MAINTAIN YOUR BUSINESS Q&A

Q: What do I need to do to maintain my business registration?

A: You must renew most business registrations every one or two years, dependent on the type of business. Select MAINTAIN at the top of the web page, then scroll down and select FILE REPORTS WITH NEW MEXICO SECRETARY OF STATE for more information.

 

Q: How often do I need to renew my professional or facility license?

A: Most licenses must be renewed every one to three years. The time period varies based on the type of license. Most license cards will state when the license needs to be renewed. Typically, license holders must complete a minimum number of hours of continuing education, pay a fee, and submit a form when renewing a license. Select MAINTAIN at the top of the web page, then scroll down and select RENEW LICENSES/PERMITS for more information.

 

Q: What is included in a safety program? Why do I need one?

A: A safety program reduces the number of injuries and the cost for both employers and employees. The New Mexico Workers’ Compensation Administration offers several important components of a Safety Program:

 

  • Management leads by example,
  • Program responsibility is assigned,
  • Hazards are identified and eliminated,
  • Employees are trained in safety,
  • A medical and first aid system is established,
  • Accident record files are maintained, and
  • Every employee is trained to accept personal responsibility.

 

For more Information, select MAINTAIN at the top of the web page, then scroll down and select START SAFETY PROGRAM.

 

Q: What are some common record updates?

A: Common business record updates include change in business name, business address, and business registered agent, qualifying party, licensee in charge, or other representative. Select MAINTAIN at the top of the web page, then scroll down and select UPDATING BUSINESS NAME, ADDRESS, OR AGENT for more information.

 

Q: What fees do I need to pay for workers’ compensation?

A: Employers who pay workers’ compensation insurance must pay a quarterly fee to the state; an amount of $4.30 per employee per quarter (subject to change). A portion of the fee is deducted from the employee payroll. The employer must file Form WC-1 and pay the remaining fee via the New Mexico Taxation and Revenue Department website. Select MAINTAIN at the top of the web page, scroll down and select FILE AND PAY TAXES, select PAY STATE TAXES and select WORKERS’ COMPENSATION FEES for more information.

 

Q: What is lodgers’ tax?

A: If you own a business that provides lodging, you may owe lodging tax. Some municipalities in New Mexico impose a lodging tax that you must collect from persons using your commercial lodging accommodations. This tax provides revenues for advertising, publicizing, promoting, acquiring, and constructing recreational and tourist facilities. Often the lodgers’ tax must be reported and paid once a month contact you municipality's office for more information. Select MAINTAIN at the top of the web page, scroll down and select FILE AND PAY TAXES, and select PAY STATE TAXES for more information.