Forming an LLC is generally a good idea if you’re starting a business. If your business is based in New Mexico, then you have to file your LLC with the New Mexico state government. That way, you’re legal to operate and you avoid unnecessary fines and penalties.
However, if it’s your first time to form an LLC, then you need to know that it will involve quite a bit of paperwork. And that paperwork doesn’t end once you’ve formally established your LLC. To maintain the good standing of your limited liability corporation, you have to periodically send in more paperwork.
These include filing your LLC Annual Reports. This rule applies to almost all the states in the United States. However, the State of New Mexico does not require LLCs to file annual reports to the State.