Friday, April 1, 2011

Setting Up Your Business: Albuquerque Edition

Starting a business is an exciting adventure, but getting started can sometimes be a little frustrating and confusing.  If you're setting up your business as an S-Corporation in Albuquerque, you're in luck.  Here is a quick list of things to do in order to be up and running fairly quickly:

1) Articles of Incorporation:  First, download and fill out the Articles of Incorporation form .  Be sure to include an extra copy when you send it off, or they will return it as incomplete.  As part of the $100 fee, they will send you a certified copy for your records. Just to reiterate, you must send TWO copies of your form (the Original plus One Extra).  If you need additional certified copies, be sure to include the extra fee AND the extra copies to be certified.

2) Federal EIN:  You can apply for your Federal Tax ID (EIN) online and get your ID within minutes. You'll need this later for setting up your bank account and registering for your NM CRS.

**Once you have received your Articles of Incorporation back from NMPRC (and this could take a few weeks) you can continue, but don't forget to return your initial report or you'll be subject to a $200 fee.

3) NM CRS: Register your business with the NM Tax and Revenue dept online to receive your State Tax ID (CRS) within minutes.

4) CABQ Business Registration:  Obtain the form online, fill it out, and take it to 600 2nd Street down town Albuquerque on the corner of 2nd and Lomas.  When you walk in, everything you need will be in the big room to the left.  Your first stop will be Zoning, where they will approve your business location.  After they give their approval, you can go to the other end of the room and pay the Treasury and recieve you business license.

UPDATE: You must also submit an Election by a Small Business Corporation Form 2553  to the IRS.  For details, check out the Instructions for Form 2553.

Tell me your experience with setting up a business.  Leave comments and questions below.

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