligations which incur penalties if the obligations are not met by the required deadlines.   more... less... A New Mexico Corporation is created when the NM Secretary of State approves the Articles of Incorporation. A record of the New Mexico Corporation is added to the list of Corporations which have officially registered with the New Mexico Secretary of State.  Once a Corporation is registered with the New Mexico Secretary of State, that Corporation immediately has both reporting and tax obligations which incur penalties if the obligations are not met by the required deadlines.   If you've registered a New Mexico Corporation with the New Mexico Secretary of State and want to cease business activities you have to let the NM Secretary of State know that you intend to close your company.  Only after the NM Secretary of State has made sure that all of the obligations of the New Mexico Corporation have been fulfilled will the Secretary of State approve of the closure of the company. When the New Mexico Secretary of State approves the closing of a NM Corporation, that New Mexico Corporation is said to be Dissolved.   The process of Dissolving a New Mexico Corporation is called New Mexico Corporation Dissolution. Before the New Mexico Secretary of State will approve the Dissolution of a NM Corporation, the New Mexico Corporation must obtain a Certificate of No Tax Due from the New Mexico Department of Taxation and Revenue; a Certificate of Compliance from the NM Department of Labor and a Letter of Clearance from the New Mexico Secretary of State. All debts, obligations and liabilities of the New Mexico Corporation must have been paid or discharged and the remaining assets of the NM Corporation must have been distributed prior to Dissolution of the NM Corporation by the New Mexico Secretary of State. Also, there can be no law suits pending against the New Mexico Corporation in order for the NM Secretary of State to approve Dissolution of the New Mexico Corporation. Why do I need to Dissolve a New Mexico Corporation? As soon as a New Mexico Corporation is registered with the NM Secretary of State, that Corporation is responsible for recurring obligations of the New Mexico Secretary of State and the New Mexico Department of Taxation and Revenue.  If the New Mexico Corporation does not file reports or pay taxes then that NM Corporation could be responsible for penalties which go up as time goes by. Unless you Dissolve your New Mexico Corporation with the New Mexico Secretary of State that NM Corporation will be responsible for all recurring fees and penalties. What do I have to do to Dissolve a New Mexico Corporation? New Mexico Corporation Dissolution is one part of a larger process commonly called the "Winding Up" process.   more... less... New Mexico Corporation Dissolution is one part of a larger process commonly called the "Winding Up" process. There are things you need to do before you can request approval of Corporation Dissolution from the New Mexico Secretary of State; and things that you have to do after the NM Secretary of State has approved Dissolution of the New Mexico Corporation.  What you have to do both before and after the New Mexico Corporation is Dissolved largely depends on how much stock, if any, has been issued and how much and what kind of debts and liabilities that the New Mexico Corporation has.  If the New Mexico Corporation has not commenced business then the NM Corporation Dissolution process is easier. What do I have to do before I Dissolve a New Mexico Corporation? Things you need to do before you Dissolve a New Mexico Corporation.   1. Hold a Directors meeting and record a resolution to Dissolve the New Mexico Corporation   2. Hold a Shareholder meeting to approve Dissolution of the New Mexico Corporation   3. File a Statement of Intent to Dissolve with the NM Secretary of State   4. File all required Biennial Reports with the New Mexico Secretary of State   5. File all required tax returns with the New Mexico Department of Taxation and Revenue   6. Clear up any business debt   7. Pay all taxes and administrative fees owed by the New Mexico Corporation more... less... 1. Hold a Board of Directors meeting and record a resolution to Dissolve the New Mexico Corporation If a Board of Directors has been appointed for the New Mexico Corporation then the Board is required to adopt a resolution to Dissolve the NM Corporation. Minutes of the meeting must be recorded and retained in the business records. If the Board of Direcrtors has not been appointed then the Incorporator(s) have to apply for Dissolution of the New Mexico Corporation. We can transcribe and compile minutes or approvals into a form that is legally recognized by the New Mexico Secretary of State. 2. Hold a Shareholder meeting to approve Dissolution of the New Mexico Corporation If a New Mexico Corporation has issued shares of stock then a majority of Corporate Shareholders must approve the Dissolution plan. The approval actions should be documented and kept in the business records. If no shares have been issued then the New Mexico Corporation Dissolution process is easier. If necessary, we can transcribe and compile minutes into a form that is legally recognized by the New Mexico Secretary of State. 3. File a Statement of Intent to Dissolve with the NM Secretary of State The Statement of Intent to Dissolve must be filed with the New Mexico Secretary of State before initiating the final stages of the New Mexico Corporation Dissolution process. We can prepare your Statement of Intent to Dissolve and file it with the NM Secretary of State. 4. File all required Biennial Reports with the New Mexico Secretary of State The New Mexico Secretary of State will not approve the Dissolution of a NM Corporation until all required reports have been filed. We can file any required Biennial Report with the NM Secretary of State. 5. File all required tax returns with the New Mexico Department of Taxation and Revenue The New Mexico Secretary of State will not approve the Dissolution of any NM Corporation until that Corporation has fulfilled all its tax obligations with the New Mexico Department of Taxation and Revenue. 6. Clear up any business debts All creditors of a New Mexico Corporation should be given notice of the pending Corporation Dissolution. Each creditor should be given a mailing address to which they may submit claims as well as a deadline by which claims may be submitted. While the New Mexico Secretary of State does not legally require the publication of a Notice of Dissolution of a New Mexico Corporation, publication is a good way to notify anyone who might have a claim against the New Mexico Corporation.  Evidence of publication might prove useful down the line if someone makes a claim against the NM Corporation after the New Mexico Corporation has been dissolved. 7. Pay all taxes and administrative fees owed by the New Mexico Corporation The New Mexico Secretary of State will definitely not approve the Dissolution of a New Mexico Corporation until all outstanding taxes and applicable registration and administrative fees have been paid. less... What do I have to do after I Dissolve a New Mexico Corporation? Things you have to do after you Incorporate in New Mexico.   1. Distribute all remaining assets of the New Mexico Corporation   2. Close all business bank accounts of the New Mexico Corporation   3. Cancel all local business licenses and permits   4. File Form 966 with the IRS   5. Cancel the IRS account associated with the NM Corporation's Federal Tax ID (EIN) more... less... 1. Distribute all remaining assets of the New Mexico Corporation If the New Mexico Corporation has any remaining assets, these may be divided according to the Shareholders' ownership interests in the NM Corporation. All distributions to Corporate Shareholders must be reported to the IRS. 2. Close all business bank accounts of the New Mexico Corporation If there are any business accounts that have been opened for the New Mexico Corporation then those accounts must be closed. If Corporate business accounts are left open there may be liability and obligations of the Dissolved New Mexico Corporation which could lead to legal problems. 3. Cancel all local business licenses and permits of the NM Corporation If the New Mexico Corporation has obtained any state, regional, county or city business licenses or permits, each of those must be cancelled to avoid any reporting or fiscal obligations of the New Mexico Corporation. This includes business registration licenses as well as reseller permits. 4. File IRS Form 966 All Dissolved New Mexico Corporations must file IRS Form 966 with the US Internal Revenue Service. This filing is required within 30 days after the final Dissolution plan is approved. Filing IRS Form 966 lets the Federal Government know that the New Mexico Corporation has been legally Dissolved so that it may take the appropriate actions. We can prepare IRS Form 966 for you to file. 5. Cancel the IRS account associated with the NM Corporation's Federal Tax ID (EIN) A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the New Mexico Corporation.  Once the IRS links an EIN to a New Mexico Corporation, that EIN stays with the New Mexico Corporation even after the Company has been Dissolved by the New Mexico Secretary of State. When the IRS processes the final tax return for the New Mexico Corporation, they automatically make the EIN inactive.  However, the account associated with the EIN is not automatically closed.  Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account, or with the IRS, in the future. If you should decide to revivie the New Mexico Corporation down the line the IRS will reactivate the old EIN for your new Business. Before a New Mexico Corporation can close an EIN account, it must be in Good Standing with the IRS.  The New Mexico Corporation must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.  The New Mexico Corporation cannot close its EIN account until the IRS has received payment for any tax amounts the Company may owe. We can prepare the formal documents which you can sign and submit to the IRS in order to close the account associated with your EIN. How long does it take to Dissolve a New Mexico Corporation? The time it takes to Dissolve a New Mexico Corporation varies depending on how long it takes to complete the actions that are required in each specific case - holding meetings, closing accounts, distributing assets, etc. Once the initial actions are completed, the New Mexico Secretary of State usually takes around 10-15 business days to process the Articles of Dissolution.    more... less... The time it takes to Dissolve a New Mexico Corporation varies depending on how long it takes to complete the actions that are required in each specific case - holding meetings, closing accounts, distributing assets, etc. The New Mexico Secretary of State requires a Tax Clearance Certificate from the NM Department of Taxation and Revenue before it will aprove the Dissolution of a New Mexico Corporation. The time it takes the NM Department of Taxation and Revenue to process a request for a Tax Clearance Certificate depends on the tax status of the New Mexico Corporation. In some cases it could take 5-6 weeks to get a Tax Clearance Certificate from the New Mexico Department of Taxation and Revenue. Once the initial actions are completed, the New Mexico Secretary of State usually takes around 10-15 business days to process the Articles of Dissolution. Processing times for New Mexico Corporation Dissolution filings vary depending on the work load of the Secretary of State's staff.  We've found that normal processing of New Mexico Dissolution filings takes the state around 10-15 business days. PLEASE NOTE: WE CANNOT GUARANTEE NEW MEXICO SECRETARY OF STATE OR NEW MEXICO DEPARTMENT OF TAXATION AND REVENUE PROCESSING TIMES. We are dependent on, and have no control over, the staff and systems of the New Mexico Secretary of State or New Mexico Department of Taxation and Revenue. In our experience 10-15 business days is the time it usually takes the New Mexico Secretary of State to process a New Mexico Dissolution filing. We get your New Mexico Corporation Dissolution filing to the NM Secretary of State ASAP. Once it is at the state we have no control over the New Mexico Dissolution approval process. How much does it cost to Dissolve a Corporation in New Mexico? The total cost to Dissolve a New Mexico Corporation varies depending on exactly what is required for each specific NM Dissolution. We charge $249.00 plus any state fees for our New Mexico Corporation Dissolution services. This includes: Same day processing Transcribe minutes of Board of Directors meeting which proposes Dissolution Transcribe minutes of Shareholders meeting at which Dissolution was approved Prepare and file Articles of Dissolution with the New Mexico Secretary of State Prepare US IRS Form 966 for you to sign and file Prepare documents to cancel Federal EIN account Certified copy of Dissolution filing from NM Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support We also offer these New Mexico Corporation Dissolution services separately as explained on the right side of this web page. What do I have to do if I want to Dissolve a Foreign Corporation that is tied to a NM Domestic Corporation? If there are Foreign Corporations in states other than New Mexico that are tied to the Domestic New Mexico Corporation then each of those Foreign Corporations must be Dissolved before the New Mexico Corporation is legally Dissolved. How long before someone can use my Corporation name in New Mexico after I Dissolve? A New Mexico Corporation company name becomes available for anyone to use when the New Mexico Corporation is Dissolved by the NM Secretary of State. There are no Corporation company name protections in New Mexico once a New Mexico Corporation has been Dissolved by the New Mexico Secretary of State. Do I have to publish a Notice of Dissolution of the New Mexico Corporation? There are no state of New Mexico requirements for the publication of a Notice of Dissolution of a New Mexico Corporation. While the New Mexico Secretary of State does not legally require the publication of a Notice of Dissolution of a New Mexico Corporation, publication is a good way to notify anyone who might have a claim against the New Mexico Corporation.  Evidence of publication might prove useful down the line if someone makes a claim against the NM Corporation after the New Mexico Corporation has been dissolved.	NEW MEXICO CORPORATION DISSOLUTION SERVICES For $249.00 our New Mexico Corporation Dissolution Services include: Same day processing explain We will start processing your application for a New Mexico Corporation Dissolution on the same day that you submit your order.  We get your NM Corporation Dissolution filing to the New Mexico Secretary of State as fast as possible.  Once they get the application, the NM Secretary of State usually takes 10-15 business days to process a New Mexico Corporation Dissolution filing. Transcribe minutes of Board of Directors meeting which proposes Dissolution Transcribe minutes of Shareholders meeting at which Dissolution was approved Prepare and file Articles of Dissolution with the New Mexico Secretary of State Prepare US IRS Form 966 for you to sign and file Prepare documents to cancel the Federal EIN account linked to the New Mexico Corporation Certified copy of Dissolution filing from NM Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support A LA CARTE NEW MEXICO DISSOLUTION SERVICES If you don't need our complete New Mexico Corporation Dissolution package we offer our Dissolution services separately check the box next to any option, price will be calculated automatically Transcribe Board meeting minutes - $75.00   explain If a Board of Directors has been appointed for the New Mexico Corporation then the Board is required to adopt a resolution to Dissolve the NM Corporation. Minutes of the meeting must be recorded and retained in the business records. We will transcribe the minutes of the Board meeting into a format that is legally acceptable in the state of New Mexico. We will also compile a formal resolution to Dissolve the New Mexico Corporation for your records. Transcribe Shareholder meeting minutes - $75.00   explain If a New Mexico Corporation has issued shares of stock then a majority of Corporate Shareholders must approve the Dissolution plan. The approval actions should be documented and kept in the business records. We will transcribe the minutes of the Shareholder meeting into a format that is legally acceptable in the state of New Mexico. Prepare and file Articles of Dissolution - $75.00   explain As soon as the preliminary New Mexico Corporation Dissolution actions are completed we will prepare and file the Articles of Dissolution with the New Mexico Secretary of State in the quickest way possible Prepare IRS Form 966 - $65.00   explain All Dissolved New Mexico Corporations must file IRS Form 966 with the US Internal Revenue Service. This filing is required within 30 days after the final Dissolution plan is approved. Filing IRS Form 966 lets the Federal Government know that the New Mexico Corporation has been legally Dissolved. We will prepare IRS Form 966 for you to file. Prepare EIN cancellation documents - $65.00   explain A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the New Mexico Corporation.  Once the IRS links an EIN to a New Mexico Corporation, that EIN stays with the New Mexico Corporation even after the Company has been Dissolved by the New Mexico Secretary of State. When the IRS processes the final tax return for the New Mexico Corporation, they automatically make the EIN inactive.  However, the account associated with the EIN is not automatically closed by the IRS.  Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account - or with the IRS - in the future. We will prepare formal documents to get your New Mexico Corporation's EIN account closed as quickly as possible. Processing fees $249.00 New Mexico Dissolution fees $135.00 Optional services $0.00 Total cost $384.00 OUR ADVANTAGE We start processing your New Mexico Corporation Dissolution order as soon as it arrives. We get your documents to the New Mexico Secretary of State in the quickest possible way.  We guarantee our work.  If you're not satisfied with our New Mexico Dissolution services we will refund 100% of your processing fees. We've been helping Corporations legally Dissolve in New Mexico for over ten years.  Our A+ BBB rating speaks for itself! 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