What is New Mexico LLC Dissolution? |
A New Mexico LLC is created when the NM Secretary of State approves the Articles of Organization.
A record of the New Mexico LLC is added to the list of LLCs which have officially registered with
the New Mexico Secretary of State.
Once a LLC is registered with the New Mexico Secretary of State, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
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A New Mexico LLC is created when the NM Secretary of State approves the Articles of Organization.
A record of the New Mexico LLC is added to the list of LLCs which have officially registered with
the New Mexico Secretary of State.
Once a LLC is registered with the New Mexico Secretary of State, that LLC 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 LLC 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 LLC 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 LLC, that New Mexico LLC is said to be
Dissolved.
The process of Dissolving a New Mexico LLC is called New Mexico LLC Dissolution.
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Why do I need to Dissolve a New Mexico LLC? |
As soon as a New Mexico LLC is registered with the NM Secretary of State, that LLC 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 LLC does not file reports or pay taxes then that NM Limited Liability Company could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your New Mexico LLC with the New Mexico Secretary of State that NM Limited Liability Company will be responsible for
all recurring fees and penalties.
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What do I have to do to Dissolve a New Mexico LLC? |
New Mexico LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
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New Mexico LLC 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 LLC 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 LLC.
What you have to do both before and after the New Mexico LLC is Dissolved largely depends on if the New Mexico LLC has commenced business
and how many assets, debts and liabilities, if any, that the NM Limited Liabilty Company has.
If the New Mexico LLC has not commenced business then the NM Limited Liability Company Dissolution process is easier.
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What do I have to do before I Dissolve a New Mexico LLC? |
Things you need to do before you Dissolve a New Mexico LLC.
1. Hold a Members meeting and record a resolution to Dissolve the New Mexico LLC
2. Clear up any business debt
3. Pay all taxes and administrative fees owed by the New Mexico LLC
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1. Hold a Members meeting and record a resolution to Dissolve the New Mexico LLC
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If the New Mexico LLC has any Members then a meeting should be held and a vote to Dissolve the New Mexico Limited Liability Company taken.
Minutes of the meeting should be recorded and retained in the business records.
If the New Mexico LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the New Mexico LLC.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the New Mexico Secretary of State.
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2. Clear up any business debts
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All creditors of a New Mexico LLC should be given notice of the pending LLC 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.
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3. Pay all taxes and administrative fees owed by the New Mexico LLC
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The New Mexico Secretary of State will definitely not approve the Dissolution of a New Mexico LLC until all
outstanding taxes and applicable registration and administrative fees have been paid.
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What do I have to do after I Dissolve a New Mexico LLC? |
Things you have to do after you Incorporate in New Mexico.
1. Distribute all remaining assets of the New Mexico LLC
2. Close all business bank accounts of the New Mexico LLC
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the NM LLC's Federal Tax ID (EIN)
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1. Distribute all remaining assets of the New Mexico LLC
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If the New Mexico LLC has any remaining assets, these may be divided according to the Members' ownership interests
in the NM Limited Liability Company.
All distributions to LLC Members must be reported to the IRS.
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2. Close all business bank accounts of the New Mexico LLC
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If there are any business accounts that have been opened for the New Mexico LLC then those accounts must be closed.
If Company Business accounts are left open there may be liability and obligations of the Dissolved New Mexico LLC which could
lead to legal problems down the line.
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3. Cancel all local business licenses and permits of the NM LLC
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If the New Mexico LLC 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 LLC.
This includes business registration licenses as well as reseller permits.
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4. File IRS Form 966
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Most Dissolved New Mexico LLCs must file IRS Form 966 with the US Internal Revenue Service.
If a New Mexico LLC is required to file IRS Form 966, the 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 LLC has been legally Dissolved
so that it may take the appropriate actions.
- We can prepare IRS Form 966 for you to file.
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5. Cancel the IRS account associated with the NM LLC's Federal Tax ID (EIN)
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A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the New Mexico LLC. 
Once the IRS links an EIN to a New Mexico LLC, that EIN stays with the New Mexico LLC 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 LLC, 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 LLC down the line then the IRS will reactivate the old EIN for your new Business.
Before a New Mexico LLC can close an EIN account, it must be in Good Standing with the IRS.
The New Mexico LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The New Mexico LLC 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.
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How long does it take to Dissolve a New Mexico LLC? |
The time it takes to Dissolve a New Mexico LLC 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.
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The time it takes to Dissolve a New Mexico LLC 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.
Processing times for New Mexico LLC 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 PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the New Mexico Secretary of State .
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 LLC 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.
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How much does it cost to Dissolve a LLC in New Mexico? |
The total cost to Dissolve a New Mexico LLC varies depending on exactly what is required for each specific
NM Dissolution.
We charge $224.00 plus any state fees for our New Mexico LLC Dissolution services. This includes:
- Same day processing
- Transcribe minutes of Members meeting which proposes Dissolution
- 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 LLC Dissolution services separately as explained on the right side of this web page.
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What do I have to do if I want to Dissolve a Foreign LLC that is tied to a NM Domestic LLC? |
If there are Foreign LLCs in states other than New Mexico that are tied to the Domestic New Mexico LLC then
each of those Foreign LLCs must be Dissolved before the New Mexico LLC is legally Dissolved.
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How long before someone can use my LLC name in New Mexico after I Dissolve? |
A New Mexico LLC company name becomes available for anyone to use when the New Mexico Limited Liability Company is Dissolved by the NM Secretary of State.
There are no LLC company name protections in New Mexico once a New Mexico LLC has been Dissolved by the New Mexico Secretary of State.
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Do I have to publish a Notice of Dissolution of the New Mexico LLC? |
There are no state of New Mexico requirements for the publication of a Notice of Dissolution of a New Mexico LLC.
While the New Mexico Secretary of State does not legally require the publication of a Notice of Dissolution of a New Mexico LLC, publication is
a good way to notify anyone who might have a claim against the New Mexico LLC. 
Evidence of publication might prove useful down the line if someone makes a claim against the NM Limited Liability Company after
the New Mexico LLC has been dissolved.
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