Forming a Business in New Jersey
There are countless amounts of people in the world who come up with great ideas every day. Sometimes, some of these individuals wish to take the next step in pursuing their idea and create a business around it. When an individual wishes to either start a new business or expand one they already have, there are different structures available that can be followed to contribute a difference in how it operates. Knowing the differences between these structures can not only affect a business’ ability to operate, but also impact taxes, depreciation, and other areas of the business. If an individual wishes to form a business, it is crucial to enlist an experienced business formation attorney to guide them towards the best option for their new or expanding business.
Forming an Entity
Often times when individuals are forming or expanding a business, they are unsure of the best course of action for them. A business formation attorney can ensure an individual chooses a business form that best fits the idea they intend to present. Choosing the right entity for a business is very important, as each entity comes with a different degree of liability and tax implications than another one. Some entities an individual can choose for their business may include:
- General Partnership
- Limited Partnership
- Sole Proprietorship
- Limited Liability Company
- Joint Venture
Filing the Correct Documents
After an entity is chosen, the individual forming the business must make sure they file the proper documents to continue the process of forming their business structure. While there is certain paperwork that must be filed for each business structure, there are also necessary government-required documents to fill out, regardless of the designated business structure. This may include:
- Federal Tax ID acquisition
- State of local licensing
- Sales tax filings
Depending on the business and the situation present, an individual may be required to have certain insurance policies. This may be business, employee-related, or government mandated policies. These requirements can be based on the location and structure of a business as well as the number of people they employ. Businesses who have employees must have unemployment insurance and workers’ compensation insurance policies. Other non-required insurance policies are available to purchase, such as disability and health insurance. Business formation attorneys can guide individuals choosing the right policies for their entity.
Contact our Firm
If you or someone you know is looking to form a business and wishes to speak with a business formation attorney, contact The Law Offices of Richard E. Novak, LLC. today.
The Law Offices of Richard E. Novak, LLC has over 25 years of experience helping clients through tough times when they need it most. If you need assistance with any intellectual property, traffic violations, or business law matters, our firm is here to help. It is critical that you pick the right attorney who can protect your rights. Contact The Law Offices of Richard E. Novak, LLC for a consultation.