9 July 2020

Alex Curtas, Director of Communications
New Mexico Secretary of State’s Office

Secretary of State Announces the Creation of Benefit Corporation Designation for New Mexico Businesses

SANTA FE – Secretary of State Maggie Toulouse Oliver today announced the launch of her Office’s updated business filing system that will now accommodate the creation of “benefit corporations,” a business designation that will allow for more socially responsible investments in New Mexico.

“There’s more to being in business than just the bottom line, and that’s why I’m proud to announce that anyone looking to open a business in New Mexico can now designate as a benefit corporation,” said Secretary of State Maggie Toulouse Oliver. “The fact that benefit corporations must take into account societal factors, the local and global environment, employee and customer interests, and much more, mean that these types of businesses can make an impact outside of the sole interests of their stakeholders.”

House Bill 118 passed during the 2020 Regular Legislative Session and enacted a new section of the Business Corporation Act to allow a for-profit business or professional corporation to elect to be designated a “benefit corporation.” In addition to its business purposes, a benefit corporation takes into account the larger public good when making business decisions, and does not rely strictly on profit motive. 

Thirty-five states and the District of Columbia allow the creation of benefit corporations and these types of corporations create economic development opportunities for socially responsible investors.

Corporations that would like to form a benefit corporation can do so by completing Articles of Incorporation. Established corporations can designate as a benefit corporation by filing an Amendment to its Articles of Incorporation. Forms can be found by visiting the Business Services page on our website.