How to Start a Painting Business In New Mexico
There are a few steps to take to become a painting contractor in the state of New Mexico.
Getting started– New Mexico has a website to help you get your business started: Start A Business In New Mexico
1. Register your painting business name.
You may not need to register your painting business name unless you want to trademark it. Make sure no one else is using the name you choose here: https://portal.sos.state.nm.us/BFS/online/CorporationBusinessSearch
If you need help selecting a name for your painting business: Choosing a Painting Business Name
2. Select your business structure.
Sole-proprietor, LLC, Partnership, Corporation, etc. Find out more here: http://www.hg.org/busstructure.html
3. Register your painting business.
You can register your new painting business with the state of New Mexico here: Start A Business in New Mexico
4. Open a Business Checking Account.
You will need to open a separate bank account for your painting business with your new business name.
5. Find out about taxes and hire an accountant.
You may want to file your own taxes if you are a small company. As you grow, it will be easier to have an accountant do the work. More info about taxes here: https://www.tax.newmexico.gov/businesses/ and http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business
6. Get Liability Insurance.
Find out more about liability insurance here: Painting Business Liability Insurance
7. Register as a Contractor.
Check with your local government to see if you need to register as a painting contractor in New Mexico.
8. Worker’s Compensation.
The insurance agency that provided your liability insurance should be able to help with this.
9. Get Health Insurance.
Since you will be self-employed, you will need your own health insurance. If you have employees, you will need a plan that will include their health needs also.
10. City License.
You may be required to obtain a license to operate your painting business in a particular locale, whether you are a resident, or not.