How Can I Form a Business in the State of New Jersey?

How Can I Form a Business in the State of New Jersey?

It is a significant moment in a person’s life when they choose to start a new business. It is a big step that should be taken seriously. This means the individual should educate themselves on what is necessary in order to do so. This includes choosing the right business structure before moving forward. The structure that is chosen can impact a business significantly moving ward. This may be through taxes, depreciation, and the business’ overall efficiency. In order to properly educate yourself about this important decision in your life, it can be beneficial to retain the services of an experienced New Jersey business law attorney for help. 

What are the Different Types of Business Entities?

It is crucial that a business owner makes an informed decision when they begin the formation process. This includes choosing the type of business entity that is right for them. There is no one choice that is right for everyone, as each business entity has its own degree of liability and tax implications. That is why it is important to carefully consider which entity would be best for your individual business. The following are the different types of business entities:

  • Corporation
  • Limited Liability Company
  • General Partnership
  • Joint Venture
  • Sole Proprietorship
  • Limited Partnership

What Do I Need to Form a Business?

Once the business owner chooses the best business entity for their goals, the next step that comes is filing the necessary paperwork. While it can seem tedious and daunting, paperwork is a crucial step in making sure your business is properly formed before the real work begins. Some documents that may be necessary for a business can include but is not limited to the following:

  • Non-disclosure agreements
  • Employee agreements
  • Memorandums of understanding
  • Online terms of use
  • Online privacy policies

In addition to this, there are other steps to be taken. This includes writing a business plan, opening a company bank account, obtaining a Federal Employer Identification Number, leasing a workspace, getting the required licenses and permits, setting up an accounting system, and more. This can all be a lot to remember, which is why it individuals can benefit from reaching out to a skilled attorney to guide them through this process. 

Contact our Firm

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.