Information sources


On starting a small business

On starting a non profit

Regional Resources

On Archaeology and CRM

 

On Legal Questions

On Accounting Questions

On Insurance

On Taxes

On Regulation

On Marketing

On Personnel

On Financing

On Business Structure


On Starting a Small Business

http://www.sbaguides.com/en

San Juan Economic Development Service SJEDShttp://www.sanjuaneds.com/

 SJC Enterprize Center, http://www.sjc-enterprisecenter.org/ 566-3528

Small Business Development Center SBDC http://www.sjc-enterprisecenter.org/sbdc.html

*State of NM SBA Page http://www.sba.gov/regions/states/nm/
*NM QCB http://www.nmsbdc.org/
*Main Federal SBA Page http://www.sba.gov/
* Association of Small Business Development Centers http://www.asbdc-us.org/

US SBA, New Mexico Small Business Development Centers (NMSBDC), SCORE, the New Mexico Business Information Center (BIC), Women�s Economic Self Sufficiency Team (WESST Corp), ACCION, New Mexico Community Loan Development Fund (NMCLDF), chambers of commerce, participating SBA lenders and economic development agencies.

Business and Economic Research
Convention & Visitors Bureau
Federal Statistics
NM Department of Labor
NM Economic Development Dept.

Northwest New Mexico Council of Governments

Quality Center for Business
San Juan Regional Medical Center
State of New Mexico

Incentives for Jobs Initiative

Governor's Summit on Economic Development

IRS Small Business/Self Employed Community Web site at: www.irs.gov/smallbiz,

www.BusinessLaw.gov

www.incorporate.com

State of New Mexico
Economic Development Department
Kathy McCormick, Economic Dev. Representative
Joseph M. Montoya Building
1100 St. Francis Drive
Santa Fe, NM 87503
(505) 827-0382 � (505) 827-0407 Fax
Business & Community Finance/Economic Dev. Division

General Services Department - Procurement Assistance Program
State Purchasing Division/Minority & Small Business Development Program
Office of the State Purchasing Agent
Michael C. Vinyard
State Purchasing Agent
1100 St. Francis Drive
Santa Fe, NM 87503
(505) 827-0425 � (505) 827-0499 Fax

Minority & Small Business Program (Procurement)
5600 Eagle Rock Avenue N.E.
Albuquerque, NM 87113
(505) 243-2127

Eddie Sosaya Sr.
700 4th Street S.W.
Albuquerque, NM 87102
(505) 848-8224

Edward Ybarra
505 S. Main Street, Suite 134
Las Cruces, NM
(505) 525-2852
Rose Lopez
4601 College Boulevard
Farmington, NM 87402
 
(505) 325-0327

New Mexico Business Innovation Center, Inc.
1009 Bradbury S.E.
Albuquerque, NM 87106
(505) 272-7500

NM Community Development Loan Fund
Vangie Gabaldon, Director
P.O. Box 705
Albuquerque, NM 87103
(505) 243-3196 � (505) 243-8803 Fax
Financial intermediary, providing loans and technical
assistance to businesses and organizations that have
tangible benefits for low income people.

ACCION New Mexico
Anne Haines Yatskowitz, President & CEO
20 1st Plaza NW, Suite 417
Albuquerque, NM 87102
(505) 243-8844 � (505) 243-1551 Fax
www.accionnm.org
Nonprofit organization to stimulate economic growth in underserved communities. Offers small business loans between $300 and $25,000.

 

On starting a non profit

Regional Resources

City of Aztec
City of Bloomfield
City of Farmington

Farmington.org links http://www.farmingtonnm.org/links.html

Farmington Better Business Bureau http://www.farmington.bbb.org/


San Juan College


San Juan County

Navajo Nation

BLM

NMSHPO

 

On Archaeology and CRM

Navajo Nation

BLM

NMSHPO

COLOSHPO
UtahSHPO
AZSHPO

 

On Legal Questions

State Bar of New Mexico

P.O. Box 25883
Albuquerque, NM 87125
(505) 797-6066 or (800) 357-0777
� (505) 828-3765 Fax
Statewide lawyer referral (serves entire state)

On Accounting Questions

New Mexico Society of Certified Public Accountants-Referral Service & Information Services

1650 University Boulevard N.E., Suite 450
Albuquerque, NM 87102
(505) 246-1699 � (505) 246-1686 Fax
e-mail: nmscpa@nmscpa.org

New Mexico Society of Public Accountants

5031 Indian School Road N.E., Suite 100
Albuquerque, NM 87110
(505) 265-8504 or (800) 378-1880 � (505) 265-0893 Fax

On Insurance

On Taxes

New Mexico Taxation & Revenue Dept.
P.O. Box 630
Santa Fe, NM 87504-0630
(505) 827-0946 � (505) 827-0056 Fax

Information, assistance and problem solving on business related taxes including the investment tax credit, gross receipts tax, employee state income tax and state corporate income tax. To obtain a State Tax Number

 self-employment tax

Social Security and Medicare coverage.

Federal Employee Identification Number from the Internal Revenue Service (IRS). To obtain the registration form and reference documents, contact the IRS at (800) 829-1040.

EFTPS (Electronic Federal Tax Payment System) forms.

Social Security Administration
(800) 772-1213

Federal Withholding
U.S. Internal Revenue Service
(800) 829-1040

Retirement Plans
www.selectaretirementplan.org

unemployment or workers� compensation insurance. For more information, contact one of the following:

New Mexico Department of Labor
301 W. de Vargas
Santa Fe, NM 87501
(505) 827-7434

IRS

Tax Assistance by telephone: 1-800-829-1040

Order forms by telephone: 1-800-829-3676

IRS on the Internet: http://www.irs.gov.

Publication 15 (Employer�s Tax Guide)

Publication 334 (Tax Guide for Small Business)

Publication 541 (Partnerships)

Publication 542 (Corporations)

Publication 1635 (Understanding Your EIN)

Form 8832 (Entity Classification Election)

 

On Regulation

Documents may be either mailed to the Public Regulation Commission, P.O. Box 1269, Santa Fe, NM 87504-1269, or delivered via courier or express service to 1120 Paseo de Peralta, Santa Fe, NM 87501. Applicable filing fees in the form of check or money order, made payable to the New Mexico Public Regulation Commission, must accompany the documents. We cannot accept cash or credit card.

NOTE: Please refer to sections 53-19-47 to 53-19-74 of the New Mexico Limited Liability Company Act for the complete statutes governing a foreign limited liability company in New Mexico.

 

Personnel Posting Requirements
Federal and state laws require that certain posters be displayed on business premises to inform employees of their rights and benefits. These posters can be obtained at no cost from the following agencies:

New Mexico Department of Labor/Workforce Development Center
501 Mountain Road N.E.
Albuquerque, NM 87102
(505) 841-9373 � (505) 841-9883 Fax

U. S. Department of Labor/Wage & Hour Division
505 Marquette Avenue N.W.
Albuquerque, NM
(505) 248-5115 � (505) 248-5119 Fax

New Mexico OSHA Office
P.O. Box 26110
525 Camino de los Marquez, Suite 3
Santa Fe, NM 87501
(505) 827-4230 � (505) 827-4422 Fax

Safety & Health Regulations
All businesses with employees are required to comply with state and federal regulations regarding the protection of employees. OSHA outlines specific health and safety standards adopted by the U.S. Department of Labor. For information contact:

OSHA Onsite-Consultation
NM Environment Dept.
Occupational Health & Safety Bureau
525 Camino de los Marquez, Suite 3/P.O. Box 26110
Santa Fe, NM 87502
(505) 827-4230

New Mexico Environment Department
Office of the Secretary
Harold Runnels Building
1190 St. Francis Drive/P.O. Box 26110
Santa Fe, NM 87502
(505) 827-2855 or (800) 219-6157
(505) 827-2836 Fax

Responsible for issuing permits to business and industry to assure protection of the environment. Major areas of concern in New Mexico include air quality, surface water quality, solid waste, hazardous waste and underground storage tanks.

U.S. Environmental Protection Agency/Region VI
445 Ross Avenue
Dallas, TX 75203-2733
(214) 665-6444 � (214) 665-2118 Fax (202) 260-2080
(general Information from main office in Washington, D.C.)
 Information/referral on federal environmental regulations including the Clean Water Act, the Clean Air Act, the Safe Drinking Water Act, the Resource Conservation & Recovery Act and other environmental regulations

USCIS
The Federal Immigration Reform and Control Act of 1986 requires all employers to verify the employment eligibility of new employees. The law obligates an employer to process Employment Eligibility Verification Form I-9. The U.S. Citizenship and Immigration Services Office of Business Liaison offers a selection of information bulletins and live assistance for this process through the Employer Hotline. In addition, USCIS forms and the Employer Handbook can be obtained by calling the Forms Hotline. For forms call (800) 870-3676, for the Employer Hotline call (800) 357-2099.'

Workplace Program
American with Disabilities (ADA): For assistance or clarification with the ADA, call (800) 669-3362 or visit them at www.usdoj.gov/crt/ada/adahoml.htm.

Hazardous Substance Compliance

Use of hazardous substances in businesses is highly regulated and there are heavy fines for non-compliance.

 

On Marketing

On Personnel

On Financing

On Business Structure

Partnership

The partners in a general partnership are personally liable for all business debts. Even if the partnership agreement specifies a defined split in profits, each partner is 100 percent responsible for all liabilities and debts. The personal assets of any one or all of the partners may be attached to cover the partnership�s liabilities, regardless of which partner incurred the liability or debt.

 

LLC  Limited Liability Company

http://www.irs.gov/businesses/small/article/0,,id=98277,00.html

from IRS Publication 3402 Tax issues for LLC

A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute.

LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation except in New Mexico where the state charges you twice.

Unlike a partnership, if one of the owners of the LLC incurs a debt in the name of the LLC, creditors cannot go after the personal assets of other owners to cover the debt. Creditors of the LLC may look only to the company and its business assets for payment. The owners are not personally liable for the losses of the business if the LLC is properly established and properly operated. The owners' only risk is their time and investment in the LLC.

Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members.

But the members are not employees. Generally, a LLC does not pay tax on its income but �passes through� any profits or losses to its partners. Partners must include partnership items on their tax returns. The company distributes any remaining profits to the individual members at the end of the calendar year and the members declare their income from the LLC on their 1040 form as partnership income.

At the federal level each of the owners has to file

Income Tax 1040 and Schedule E
Self-employment tax 1040 and Schedule SE
 Estimated tax 1040-ES

The LLC files a partnership tax return, Form 1065 which tells the feds the profits and losses from the business and how much partnership income each member should be declaring on their 1040s.

Annual return of income 1065

Our LLC will probably end up having employees.

Employment tax requirements apply to LLCs in much the same way as other types of businesses. Employees of all LLCs are subject to withholding taxes. Forms W-2 and Forms1099 must be filed when required.

Employment taxes:

  • Social security and Medicare taxes and income tax withholding
  • Federal unemployment (FUTA) tax
  • Depositing employment taxes

 

940 or 940-EZ
8109

Information Reporting

1. LLCs filing Schedule C or E

Members are subject to self-employment taxes on earnings.

Self-Employment Taxes

2. LLCs filing Partnership Returns

Generally, members pay self-employment tax on their share of partnership earnings. There is a special rule for members who are the equivalent of limited partners. They pay self-employment tax only if the LLC pays them for services.

As a member, your liability for LLC debts are limited by state law. However, you may be held personally liable in situations involving unpaid employee  withholdings if you are found to be the person responsible for making the payments. Internal Revenue Code Section 6671 and 6672

General information on EINs is provided in Publication 1635.

The amount of loss you can deduct may be limited because of your limited liability for LLC debts. Internal Revenue Code Section 465

Passive Activity Loss limitation may restrict the amount of loss you can deduct. Internal Revenue Code Section 469