Hobbs, NM Business License Basics
If you have a business in Hobbs, NM you are required to have a license to operate. There are many different types of Hobbs 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 must be met before a business can get a license. If you don’t understand the licensing rules in New Mexico and follow them it could result in expensive fines and putting your business at risk.
Types of Business Licenses in Hobbs, NM
Federal Business Licenses – The U.S. government has a number of agencies that regulate and supervise business activities. If your business participates in one of these federally regulated activities you will have to get a federal business license.
Activities that'll be required to get a federal business license include:
- Alcohol manufacturing, importing and sales
- Firearm dealing, importing and manufacturing
- Ammunition and Explosives dealing, importing and manufacturing
- Wildlife related activity
- Commercial fishing
- TV and radio broadcasting
State Business Licenses – Nearly all Hobbs businesses will need to obtain some type of state business license so as to legally operate. At the minimum a business should get a professional or occupational license. New Mexico business licenses are typically used for tax purposes.
Local Business Licenses – Local Hobbs governments and municipalities also grant business licenses. All businesses will be required to get some sort of local business license in order to operate in Hobbs.
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 Hobbs Business License
The steps you have got to take to obtain a business license in Hobbs will vary depending on what sort of business license you need. Regardless of what type of license you are hoping 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 ready 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 Hobbs business licenses they need to get, links to websites, applications and instructions. If you’re just starting a business and need assistance with licensing, the SBA is the perfect place to find out more.
Maintaining Your Hobbs Business Licenses
Once you get your Hobbs business licenses and permits you must still maintain them year after year to keep them current. The guidelines below are recommended if you wish to ensure your business license is in good standing.
- Make copies of your business licenses and permits.
- Track when licenses and permits must be renewed.
- Follow the regulations for displaying your business license.
- If you want to change or expand your business make sure you verify whether you need additional permits or business licenses.