The New Mexico Plan of Liquidation refers to a legal process followed by a company or organization in New Mexico to orderly wind up its affairs and distribute its assets to creditors and shareholders. This plan outlines the specific steps to be taken to dissolve the company and close its operations. Keywords: New Mexico, Plan of Liquidation, legal process, wind up, assets, creditors, shareholders, dissolve, operations There are two main types of New Mexico Plan of Liquidation: 1. Corporate Liquidation Plan: This type of liquidation applies to corporations registered and operating in New Mexico. When a corporation decides to cease its operations, it must follow a specific process to pay off its debts and distribute any remaining assets to the shareholders. The New Mexico Plan of Liquidation for corporations outlines the procedures and responsibilities to handle all financial obligations and ensure an equitable distribution of assets. 2. Limited Liability Company (LLC) Liquidation Plan: LCS in New Mexico that choose to dissolve and terminate their operations must go through a liquidation process as well. The New Mexico Plan of Liquidation for LCS details the necessary steps to settle all outstanding debts, sell off assets, distribute any remaining funds to members, and ultimately close the company. In both cases, the New Mexico Plan of Liquidation includes elements such as identifying and categorizing all assets, determining the order of priority for creditors' claims, establishing a timeframe for claims to be submitted, conducting asset sales or auctions, resolving any disputes, and finalizing the distribution of remaining proceeds among shareholders or LLC members. Overall, the New Mexico Plan of Liquidation plays a crucial role in ensuring a smooth and fair dissolution of businesses operating in the state, taking into account the interests of both creditors and owners. It provides a comprehensive framework to properly manage the closure process, protecting the rights of all stakeholders involved.
New Mexico Plan of Liquidation
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How to fill out New Mexico Plan Of Liquidation?
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You must pay all of your debts before you can distribute company assets to the members when closing an LLC. The members are personally liable to the creditors of the company, so you must be sure the creditors are paid before taking the remaining assets.
New Mexico Dissolution FAQs LLCs that want to dissolve have to pay $25 for the filing fee. For same-day processing, you can pay an additional $300. Two-day processing requires an additional $200.
Choose a Name. Carefully select a name that reflects your business and complies with state law. ... Choose a Registered Agent. ... Choose Directors or Managers. ... File Formation Documents with the New Mexico Secretary of State. ... File Form 2553 to apply for S Corp status.
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.
To dissolve your New Mexico corporation you must file both the Statement of Intent to Dissolve and the Articles of Dissolution. Each one requires a $50 filing fee. Payment must be made by check or money order. You may expedite processing of your dissolution by the PRC.
New Mexico LLC Formation Filing Fee: $50 The fee to file your New Mexico LLC's Articles of Organization is $50. You must file with the New Mexico Secretary of State through the online Business Services Division portal.
A plan of dissolution is a written description of how an entity intends to dissolve, or officially and formally close the business. A plan of dissolution will include a description of how any remaining assets and liabilities will be distributed.
To dissolve your LLC in New Mexico, file Form DLLC-DV, Articles of Dissolution and a duplicate copy with the Public Regulation Commission (PRC). The form is available online (see link below). The articles are also available in your online account when you sign up for registered agent service with Northwest.