Changes in New Mexico
Posted:7/14/03
Senate Bill 379, enacted by the New Mexico Legislature and signed by the governor, provides for changes to business entity statutes that become effective July 1, 2003. The fee increases from $100 to $200 for the Public Regulation Commission (PRC) to issue a letter of reinstatement, and the civil penalty increases from $100 to $200 for failure to file an annual report and supplemental report. The $250 fee for a foreign business trust to file an application for certificate of authority is deleted. The requirement for duplicate originals is changed to require one original and one copy, and the written consent of the registered agent is changed from an affidavit before a notary to a statement without notarization. Franchise tax language is deleted from incorporation, dissolution and withdrawal requirements since the PRC no longer collects franchise tax. Renewals of LLC name reservations beyond 120 days are no longer permitted. To access Bill 379, click on http://legis.state.nm.us/session03.asp?chamber=S&type=++&number=379&Submit=Search.
