What should I know about business licenses in New Mexico?
New Mexico is back! In January 2018, the Land of Enchantment's unemployment rate decreased nearly two percentage points to just a little over five percent, while positive economic signs are expected to continue into the future.
Additionally, small businesses in New Mexico employed almost 55 percent of the private workforce while the number of new small businesses have increased steadily by 2.3 percent over the past two years.
The New Mexico Small Business Development Center Network recently selected multiple businesses as recipients of awards given to companies that show extraordinary commitment to the success of their communities and their businesses.
Some of these outstanding small businesses include Old School New Styles Barber Shop, Signergy Productions, Victory Lane Tires, and Northern New Mexico Stump Grinders, LLC.
Before receiving this award, these businesses had to apply for a New Mexico business license and register with the state's Taxation and Revenue Department and the Department of Labor. Since New Mexico does not issue general state business licenses, entrepreneurs may need to obtain occupational licensing from counties or cities in which their business is located.
You also must register with the state's zoning code division, obtain tax identification numbers, and determine whether your business will be a limited liability corporation, sole proprietorship, partnership, or other structure.
New Mexico holds the world record for the largest Navajo Taco. The taco held more than 30 pounds of green chile. The state holds a world record for the largest taco ever made.
A third of the residents speak Spanish. Most of the residents speak in Spanish when they are at home and use English for formal communications.
Grants, New Mexico produced more uranium in the 20th century than any other place in the US. This led to the area being referred to as the uranium capital of the world, and the first atomic bomb was dropped in Jornada del Muerto in New Mexico on July 16, 1945.