Q: "Do I owe taxes for a $3 Wise transfer before dissolving my NM LLC? What’s the average cost for dissolution?"
I hope you're doing well. I’m considering dissolving my LLC, which is based in New Mexico. The LLC has not generated any income, except for a personal transaction of $3 via Wise.
I appreciate your insight and guidance on this matter.
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A:
Dissolving your LLC in New Mexico is a straightforward process, but you should ensure all financial obligations are addressed before doing so. The $3 Wise transfer you mentioned sounds like a personal transaction, and if the LLC didn’t generate any income, it's unlikely to have significant tax consequences. However, even small transactions should be reported if they involve the LLC’s bank account or business activities.
In terms of the dissolution process itself, New Mexico typically requires filing Articles of Dissolution with the Secretary of State. The filing fee is around $50, but additional costs may apply depending on your circumstances, such as final tax filings or legal assistance if needed.
It's a good idea to check for any outstanding taxes, fees, or reports your LLC might owe to the state or federal government before officially dissolving. This will help you avoid any penalties down the line.
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