New Mexico Agreement for Purchase of Business Assets from a Corporation
Description
How to fill out Agreement For Purchase Of Business Assets From A Corporation?
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FAQ
RECs are the most common seller financing instrument used in New Mexico. With a REC, the seller transfers equitable interest in the property to the buyer upon execution of the REC, while the seller retains legal title to the property until the buyer satisfies all conditions of the REC.
The owner of an LLC taxed as a partnership is not an employee of the LLC for tax purposes. He or she is simply a business owner. In contrast, an S corporation owner who performs more than minor services for the corporation will be its employee for tax purposes, as well as an owner.
New Mexico does not require LLCs to file an annual report. New Mexico imposes a franchise tax on LLCs if they paid federal income tax. The franchise tax is filed along with the state income tax, and is due by the 15th day of the third month following the close of the tax year. The fee is $50.
The default federal tax status for a single-member limited liability company (SMLLC) is disregarded entity. However, the owner of an SMLLC can elect to have the business taxed as either a traditional C corporation or as an S corporation. An S corporation is a special type of small, closely-held corporation.
If you form an LLC without electing S Corp taxation, you stand to pay more in taxes, because you'll be taxed as a sole proprietorship by default. Electing S Corp taxation for your LLC could save you a lot of money in taxes each year.
New Mexico does not require LLCs to file an annual report. New Mexico imposes a franchise tax on LLCs if they paid federal income tax. The franchise tax is filed along with the state income tax, and is due by the 15th day of the third month following the close of the tax year. The fee is $50.
New Mexico LLCs taxed as S-corp Like regular LLCs, S-corps are taxed as pass-through entities. This results in S-corps not having to pay the usual corporate income taxes. The benefit of the S-corp is that it can reduce the amount of self-employment tax (15.3%) an LLC owes.
New Mexico law has no provisions for entity domestication. If you plan to move your company to New Mexico your can choose between qualifying your existing company as New Mexico Foreign Entity, or dissolving it in the original state of registration and forming a new company in New Mexico.