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.

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


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