It is the lifelong dream of many New Jersey residents to start their own business. Whether it is a pizza shop on the Shore or a delivery company downtown, starting and running a business is a gratifying endeavor that can leave you with a lasting legacy.
But although the rewards of owning a business may be great, the initial formation isn’t without its own set of complications. Make sure to understand the basics of business formation before you begin and contact a business law attorney for further assistance.
Record Your New Business
The first step to forming your new business is by authorizing it within the public record. According to information provided by the New Jersey Division of Revenue and Enterprise Services, this can be done by filing formation or authorization documents. But this only applies to corporations, limited partnerships, limited liability corporations and other similar entities and excludes general partnerships and sole proprietors.
The entire process of recording can be performed online through an interactive function, and the fee for filing is $125 for all for-profit and foreign non-profit endeavors or $75 for domestic non-profits. The process also may be completed offline by filling out a comprehensive business registration packet.
Registering Your New Business
Once your new business is within the public record, you then must register it for tax and employer purposes, which can be done by filing a NJ-REG form. This filing form “ensures that your business is registered under the correct tax identification number and that you will receive the proper returns and notices.” Generally, you can use your federal identification number (FEIN) in place of the New Jersey tax identification number; if you don’t possess a FEIN, you can apply to receive one as you fill out the NJ-REG filing form.
Pick a Business Name
Once your business is recorded and registered with the state of New Jersey, you only have a few actions left to take, one of which is reviewing and picking a name under which your business will operate. You can review a list of business names in New Jersey through the Department of the Treasury website, where you will learn what names may be available to you. After finding a suitable name for your business, you may wish to register this same name in all 21 counties of New Jersey in order to ensure that no other competitors possess the same moniker.
Note that if you want your business to operate under a fictitious or alternate name, you first must register this as well in order to do so legally.
Contact a New Jersey Business Law Attorney
These are only a few basic steps to form a new business in New Jersey. To ensure that you are performing the process properly and efficiently, consult the attorneys at Dash Farrow LLP. We can help advise you on any business law matters and can make sure that you register and record your business correctly. Contact Dash Farrow LLP today at 856-235-8300.