Open a Bank Account for Your New Mexico LLC
If you are looking to open a bank account for your New Mexico LLC, generally any bank should be able to open an account for you. However, you may seek out a particular bank depending on what you are looking for. Typically , larger banks have more familiarity with a variety of account type, while a smaller bank might be able to help you archive better privacy. Most credit unions should be able to assist you, as well.
Also, keep in mind that you can technically open a bank account for your LLC with any bank you choose. It doesn't even need to be a bank that operates in the state of New Mexico, so long as the bank handles out-of-state entity accounts.
Once you have formed your LLC and obtained an Employee Identification Number, opening a bank account is a smart move. Doing so will help you keep your business affairs separate from your personal affairs. When you are diligent in this effort it helps with taxes and your LLC's asset protection
Common Bank Account Requirements
The process of opening a bank account may differ some from one financial institution to the next. However, there tend to be a few general steps and documentation requests that run fairly common across the industry no matter where you open your account.
Articles of Organization
To form your LLC you will need to file Articles of Organization with the New Mexico Secretary of State. These articles serve as a certificate of formation in which the state officially recognizes your company.
An operating agreement is a legal document that outlines the roles and responsibilities of your LLC's owners and members. While drafting an operating agreement is not a required step to form your LLC, it is considered smart practice to do so. It can offer your LLC a number of benefits and in this case can help you open a bank account.
Employer Identification Number
An Employee Identification Number (EIN) is the unique 9-digit number assigned to your business by the IRS. This is an essential part of your application. You won't be able to open a bank account without an EIN. This number is unique to your business and used for filing taxes and other identification purposes.
Proof of Identification
The bank will also ask for identification. Typically, this involves two forms of ID, at least one of which with a photo
Opening a Bank Account for Your New Mexico LLC
Once you have your documentation together and chosen the bank with which you are going to open an account, you are ready to begin your account application. Depending on whether you have privacy or other concerns, you may want to consider hiring us to serve as the registered agent of your New Mexico LLC. This way, you can list our New Mexico office address on the bank application and keep your own information private. Additionally, our registered agent service includes mail forwarding, so you can be certain that you receive all of your important bank documents and notifications.