In order to assist you in starting your new business the Greater Albuquerque Chamber of Commerce has prepared this outline of recommended steps.
Understand, as you embark upon this endeavor that there are numerous resources designed to help you get started. We recommend that you take advantage of all of them!
1) Have a plan
The best way to accomplish this is to visit your local Small Business Development Center (SBDC) run by the U.S. Small Business Administration. We highly recommend you contact the Small Business Development Center. Additionally, pick up a copy of the New Mexico Small Business Resource Guide from the Chamber.
2) Do your research
The SBA has a very informative web site with a great deal of general information about starting a new business: www.sba.gov/starting/indexstartup.html
3) Do even more research
Know which local, state and federal regulations will affect your business. If you have a food business, you are subject to health department regulation. If you use chemicals, you will probably be affected by environmental regulations. Research the various types of legal structure and determine which to utilize for your business. The most common are Sole Proprietorships, Partnerships (General or Limited), Limited Liability Companies, and Corporations (C or S). We recommend you consult with a tax accountant or tax attorney for advice on which structure is best for your situation. We also recommend speaking with your insurance agent regarding insurance to protect your business.
4) Getting started
Once you are ready to start, your first steps are to obtain a State of New Mexico Tax I.D., then a business license from the City Treasury Office.
How Do I Obtain a Business License/Registration?
First obtain a Tax identification number (CRS number) from the New Mexico Taxation and Revenue division of the State of New Mexico (505-841-6200 Albuquerque). When you have this number bring it to 600 2nd St NW, and fill out the required forms, or click on the links below to print out an application to save you some time at our office.
You can print out an application for a home based business, all businesses that do not have a permanent commercial office are considered a home occupation. (Independent contractors, etc) NOTE: answer all questions as they relate to how you will use your home in relation to the business, taking phone calls, keeping records, etc. Click here to get a home registration application
You can print out an application to register a home daycare facility. This will allow you to watch up to six children permissively, and up to twelve children with a Conditional Use approval. See a Zoning Inspector at 600 2nd St. NW for additional information and application for the Conditional Use. (There is a hearing fee for the Conditional Use approval). Click here to get a daycare application
If your business is appropriate to the area, you will be approved. You will then pay a registration fee of $35 to the treasury department, and receive your registration. The initial registration review and fee payment must occur at 600 2nd NW, the renewal for following years may be mailed in provided you have not moved or changed your business. If you move or change your business you will have to come back to 600 2nd NW and fill out a new form.