Sole proprietors can skip formal formation. LLCs and corporations file with the New Mexico Secretary of State online (paper filings are no longer accepted). An LLC filing costs $50; corporation filing fees start at $100.
Free from the IRS website, issued immediately. You need it to open a bank account, hire, and register for state taxes. Sole proprietors without employees can use a Social Security number instead, but an EIN is safer to share.
Official: IRS EIN application →Register with the Taxation and Revenue Department through the Taxpayer Access Point to get your New Mexico Business Tax Identification Number (formerly the CRS number). You will file GRT returns monthly, quarterly, or semiannually depending on volume, due the 25th. Your location code sets your rate.
Silver City requires a business registration for anyone doing business in town limits, home businesses included: $35 per year through the Community Development Department at the City Hall Annex, renewed annually (billed in December, payable March 15 to April 15, with a 10 percent late penalty). A $25 Fire Marshal inspection fee may apply.
Before your first employee starts: register for unemployment insurance with the Department of Workforce Solutions within 10 days of beginning business, report each new hire to the New Mexico New Hire Directory within 20 days, and carry workers compensation coverage once you have 3 or more workers (construction licensees need it regardless of count).
Hiring for new positions may also qualify for JTIP wage reimbursement.
Official: NM Department of Workforce Solutions →