NM Business License Basics
If you have a business in New Mexico then you need a license to operate. There are various types of New Mexico business licenses and permits that are required by various government entities at federal, state and local levels. An operating license is the basic type of business license that most all businesses will be required to have.
Each level of government has specific regulations and requirements that need to be met before a business can get a license. If you don’t know the licensing rules in New Mexico and follow them it could lead to expensive fines and putting your business at risk.
Types of Business Licenses in New Mexico
Federal Business Licenses – The federal government has a number of agencies that regulate and supervise business activities. If your business takes part in one of these federally regulated activities you will need to get a federal business license.
Activities that will be required to get a federal business license include:
- Alcohol manufacturing, importing and sales
- Agriculture
- Firearm dealing, importing and manufacturing
- Ammunition and Explosives dealing, importing and manufacturing
- Aviation
- Wildlife related activities
- Mining
- Drilling
- Commercial fishing
- TV and radio broadcasting
- Trucking
State Business Licenses – Many New Mexico businesses must obtain some sort of state business license so as to legally operate. At the very least a business will have to get a professional or occupational license. New Mexico business licenses are typically used for tax purposes.
Local Business Licenses – Local New Mexico governments and municipalities also grant business licenses. All businesses will be required to get some good sort of local business license to be able to operate in New Mexico.
Permits – Permits are more specific to a certain kind of business within an industry. Permits have a wide selection of purposes from parking to product sales.
How to Get a New Mexico Business License
The steps you have got to take to obtain a business license in New Mexico will vary depending on which kind of business license you need. It doesn't matter what type of license you are attempting to get you will have to fill out application form(s) and supply detailed information about your business.
If you are starting a business or expanding your business you will have numerous forms to fill out. Be prepared to supply your Employer Identification Number (EIN).
The SBA (Small Business Administration) has great online tools for helping business owners decide exactly what type of New Mexico business licenses they should get, links to websites, applications and instructions. If you’re just starting a business and need guidance on licensing, the SBA is the perfect place to get more info.
Maintaining Your New Mexico Business License
Once you get your New Mexico business licenses and permits you must still maintain them yearly to keep them up to date. The guidelines below are recommended in order to ensure your business license is in good standing.
- Make copies of your business licenses and permits.
- Monitor when licenses and permits must be renewed.
- Follow the regulations for displaying your business license.
- If you would like to change or expand your business make sure to verify whether you need additional permits or business licenses.