New Mexico LLC EIN
CONTENTS
While obtaining an Employer Identification Number (EIN) isn’t mandatory for small business owners without employees, securing one in advance is advisable. An EIN is often required for tasks such as filing tax returns and opening business bank accounts, so being prepared can be beneficial.
In this article, we’ll guide you through the essentials of obtaining a New Mexico EIN.
What's a New Mexico EIN?
A New Mexico EIN is also referred to as a:
- Federal tax ID number
- Federal employer identification number (FEIN)
- Federal tax identification number (FTIN)
- New Mexico federal tax ID number
It’s important to note that this is a federal tax ID number issued by the IRS, not a state-specific tax ID. For a New Mexico state tax ID number, you would obtain it from the New Mexico Taxation and Revenue Department.
How to Obtain a New Mexico EIN
The process of obtaining a New Mexico EIN depends on your citizenship or residency status. Regardless, acquiring an EIN is entirely free.
US Citizens and Residents
If you’re a U.S. citizen or resident with a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), you can apply for an EIN online. The IRS provides an EIN assistant tool available Monday to Friday, 7:00 a.m. to 10:00 p.m. Eastern Time. Alternatively, you can download Form SS-4 from the IRS website if you prefer to apply by fax or mail, though these methods may take longer.
Information required for the application includes:
- Your LLC's legal name
- The state in which it's registered
- The principal office address of your LLC
- Names of all LLC members
- The responsible party's name and Social Security Number
- The reason for obtaining the EIN
Non-US Citizens
Non-U.S. citizens without an SSN or ITIN must complete Form SS-4 and submit it to the IRS via fax or mail. Faxing is the faster option.
This complete guide will tell you more about completing the SS-4 Form.
New Mexico EIN Approval
Applicants who apply online will receive their EIN immediately upon completion. For those who apply by fax, the processing time is approximately four business days, provided a return fax number is included. Mail applications may take up to four weeks to process.
New Mexico EIN FAQs
Don’t worry if you have more questions about getting a New Mexico EIN. Here are our informative FAQs.
Do I need a New Mexico EIN if I'm a sole proprietor without employees?
Not necessarily. Sole proprietors without employees or certain tax requirements (like excise tax) can often use their Social Security Number (SSN) instead. However, obtaining an EIN can provide privacy benefits and is often required for business banking and licensing.
Can I use my New Mexico EIN for multiple businesses?
No, each business entity requires its own EIN. If you open a new LLC or corporation, you'll need to apply for a separate EIN.
Do I need a New Mexico EIN if I’m hiring independent contractors instead of employees?
Generally, you don’t need an EIN just for hiring independent contractors, as they are responsible for their own taxes. However, if you plan to issue 1099 forms, some banks may require an EIN.
Can I cancel or change my New Mexico EIN?
You cannot "cancel" an EIN, but you can request to close your business account with the IRS. If you need to update business details, such as the name or responsible party, you must notify the IRS via mail.
Do I need a new EIN if I change my business structure in New Mexico?
Yes, changing from a sole proprietorship to an LLC, corporation, or partnership typically requires a new EIN.
Step-by-Step Guide to
Forming a New Mexico LLC
New Mexico LLC Starter Guide
A step-by-step guide to forming an LLC in New Mexico, covering all legal and operational requirements.
1. New Mexico Name Search
Learn how to check the availability of your desired LLC name and ensure compliance with New Mexico naming rules.
2. New Mexico Registered Agent
Understand the role of a registered agent and how to choose one for your New Mexico.
4. New Mexico Operating Agreement
Discover why an Operating Agreement is crucial for defining the structure and management of your LLC.
5. New Mexico EIN Number
Learn how to obtain an Employer Identification Number (EIN) from the IRS for tax and banking purposes.
6. New Mexico Business License
Get information on the required business licenses and permits for operating legally in New Mexico.
