How to Start a Business in New Jersey
Manalapan Business Attorney Explains Your First Steps
Starting a business takes a unique combination of marketable ideas, organization and hard work. First, you should draft a comprehensive business plan, including a financial outline and marketing strategy. Then, depending on what type of company you found, you will have to follow different procedures to get your business up and running. Some types of businesses, like sole proprietorships and LLCs, are relatively easy to start. Starting others, like C-corporations, entails more planning, paperwork and reporting.
One of the most important things to do when forming a business is to consult an experienced New Jersey business attorney. A lawyer can assist you in filing all the necessary paperwork and can ensure that you follow all proper procedures and regulations. It may seem more cost-effective to handle these matters yourself. However, in the long run, investing in an attorney at the beginning of the process helps you avoid costly mistakes and oversights, saving you time and money. If you have questions about how to start a business in New Jersey, then contact the business lawyers at Garland & Mason, L.L.C. today to get started.
What Should I Do in Order to Start My Own New Jersey Business?
There are many factors to consider and plan before you get to a point where you can file the necessary documents and legally found your business or company. These steps include:
- Contact a business attorney. A lawyer can assist you through every stage of the process of starting a new business. This includes the planning stages, which are crucial. At our law firm, we offer free consultations so that you can ask questions about starting a business in New Jersey, free of charge.
- Choose a business formation type. There are many different types of business structures you may consider. Typically, a new business or startup begins as a Limited Liability Corporations (LLC), sole proprietorship or partnership. However, depending on your business idea, a C-corporation, S-corporation of Limited Liability Partnership (LLP) may be the right choice for you.
- Write a business plan. Before investing time and money into an idea, no matter how brilliant, you should write a business plan. This plan should include a description of what your business will do or provide, competitor analysis and business structure. You may also consider what kinds of contracts you will need in the future. It should include financial data such as projected revenue, expenses and a tax outline, as well. A business plan is important whether you are looking for investors or plan on financing the company yourself.
- Draft a marketing plan. As part of your financial analysis, you should consider the cost of effective marketing. This may include consulting an outside marketing firm or publishing marketing materials yourself. Perhaps the cheapest marketing method is setting up a website and cultivating an online presence.
What are the First Steps to Starting My Own Business in New Jersey?
Once you complete a financial analysis and have viable business and marketing plans, you can start the legal paperwork. Having a business lawyer at this stage is crucial, and can help you avoid serious errors which could hurt you later. These next steps include:
- Choose and register a business name. Check with the corporate filing office and do a trademark search to make sure you can legally use the name you want. Depending on the type of business formation you choose, there may be additional rules as well. For example, an LLC must include “LLC” or some derivation thereof in the name. (Like Garland & Mason, L.L.C.). Also, make sure the domain name matching your business is available.
- File the paperwork. Depending on the type of business you start, you must file different kinds of paperwork to start your company. An LLC is relatively easy to start, and requires only a few forms. However, C-corps and S-corps are more complex.
- Find a location. Depending on your business, you may need an office, retail space or something else entirely. A commercial real estate attorney can check zoning laws and regulations, and assist you in finding a workable space.
- File for any necessary licenses or permits. Certain businesses may require special permits or licensing. For example, a retail business needs a New Jersey seller’s permit. You may also need regional permits or a local tax certificate. Additionally, for tax purposes, all businesses except sole proprietorships and single-owner LLCs require a federal employment identification number (EIN). You must file a form with the IRS to obtain one.
- Get insurance. The size and type of business you start determines what kind of insurance you may need. This includes workers’ compensation insurance as well as coverage for property, vehicles and possibly products.
Questions on How to Start a Business in New Jersey? Call Our Business Attorneys
Starting a new business is exciting, but it can also be daunting. If you need assistance with any aspect of business, or have questions about where to start, then contact a business attorney from Garland & Mason, L.L.C today.
We offer free initial consultations for entrepreneurs and business owners throughout New Jersey. Call (732) 358-2028 or contact us online today to speak to a business attorney today.