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Sale of a Business Package - New Mexico

Sale of a Business Package - New Mexico 2025

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The document is a Specialty Forms Package from U.S. Legal Forms, Inc. designed for the sale of a business in New Mexico. It includes essential legal forms such as agreements for sale, asset purchase agreements, and bills of sale, along with descriptions and tips for completing these forms. The package aims to assist buyers and sellers in navigating legal issues during the business sale process while providing a disclaimer regarding the use of the forms.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Who has to pay GRT in New Mexico?

In New Mexico, a gross receipts tax is levied on the sale of tangible goods and some services. The tax is collected by the seller and remitted to state tax authorities. The seller acts as a de facto collector.

Do you have to notify the IRS when you close a business?

You must file a final return for the year you close your business. The type of return you file and related forms you need will depend on the type of business you have.

How do I close an existing business?

Follow these steps to closing your business: Decide to close. File dissolution documents. Cancel registrations, permits, licenses, and business names. Comply with employment and labor laws. Resolve financial obligations. Maintain records.

How to terminate a New Mexico LLC?

Dissolving Your LLC in New Mexico Step 1: Vote to dissolve the LLC. Step 2: Wind up all business affairs and handle any other business matters. Step 3: Notify creditors and claimants about your LLCs dissolution, settle existing debts and distribute remaining assets. Step 4: Notify Tax Agencies and settle remaining taxes.

How much does it cost to dissolve an LLC in New Mexico?

New Mexico Dissolution FAQs LLCs that want to dissolve have to pay $25 for the filing fee. For same-day processing, you can pay an additional $300. Two-day processing requires an additional $200. Corporations need to pay $50 for the Statement of Intent and $50 for the Articles of Dissolution.

Is sale of business property taxable?

The sale of capital assets results in capital gain or loss. The sale of real property or depreciable property used in the business and held longer than 1 year results in gain or loss from a section 1231 transaction. The sale of inventory results in ordinary income or loss.

What is the federal tax rate for the sale of a business?

In general, business owners can expect the capital gains tax rate from a business sale to range between 0% and 20% of the profit.

Sale of a Business Package - New Mexico 2025

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