What is the Legal Process of Forming a Business in the State of New Jersey?

What is the Legal Process of Forming a Business in the State of New Jersey?

Whether you are starting a new business or expanding an existing one, you need to know that you are choosing the right business structure before you come to a decision. The business structure you select will most likely impact taxes, depreciation, and overall business efficiency. Taking the time to educate yourself now will most likely pay off in the future. Here are some things you should know about starting a business in the state of New Jersey:

What are the different types of business entities, and how do I know which one I should choose?

When choosing an entity, it is important you make an informed decision, as this is a significant part of the business-forming process. Each business entity mentioned below comes with its own degree of liability and tax implications, so you must carefully consider which you choose before doing so. Here are the different types of business entities:

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

Once you choose which business entity is best for you, it is important you file all the right paperwork as well. Some of the documents your business may need are: non-disclosure agreements, employment agreements, memorandums of understanding, online terms of use, online privacy policies, and more. You will also have to write up a business plan, open a company bank account, obtain your Federal Employer Identification Number, obtain licenses and permits, lease a workspace if necessary, set up an accounting system and more. This may seem like an overwhelming process, but it doesn’t have to be. If you or someone you know is planning to start a business, do not hesitate to reach out to an experienced attorney today. He or she would be happy to address any concerns regarding the business-forming process you may have. An attorney may guide you through the process of Federal Tax ID acquisition, sales tax filings, and state or local licensing. 

Contact our New Jersey firm

We understand that a business is about more than money alone. A successful business is comprised of time, sacrifice, and an owner who is proud of his product or skill. Here, we take that pride into account when you seek our help. We will help you throughout the business-forming process so you can have the peace of mind you need to build a business you are proud of. 

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.