How to Start a Roofing Business In New Mexico
There are a few steps to take to become a roofing contractor in the state of New Mexico.
Getting started– New Mexico has a website to help you get your business started: https://gonm.biz/business-resource-center/
1. Register your business name.
You may not need to register your 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
2. Select your business structure.
3. Register your business.
You can register your business with the state of New Mexico here: http://www.tax.newmexico.gov/Businesses/register-your-business.aspx
4. Open a Business Checking Account.
You will need to open a separate bank account for your 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: http://www.tax.newmexico.gov/Businesses/register-your-business.aspx and http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business
6. Get Liability Insurance.
In New Mexico and many states, understanding the regulations and laws regarding the need for contractor liability and bonds for contractors can be tricky. Having the right coverage is crucial for all roofing contractors.
We work with ContractorsLiability.com because they’re the one-stop-shop for General Liability insurance and are able to get online quotes in all 50 states. Plus, their expertise means they’re fast when it comes to getting the right bond and liability coverage. New Mexico roofers need to win the job and stay protected at an affordable price. Learn more >
7. Register as a Contractor.
Check with your local government to see if you need to register.
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 do business in a particular locale, whether you are a resident, or not.
Depending on the locale, you may need to apply for permits before commencing certain types of roofing jobs.
12. Building Code and Inspections.
You must be aware of building codes for particular jobs, and may be subject to inspections.