As the holiday season approaches, many people begin thinking about the new year and the new beginnings that come along with it. Your New Year’s resolutions may involve spending more time with your loved ones of sweating it out at the gym – or maybe you have the lofty goal of becoming a business owner in the coming year.
If you plan to make your dreams of owning your business a reality in 2013, start planning now and familiarize yourself with the process for New Jersey business formation. Knowing what you’re getting into.
First, you must decide what kind of business you want to form. In New Jersey, you may choose to start a sole proprietorship, partnership, corporation, limited liability company or limited liability partnership. Depending on your type of business, you may need to register with your County Clerk or the Jersey Department of Treasury.
All businesses must register with the New Jersey Department of Revenue for tax and employer purposes. You must register for taxes and employer contributions for unemployment and disability if you plan to have employees. All businesses must pay taxes and the state will send you relevant tax forms after registration.
Next, contact your local government to learn about any necessary permits you may need to file. It is essential to learn about local regulations and adhere to them.
Next week we’ll discuss the next important steps for business formation, including business licenses, insurance issues and addition requirements for out-of-state businesses. If you are planning to start your own business in the future, consider working with a financial advisor and an experienced business formation attorney. They can help guide you through the process to avoid hitting any legal snags and ensure that your business starts off on the right foot.
Source: State of New Jersey, “Starting a Business”