There are many business owners and operators that are targeting New Jersey for an expansion or a start up of their business. We have compressed the most basic and important things to keep in mind when putting up a business. This article will help you decide if building a business in New Jersey is feasible to you. You may opt to follow them on your own or get a legal expert in putting up your business.
-Decide what your corporate structure is
New Jersey allows people to put up different corporate entities like Sole Proprietorship, Partnership, S Corporation, and C Corporation. A consultation with a lawyer is essential to help you decide on your options and make sure that you are covered in all legal aspects.
New Jersey do not allow two corporations to have the same name, that is why it is best to come up with at least 5 or more business names in mind should your first choice is already not available. Your business name should be original and catchy to attract clients and customers. The state has complex policies and regulations in terms of registering a business name. There are also quite a few restriction when it comes to allowed, restricted, and prohibited designations. You may hire agencies and local companies to do the necessary research for you if you are not familiar with these policies.
-Once you have decided what type of business you are putting up and having an original name for it, you will need to complete a Public Records Filing for your Certificate of Incorporation in NJ. The name and address of the corporation should show that the business is situated in New Jersey. New Jersey law requires that the certificate of incorporation should show at least one director and one incorporator who are above 18 years or older, ands their addresses. However, they are not required to be residing in New Jersey. The person to whom official correspondences the state will be sending to is called a registered agent, this person’s address and complete legal name should be available. Lastly, the total number of shares the corporation will be issuing, the series and class designation of shares should be reflected when filing for New Business Entity.
The New Jersey Division of Taxation requires new businesses to file an Application for Registration (NJ-Reg) in order for the business to receive tax information from the state, that is regardless if your business intends to withhold or collect taxes. The filing of application should be made at least five business days, but for businesses that will be collecting taxes NJ Reg must be filed at least 15 days and make sure that you have all the vital and essential information, data, and papers about the business. No registration fees will be collected.
Fees and Costs
-The New Jersey state filing fee for a new incorporation is $125.00, The Department of Treasury, Division of Revenue will be requiring an annual report to be filed each year upon your anniversary of your filing date with a filing fee of $50. Also, the minimum annual tax fees to be collected by the Department of Revenue is $500.00.