The short answer
Yes — New Mexico is a reasonable LLC home for the right founder. Strong points: No annual report, Anonymous LLC native.
Three deciding questions
1. Do you live or operate in New Mexico?
If yes, form here. Out-of-state formation while operating in New Mexico costs double, not half.
2. What is the 5-year all-in cost?
$300 (filing + 5 × annual report + $50 registered agent + franchise minimums). This is the actual number to compare across states.
3. What are your three real requirements?
- Privacy: 9/10 (strong — members not on public filings).
- Banking: 6/10 (limited — expect more questions from banks).
- Cost: low 5-year total.
New Mexico pros
- No annual report
- Anonymous LLC native
- Lowest total cost
New Mexico cons
- Smaller banking ecosystem
Most common alternative
Wyoming for cost + privacy. Delaware for VC-backed startups. Your home state if you operate there. Run the 5-question quiz for a personalized shortlist.