Business Registration & Reporting
Anyone who engages in business in New Mexico must register with the state Taxation and Revenue Department (TRD). After registering, TRD will issue a New Mexico tax identification number, which will be used to report and pay state and local option gross receipts tax, New Mexico withholding tax and compensating tax under the Combined Reporting System (CRS). Known as a CRS Identification Number, it is used to report and pay tax collected on gross receipts from business conducted in New Mexico.
The CRS Identification Number is also required in order to register with the City of Hobbs, specifically the City Clerk’s Office. According to Chapter 5.04.050 of the Hobbs Municipal Code, “all persons proposing to engage in business within the municipal limits of the City shall apply for and pay a business registration fee for each outlet, branch or location within the municipal limits of the City prior to engaging in business.” The registration requirement also applies to mobile businesses, which must also pay a “mobile business activity fee,” according to Chapter 5.04.031 of the Hobbs Municipal Code.
Once you’ve registered your business, join the Hobbs Chamber of Commerce to support the organization that supports you.
If you’re thinking about starting a business, or if you’re ready to take the plunge, contact the Small Business Development Center at New Mexico Junior College.