When are Articles of Dissolution in New Mexico Required?

Legal Registration

Dec. 18, 2022, midnight

When are Articles of Dissolution in New Mexico Required?

New Mexico corporation dissolution

In the last few years, Mexico has been leading the list of investors and entrepreneurs who are looking to establish and expand their businesses. However, sometimes it becomes unavoidable to dissolve your company because of some financial or personal reasons. Through LegalRegistration.com, you can form an LLC in no time. This is where the articles of dissolution in New Mexico come into play. The liquidation or dissolution of any business in New Mexico can be a long process that needs legal advisors by your side. However, we have divided the procedure into some easy steps for your simplicity. These steps are outlined below:

1. Give Notice to Creditors

The Articles of Dissolution New Mexico must be mailed by certified mail, return receipt requested, to all known creditors of the corporation at their last known address. The articles must also be published for three consecutive weeks in one or more newspapers of general circulation within the county where the principal office is located and each county where it has been doing business. If the corporation does not have any outstanding debts and meets other requirements, an attorney can file the dissolution with the secretary of state. If there are any outstanding debts, then the creditors must agree before filing the articles of dissolution with the Secretary of State. For more information visit the website LabyrinthTM Fundraising Compliance

2. Hold a Meeting with Directors and Stakeholders

Whether you want to dissolve New Mexico LLC or corporation, it is best to first gather company directors and stakeholders and conduct a meeting. Discuss all the reasons for company dissolution and take a vote on this matter. This meeting is referred to as an Extraordinary Assembly, and it also has to be notarized and registered at the Public Register of Commerce.

3. Appointing Liquidators

It is mandatory to appoint liquidators at the Extraordinary Assembly for New Mexico corporation dissolution who will be in charge of the procedure. The liquidators will do the following jobs for you:

4. Present Annual Declaration

Unlike many other states in the US, New Mexico does not require LLCs to file annual reports during their business tenure. However, when you are dissolving your company, you will have to file an annual income return declaration. The form can be downloaded from the website of the New Mexico Taxation and Revenue Department (TRD). The Annual Declaration has to be presented within 3 months of signing the Dissolution Agreement. This declaration will have information about all financial statements which start from 1st January till the day you signed the dissolution agreement. For additional information Category

5. Submission of Dissolution Certificate and Final Financial Balance

Now that you have submitted the annual declaration, you will also have to submit the Dissolution Certificate to Secretaría de Hacienda y Crédito al Público (SHCP) Mexico within a month of submitting the annual declaration. This government office is responsible for collecting taxes and distributing them. The annual declaration has to be published on the online platform of Secretaria de Economia so that all partners can review and file a claim if needed. This can be done within 15 days of publishing the annual declaration. After this, the company owner will have to hold the final settlement agreement assembly, where the liquidators will present all legal and civil actions that were taken as well as provide information on the reimbursement of shares to the stakeholders.

6. Submission of Articles of Dissolution New Mexico

After all company directors and shareholders have signed the Annual Declaration and Dissolution Certificate, and all financial matters have been solved by liquidators, you will have to submit the articles of dissolution to ‘Registro Federal de Contribuyentes’ (RFC) in Mexico a month after the dissolution of the company to legally and officially terminate your business in Mexico. This will be officially regarded as the end of your LLC or corporation operations in the territory of New Mexico. After you have dissolved your company, anyone can take over your name and start their own business right after the approval of the articles of dissolution. Additional information Business Licensing

7. Cancellation of any Unused Business Licenses

First, you will want to cancel any unused business licenses with the state of New Mexico. You can do this by filling out the Articles of Dissolution form from the Secretary of State website. You may need some other documents depending on your company's type, but before filing anything with them, check with your legal counsel for advice. They will be able to help you figure out what you need and how best to go about it.

8. Distribute Assets to Shareholders

When your company dissolves, you must distribute the assets of the company to shareholders. Once all debts and obligations of the corporation have been satisfied, you must distribute any remaining assets in accordance with the Articles of Incorporation or bylaws of your corporation. Get more information on Legal Registration Archives If the Articles of Incorporation or bylaws don’t address how to divide up assets, then they are distributed proportionally based on each shareholder’s percentage ownership interest in the corporation at dissolution. If there is not enough money left over after paying off creditors and other obligations, then there may be nothing left for shareholders.

Leave a Reply

Your email address will not be published. Required fields are marked *