Legal Question in Business Law in New Mexico

Setting up a Sole Proprietorship in New Mexico

Can you please tell me what forms need to be filed (and in order) to set up a sole proprietorship in New Mexico? I know that I need to file an SS-4 with IRS as well as and Application for Business Tax Identifcation Number with the State of New Mexico Taxation and Revenue Department. (Which took me a while to find out because the Tax and Rev Dept. actually told me that ''nobody does sole proprietorships in New Mexico'').

How do I register the name of the business? I am only familiar with registering a name when it is a corporation or an LLC, but am having the hardest time with registering a business name for a sole proprietorship. What form do I fill out for that? I contacted the Secretary of State's Office and they had no idea whatsoever.

Can you please tell me exactly what I need to do to do this right??

Thank you so much for your help!!!!


Asked on 6/27/02, 11:03 pm

1 Answer from Attorneys

Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: Setting up a Sole Proprietorship in New Mexico

If you have registered with CRS, Unemployment Compensation and have worker's compensation, if required, you have satisfied state requirements in NM. Locally, a business license may be required. Check with city hall.

A sole proprietorship name is reserved by means of a trade name registration, both locally and nationally. Contact the Public Regulatory Commission. Almost no one does sole proprietorships any more because they lack the liability limitations of formal business structures.

Read more
Answered on 6/28/02, 11:29 am


Related Questions & Answers

More Business Law questions and answers in New Mexico