How do I Form a New Jersey Business?

How do I Form a New Jersey Business?

When a person chooses to start a new business, it is a monumental time in their life. It is because of this that it is crucial to take the right steps so that you know what is required of you during this process. This begins with choosing the right business structure, as it can significantly impact the business moving forward. This may be through taxes, depreciation, and the efficiency of the business. To properly educate yourself regarding this decision in your life, it can be beneficial to retain the services of an experienced New Jersey business law attorney for help. 

What are Different Types of Business Entities?

Business owners should make an informed decision when they begin the process of forming their company. There are several types of business entities they can choose from. The type they wish to form can vary depending on what is right for them. Each business entity has its own degree of liability and tax implications. It is because of this that iit is important to choose carefully which one is best for your business specifically. 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?

When a business entity is chosen, the next step is to file the necessary paperwork. Some documents that may be necessary can include but are not limited to:

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

Other steps to be taken can include writing a business plan, opening a company bank account, obtaining a Federal Employer Identification Number, leasing a workspace, getting licenses and permits, setting up an accounting system, and more.

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.