Compare Business Types in New Mexico
LLC, corporation, S-Corp, nonprofit or partnership: what each costs to form and keep in New Mexico, side by side. An LLC is $50 to file.
Last verified August 2026 against official New Mexico sources.
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New Mexico Business Structures at a Glance
| Feature | Corporation | LLC | Nonprofit | Partnership | S-Corp |
|---|---|---|---|---|---|
| State filing fee | $100 | $50 | $25 | $50 | $100 |
| Expedite fee | $150 | — | — | — | $150 |
| Processing time | 5-7 business days | 1-3 business days (online) | 5-10 business days | 5-10 business days | 10-15 business days |
| Annual/biennial report fee | $25 | — | $10 | $0 | $25 |
| Franchise / minimum tax | — | — | — | — | — |
| Recurring state fees / yr (est.) | $25 | — | $10 | $0 | $25 |
| Publication required | No | No | No | No | No |
| Registered agent | Required | Required | Required | Required | Required |
| Minimum owners | 1 | 1 | 3 | 2 | 1 |
Recurring estimate = report fee (halved for biennial reports) + franchise/minimum tax. Excludes publication, registered-agent and income taxes. S-Corp is a federal tax election (IRS Form 2553) made by an LLC or corporation.
LLC vs. Other Structures in New Mexico
LLC vs. Corporation
Unlike a New Mexico corporation, an LLC avoids double taxation since profits pass directly to members' personal tax returns without being taxed at the entity level. LLCs also have fewer formality requirements, such as no mandatory board of directors or shareholder meetings.
LLC vs. S-Corp
An S-Corp election allows owners to potentially reduce self-employment taxes by splitting income between salary and distributions, but requires stricter eligibility rules and corporate formalities; a New Mexico LLC is simpler to maintain and has no ownership restrictions.
LLC vs. Partnership
A New Mexico LLC provides personal liability protection for all members, shielding personal assets from business debts, whereas a general partnership exposes all partners to unlimited personal liability for business obligations.
LLC vs. Nonprofit
A New Mexico LLC is a for-profit structure designed for business and wealth generation, while a nonprofit LLC or nonprofit corporation is formed for charitable, educational, or public purposes and may qualify for state and federal tax exemptions.
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