New Mexico Nonprofit Corporation Act
The New Mexico Nonprofit Corporation Act indicates rules and regulations for forming and operating a domestic nonprofit corporation in the state of New Mexico. A New Mexico nonprofit corporation does not provide a profit to the members, directors or officers of the corporation.
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Liability
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Directors of a New Mexico nonprofit corporation are not personally liable to the corporation or its members, unless an act of misconduct or recklessness has occurred, according to the La Plaza website. Furthermore, directors of a New Mexico nonprofit corporation are not personally liable for the negligent acts of the corporation's employees.
Articles of Incorporation
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A New Mexico nonprofit corporation must file articles of incorporation with the New Mexico Public Regulation Commission. The articles of incorporation will include information such as the name and address of the corporation, as well as the purpose for organizing the nonprofit corporation. As of 2010, it costs $25 to file nonprofit articles of incorporation with the New Mexico Public Regulation Commission.
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Registered Agent
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Under New Mexico state law, a New Mexico nonprofit corporation may act as its own registered agent. A registered agent may be an adult with a physical residence in New Mexico, or a corporation that is authorized to conduct business in the state of New Mexico. The registered agent has the responsibility of accepting lawsuit documents served against the nonprofit corporation, as well as other legal and tax documents.
Annual Report
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Every nonprofit corporation in New Mexico is required to file an annual report with the New Mexico Public Regulation Commission. The annual report must include information such as the names and addresses of the corporation's directors and officers, as well as a description of the corporation's affairs. Two directors or officers are required to sign the annual report.
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