New Mexico Limited Liability Company LLC Agreement For General Partner
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How to fill out Limited Liability Company LLC Agreement For General Partner?
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FAQ
In New Mexico, there is no annual fee. Another cost that goes along with the formation of an LLC is the registered agent. You can choose a member of the LLC or a manager as the registered agent, but you can also choose to hire a third party.
In order to operate, LLCs require real humans (and other entities) to carry out company operations. While there is no state law requiring a written operating agreement, adopting one is an extremely important step for New Mexico LLCs. Below are four reasons why.
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 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.
Both LLCs and partnerships are created by filing forms with the state. But there are some differences in the way the two business types are run. An LLC doesn't require a general partner. Instead, it can be managed by its members or by a group of managers, with the other members acting as passive investors.
As per the New Mexico LLC Act, an Operating Agreement isn't required for an LLC in New Mexico. But while it's not required in New Mexico to conduct business, we strongly recommend having an Operating Agreement for your LLC.
A partnership agreement and an operating agreement are very similar in what they define: ownership and investment stakes, division of profits and losses, and so on. However, a partnership agreement is used in partnerships, while operating agreements are used in LLCs.
