For a Limited Liability Company (LLC) the owner is usually called a member. Profits and losses are "passed through" to each member of the LLC, who reports profits and losses on their personal tax returns.


Before setting up a LLC, you should seek advice from a lawyer or other business professional.


For more information on LLC select the STARTING A BUSINESS link to access the New Mexico Economic Development Department. The link will take you to the Business Resources Center.  Scroll down the page and select the Structuring a Business link. Scroll down to Limited Liability Company (LLC).


For additional information on a Limited Liability Company structures, select the CHOOSE YOUR BUSINESS STRUCTURE link, which will take you to the U.S. Small Business Administration web page.