Last week we talked about some of the first steps that entrepreneurs in New Jersey can take to get a new business started in the state. Starting a business entity is exciting and it can be tempting to dive in impetuously but taking some time to plan now can help ensure that the formation of your business goes smoothly in 2013.
After you have chosen a type of business, registered with the appropriate organization and brushed up on any relevant regulations, it is time to secure any certificates or permits that your business will need. Depending on the function of your business these could include a liquor license, a home improvement contractor’s license or cigarette and motor fuel permit.
If your business will have at least one employee you must take additional actions to ensure that you have appropriate insurance. Employers must register with the Division of Employer Accounts at the New Jersey Department of Labor and Workforce Development for unemployment insurance Employers must also carry workers’ compensation insurance, which allows employees to be compensated if they sustain an injury or illness caused by work.
There are a few extra requirements for businesses that are started in New Jersey but do not operate there. Businesses may have to register as a “foreign” corporation, LLC, LLP or LP. There is also a required permit for out-of-state payroll record keeping.
If you are considering starting a business, or if you are putting together your own business start-up checklist, it is wise to speak with an experienced business formation and litigation attorney. They can help you review relevant state law and regulations and help you ensure that your business gets off on the right foot.
Source: State of New Jersey, “Starting a Business“
To learn more about business formation in New Jersey, please visit our website.