As part of the requirements when starting a business in New Jersey, you must come up with a valid business name. As per state-specific regulations, the corporate name should have any of the following words: ‘corporation’, ‘company’, or ‘incorporated’.
Its corresponding abbreviations can also be used or a corresponding meaning in another language. As well, the business name should not be the same or even closely resemble that of an existing business entity’s name existing in the New Jersey database.
You can check the validity of your business name through the New Jersey business name search tool. If it is available, an Application for Reservation of Name can be filed to the New Jersey Division of Revenue and Enterprise Services for 120 days. The name reservation should be filed through postal mail enclosed with the $50 filing fee.
When legally incorporating in New Jersey, you must file a Certificate of Formation to the Division of Revenue and Enterprise Services.
When filing a Corporation in New Jersey, the following information is necessary: name and address of the Corporation, name and address of the Registered Agent, statement of purpose, tax closing month, name and address of each initial director, and name and address of each incorporator. An online filing for the Certificate of Formation should be done.
Filing fee: $125
A New Jersey Registered Agent is vital in your Corporation. Aside from it being a statutory requirement for incorporation, a Registered Agent in New Jersey helps you with accepting service of process and other legal documents for your Corporation. An individual or a licensed business entity can be a Registered Agent.
A physical street address has to be provided by the agent upon designation. The agent must also acknowledge to receive service of process on behalf of the Corporation before his official designation. For easier and more convenient compliance of this requirement, IncFile offers excellent Registered Agent Services you can rely on.
A Corporate Records Book is used to store New Jersey Corporation registration documents, copies of tax returns and business licenses and permits, copy of your Certificate of Formation document, business plan, operating agreement and more.
Simply put, it is the corporate repository where all your documents will be placed within easy reach. You can get a copy of a Corporate Records Book at your local office supply shop or you can have one delivered directly via Amazon.
As part of statutory requirements when forming a Corporation in New Jersey, an initial number of directors should be elected.
As soon as these directors are elected, the incorporator needs to create an Incorporator’s Statement containing all the names and addresses of the initial directors of your New Jersey Corporation. This document should then be signed by the incorporator and stored in the Corporate Records Book.
Together with the directors you have elected when starting a New Jersey Corporation, you can now schedule an initial meeting to address crucial business matters that need to be decided. These agenda points include:
The minutes of the meeting should be prepared as soon as the meeting is over. This document should be signed by all the meeting’s attendees as well.
As part of the New Jersey Corporation maintenance requirements, you have to do this three-step process in connection with your New Jersey business taxes:
Then, when you have sorted out your tax obligation, you should also look into acquiring the required New Jersey business licenses and permits to operate a legal entity in the state.
Since there are many regulations and requirements involved when obtaining all this paperwork, you can use our New Jersey Business Licenses and Regulations guide for some reliable references.
There are many options when opening a business bank account to keep your personal and Corporation finances separate. For a close up look at the top options, visit this quick roundup.
Keep in mind that by opening a bank account separate from your personal one, you will be able to keep your personal liabilities as a New Jersey business owner at a minimum.
The combination of required and recommended steps below solidifies your business startup even more by allowing you to operate as a legal entity in the state. Although there are some recommended steps, these are provided to ensure that you can enjoy business success.
Even if you have validated the feasibility of your business idea, it’s not enough to start a business with just your determination and passion to succeed.
Rather, you need a concrete business plan where you can channel your hard work and determination to achieving the goals outlined in your action plan. The task alone of writing a business plan gives you a clearer view of what points of your business need working on and improvement.
The links below are a valuable source of instructions and insights on how to write an effective business plan now.
Nowadays, it is important to build trust through a business website. However, since very few people starting a business in New Jersey have technical experience, I recommend looking into WordPress.
WordPress is a free, easy to use, and customizable website builder. No design experience required. Learn how to build your website through this free guide.
New Jersey Corporation bylaws should outline the purpose of your organization, how it goes about day-to-day business operations, and the corresponding duties and responsibilities of the managers and shareholders.
Corporate bylaws are internal documents that allows order and organization within your business. It is also an important document to prove the legitimacy of your Corporation.
Please note that this is only an informational guide. It should not be taken as a legal document or advice. For specifics on how to form a Corporation in New Jersey or starting a business in New Jersey, consult the services of a business lawyer.