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What type of ownership am I (Corporation, LLC, Individual, Partnership, etc.)?

Ownership can take one of several forms:

  • Corporation/S-corporation with established officers (president, vice-pres, treasurer etc.); requirements include Federal Employer Identification Number (FEIN) and a Public Regulation Commission (PRC) number for New Mexico corporations
  • Limited liability corporation (LLC) with managing member/members; requirements include FEIN and PRC number for New Mexico corporations
  • Single-member LLC having only one member; applications can be processed by using the Social Security Number, but when paying wages to employees, a FEIN and a PRC number for New Mexico corporations will be required
  • Individual (sole proprietorship); sole ownership requires a Social Security Number or Individual Taxpayer Identification Number (ITIN). If you pay wages to employees, a FEIN is required. A husband and wife may be considered a sole proprietorship
  • Nonprofit organizations must have a FEIN. Nonprofits organized under 501(c)(3) must submit a copy of the IRS Letter of determination. For more information see FYI-103: Information for Nonprofit Organizations
  • A partnership must have at least two members, and a FEIN is required. For information, see FYI-102: Information for New Businesses
  • An Indian tribe must have a letter from the tribe stating that permission has been granted to register as an Indian tribe. A FEIN is required
  • An estate/trust requires a FEIN. For information see FYI-102: Information for New Businesses , or
  • A government entity requires a FEIN.
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