If you have decided to start a business in New Jersey, you have probably quickly realized that there is a lot to it. Perhaps one of the most important things you need to do would be in knowing how to properly keep all of your ducks in a row. Depending on the nature of the business, there are permits you will need to apply for, tax statements you need to fill out, and a full understanding of how much help you need and how you will account for withholding from their gross paychecks. However, this is just the beginning. There are many other vital things you will need to know about starting your New Jersey business. Consider some of the following steps:
Consider the business structure.
There are a number of different business structures you could consider if you want to establish a business in this state. For example, you could start a sole proprietorship, a corporation, a cooperative, a partnership, or a Limited Liability Company (LLC). Perhaps one of the most popular business structures in this state would be that of an LLC. This is because starting an LLC is one of the easiest ways to ensure quick and easy filing and a great way to separate your personal assets from your business assets. Indeed, there are all kinds of LLCs out there, from retail outlets to restaurants. Just about every type of service or retail business can be done with an LLC. Of course, when it comes to starting a business in NJ it is important to do your homework, no matter what type of structure it might be. It doesn’t matter whether it is an LLC, a sole proprietorship, a cooperative, or a corporation, you need to know what paperwork is required and what New Jersey laws and regulations you will have to follow.
Choose a name for your small business.
Choosing a name for your New Jersey small business doesn’t have to be as difficult as you might think. In order to make the process as simple as possible, there are a number of tips you should consider. First of all, one of the main steps would be for you to go back to the basics of your business. Consider your mission statement, your business plan, and your selling strategies when thinking about a name. You want your name to capture all of these activities so that customers can remember it easily. After keeping this in mind, the next thing you should do would be a brainstorming session. After settling upon a name, you should then check to make sure it is available. After that is established, the last thing you should do would be to register your name and your new business.
Establish all of your accounts and obtain your Federal Employer Identification Number.
The next thing you will want to do is take a little trip your bank of choice and establish a number of accounts, including a commercial check account and a savings account at the very least. After, you will need to look into getting your Federal Employer Identification Number. This is kind of like a social security number for your business, and it will ensure that you are able to take out loans in the name of the company and be able to open those bank accounts in the first place!
Obtain all of your permits and your business licenses.
You will definitely need to file your business license so your enterprise will be fully able to operate within your New Jersey city or county. Moreover, depending on the city you are based in, you might need to register for your state taxes and permits.
Consider all of your ongoing requirements.
The state of New Jersey will require you to file annual reports and post annual franchise taxes as well. Of course, this is all largely dependent on the type of business structure you have. Do your research so you are aware well in advance of everything you need to do.
There is no question that starting a New Jersey business is the very definition of work. However, if it’s worth doing, it’s worth doing right. New Jersey businesses are what keeps the Garden State’s economy running along like a top. Your diligence is what makes our state a great place to live!
Contributed by Steven Hawk