What to Know About Forming a Business in New Jersey
Are you interested in forming a business in New Jersey? If so, you likely have a lot of questions about the process ahead. Read on to learn the answers to some of the most commonly asked questions about business formation.
What are my various options?
The first step to forming a business is simply determining what type of business you would like to form. There are several types of business entities you can choose from. It is important to do your research, as each business entity has its own degree of liability and tax implications. To give a general overview, the different types of business entities are as follows:
- Limited Liability Company
- General Partnership
- Joint Venture
- Sole Proprietorship
- Limited Partnership
What paperwork will I need?
It likely comes as no surprise that there is a lot of paperwork when it comes to forming a business. Completing the proper paperwork quickly, completely, and accurately is a crucial step to ensuring your business is ready to begin, and begin successfully. Depending on the type of business you form, some documents that are required of a business can include but are not limited to the following:
- Non-disclosure agreements
- Employee agreements
- Memorandums of understanding
- Online privacy policies
Do I need insurance?
Many people worry about obtaining the right insurance, and with good reason. You may need to obtain business, employee-related, and/or government-mandated insurance. These can vary based on the business’ location, structure, the number of employees, and more. In addition, businesses that have employees are required to have unemployment insurance and workers’ compensation insurance, among other forms of insurance. Other insurances may be beneficial and even necessary, such as disability and health insurance.
Do I need an attorney?
When it comes to forming a business, it is important to work with an experienced business formation attorney. There are numerous laws to follow and documents to file. An attorney can help walk you through the process, make sure you avoid any legal trouble and help ensure that your business is off to a successful start.
If you are interested in forming a business in New Jersey, our firm is here to answer any questions you may have. Reach out today to speak with an skilled and seasoned attorney.
Contact our Firm
If you need assistance with any intellectual property, traffic violations, or business law matters, contact The Law Offices of Richard E. Novak, LLC for a consultation.