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.
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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
