New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
Does a New LLC (1 Owner) in New Mexico State has to pay any Franchise Tax? For example in Delaware it is $250/year, and for New Mexico is?
I am little confused if New Mexico, single owner LLC is exempted from paying any Franchise Taxes? Does the State Require any Franchise Tax like Delaware State? Can any one who is already paying or incorporated in New Mexico can reveal more about this?
Rocky,
Depending on the type of business you would be conducting, New Mexico can sometimes be a very beneficial state to be incorporated in. One of those reasons is that single or multi-member LLCs registered in New Mexico are not required to file an annual report, or pay any franchise taxes.
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