In this section
Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. Not sure which business type to choose? You can find more information about the various business types as well as other business guidance by visiting the Small Business Administration’s website.
The office of the Secretary of State is the filing office for businesses in New Mexico. Visit the pages at this link specific to the type of business you would like to register.
Know your business. At this stage of the process, you have decided on which sector of tourism you would like to focus on. Reference the Entrepreneur Tour Operator Toolkit - Product Development Guide Your company’s success and its location are closely tied, finding the right place to ‘set up shop’ is essential.
Your local tourism attractions are good indicators of what would and would not make a successful tourism business venture. For example, if your area is secluded from the populace and dense with wineries, the guided winery tours, local bed and breakfasts, and airport transportation services are all viable business options.
Be sure to size up the competition and thoroughly research the tourism businesses in the areas you are considering before you decide which location is right for you. For example, if you are considering a location that is already a tourism destination, can you leverage the other experiences that visitors are drawn into the area for? Or are there already many competing types of tours in that specific area that you would be competing with? You will want to choose a location that is not overly congested, and one that you can contribute something unique to.
Here are seven great tips for choosing the best location for your company.
Your Employer Identification Number (EIN) is your federal tax ID. You need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits.
It's free to apply for an EIN, and you should do it right after you register your business.
Your business needs a federal tax ID number if it does any of the following:
Apply for an EIN with the IRS assistance tool. It will guide you through questions and ask for your name, social security number, address, and your "Doing Business As" (DBA) name. Your nine-digit federal tax ID becomes available immediately upon verification.
The CRS number is used to report and pay state and local option gross receipts tax, New Mexico withholding tax, and compensating tax under the Combined Reporting System (CRS). Known as a CRS Identification Number, it is used to report and pay the tax collected on gross receipts from businesses conducted in New Mexico.
IMPORTANT: Before you apply for a State CRS number, make sure you have the following:
Note: this link to create your State CRS Number will take you to the New Mexico Taxation and Revenue (TAP) website. The website will save your entries in-process for up to 24 hours, which will enable you to return to the website and continue your application. Once there, under CREATE A LOGON, select Sign Up Now, then select Business. Follow the steps to create your State CRS Number.
Most small businesses need a combination of licenses and permits from both federal and state agencies. The requirements and fees vary based on your business activities, location, and government rules. For complete assistance utilize the step-by-step instructions on the Small Business Administration (SBA) website for applying for licenses and permits.
The New Mexico SBA district office and resource partners such as SCORE, the New Mexico Small Business Development Centers (SBDC), Women’s Business Centers, and the New Mexico Veteran’s Business Outreach Center (VBOC) provide free business counseling to assist you. Request local assistance here.
If applicable;
For assistance:
Refer to the Entrepreneur Tour Operator Toolkit – Funding & Insuring Your Business Guide as your next step.
Planning an unforgettable experience in New Mexico is easy with a free New Mexico Adventure Guide. View the guide online, or request to have one sent to you.
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