On this page, you’ll learn about the following:
New Mexico Registered Agent Requirements
There are certain requirements to fill the role of a New Mexico registered agent:
- The nominee must be more than 18 years old.
- The individual must have a legal, physical address in the state where the LLC will operate.
- The individual must be physically present during normal working hours.
How to Choose a Registered Agent?
When you file your Certification of Formation in New Mexico, you must nominate a registered agent. You can either appoint an in-house registered agent (yourself or any LLC member) or outsource to a New Mexico registered agent service. You can elect your registered agent online through the New Mexico Secretary of State website.
Hiring an Inhouse Registered Agent
When hiring an in-house registered agent, make sure the individual is over 18 of age and lives in New Mexico.
Can I be My Own Registered Agent?
Yes, you can be your own registered agent. So long as you meet the basic requirements for a registered agent, then you can take on this role for your LLC.
Outsourcing a Registered Agent
You may, instead, get professional registered agent services. Doing so ensures that you will have the best individual to represent your business. Here are the best LLC services on our list that will provide you with registered agents to ease your worries.
Note that availing of the services of professional registered agents would be your best option since you are guaranteed that whoever is handling your legal affairs knows their stuff well. You will enjoy peace of mind and focus only on running your business, as the ‘professionals’ take care of all legal matters.
What to Consider When Choosing a Registered Agent
Here are some factors to consider when choosing a registered agent.
- Service Fee: Since most states require formal businesses to have registered agents, selecting the best-registered agent is critical. Hiring a registered agent service typically costs between $50 and $300 annually. When you consider how much time it will save you, this is a small price to pay.
- Tenure in Business of Registered Agent: You want the registered agent to have established and time-tested procedures for handling documents that are received.
- State Jurisdiction Limitation: If your company expands to another state, you should use the same registered agent in all states to reduce the administrative burden of dealing with multiple registered agent service providers.
- Offer Monitoring and Follow-up Services: You want to receive up-to-date information and alerts from your registered agent as soon as possible so that you are aware of the various statutes, rules, and regulations that apply to your company.
New Mexico Registered Agent and Business Laws
The registered agents of New Mexico are responsible for addressing all legal aspects and issues that are related to New Mexico LLC law. Every state has its own business laws. New Mexico isn’t an exception. Every state is governed by its own business laws. These are the top business laws that every company must follow.
- Interest Law: Every state has its own set of interest laws for business. The rate threshold is lower than the general guidelines. Because businesses typically accept higher interest rates, it is not surprising. New Mexico offers interest rates of 15%. The interest rate on judgement is 8%. If the case is involved in tortious conduct then the interest rate on judgement is 15%.
New Mexico has Usury Law. This law has higher interest rates for advances as well as loans. The rate of interest is determined by the law. The penalty for violating this law leads to recovering the entire interest rate including recovering twice the money borrowed.
- Antitrust Law: Antitrust law, in general, is used to identify the formation of cartels on any given market. A cartel is the combination of rivals that has an unconstitutional influence on the supply or the price. Cartels in any market are unlawful. New Mexico is governed by the same Antitrust Law as other states.
The New Mexico law permits you to bring a case within four years for civil penalties and three years for criminal penalties. Plaintiffs are also able to recover costs for attorney’s fees and other damages under this law.
- Deceptive Trade Practices Laws: New Mexico has a Deceptive Trade Practice Law. Accused under this law will be responsible for paying the actual damage or $100 whatever is more. Also, plaintiffs can recover the attorney’s fees, treble damages, or $300 whatever is more. Civil penalties will be up to $500.
- Credit Card and Debit Card Laws: Credit card frauds are common in all states. Credit card frauds include impersonation, issued in someone else’s name, expired credit card, credit card defaulter, etc. Under this law, a minimum of $250 and a maximum of $20,000 can be levied as penalties on the accused.
- Hourly and wage laws: New Mexico law stipulates that all employees over 18 years old receive a minimum of $7.50 per hour. Tipping employees should receive at least $2.13 per hour. For those employees who are tipped the tip should be enough to give the hourly rate of $7.50. Employers have to raise their base wages. Depending on the cities the hourly wage rate varies and can go up to $10.51.
In New Mexico, all employees have to work for 40 hours a week. Employees who work more than 40 hours should be paid for overtime.
- Pyramid and Ponzi Schemes Act: New Mexico can punish anyone who attempts to commit fraud in the investment industry with up to 18 months of imprisonment and a fine of up to $10,000. Anyone who commits investing fraud, for example, paying current investors using money taken from new investors can be penalized. Plaintiffs can recover attorney’s fees and other costs.
Registered agents handle these cases and laws. New Mexico has registered agents who can help you deal with these laws.
How to Remove a Registered Agent for LLC in New Mexico
A registered agent for LLC in New Mexico can be removed by filing a Change of Registered Agent Form with the New Mexico Secretary of State by paying a filing fee of $20.
If you’re wondering how to remove a registered agent from an LLC in New Mexico, you’ve come to the right place. You’ll find the process incredibly easy and fast. You’ll be able to change your agent within thirty days. However, you should remember that the law in New Mexico requires that you have a registered agent at all times. If you’d like to learn how to remove an agent, read on.
As a New Mexico business owner, you should choose a registered agent that’s a resident of the state. This way, you’ll have a New Mexico resident answering any questions you might have about the company. Also, if the registered agent you’re considering is a new service, be sure to read customer reviews to see how others feel. It’s also helpful to look at the registered agent’s portfolio, which can give you an idea of the range of experience and expertise they have. Beware of the low annual fee of a new registered agent; it may mean poor service.
In order to maintain a good business reputation, an LLC should have a registered agent. If it does not, the state can dissolve your LLC. The registered agent must be a New Mexico resident, corporation, or individual. In addition, the registered agent must have a mailing address in New Mexico. A registered agent can be an individual or company, but an LLC cannot serve as its own agent.
Changing a registered agent for an LLC in New Mexico is a simple process, but if you’re unsure about the process, you can hire a registered agent service. This company can assist you in filling out the necessary forms and completing the process. The cost is $10 for a limited liability company, and twenty-five for a corporation. If you don’t want to pay the fee, you can file a Statement of Change of Registered Agent or Both in New Mexico.
In New Mexico, an LLC should be named. This is the name that people will recognize the business by, and so it must be memorable and convey its products or services. The name should be unique and distinguishable from other entities within the state. Additionally, an LLC should have a distinct name from its competitors. The registered agent should be able to differentiate the business from the competition. It should also be distinct from other business entities in the state.
There are some circumstances when the registered agent may need to change. This could be due to a business closing, a retirement, or a personal reason. It is usually a good idea to stay with the same registered agent if possible, but this is not always possible. The role of a registered agent is vital for the business, so the person acting as the agent should not miss deadlines or give you guff. While there are no laws prohibiting a registered agent from changing their role, you may want to consult a professional before making the change.
In addition to the legal requirements to remove a registered agent, you need to pay filing fees. Filing fees in New Mexico are typically $200 and up. If you’re filing on the same day, the costs are $150 for same-day processing. Otherwise, you can choose next-day processing, which costs $100. In New Mexico, you’ll pay a separate $100 for next-day processing. To remove a registered agent, you must file Form 990-R-NMR, NR-160, and fill out a Change of Agent application. You must file both forms with the Secretary of State’s office.
All corporations and limited liability companies doing business in New Mexico are required by state law to appoint a New Mexico registered agent. New Mexico registered agents provide a reliable way for the Secretary of State and state courts to contact a corporation or LLC.
A registered agent is simply a person or entity appointed to accept service of process and official mail on your company’s behalf who lives in the state of service and is over 18.
If you intend to be your own registered agent, you may be forced to use your home address (especially if you run a home-based or web-based business), making the address public.
Before you choose a registered agent for your New Mexico LLC, compare their price and services from the table. They will be responsible for all your documentations, filings, and other LLC-related tasks. Hence, choose the best one for your business that provides 100% accurate service at a reasonable price.