Before you can incorporate a business, you must first pick how it’s going to be organized in conformance to the various legal structures available.
You can either incorporate a Limited Liability Company, a traditional or S Corporation, a Non-Profit organization and so on. Each of these structures has inherent advantages and disadvantages that may be or may not be right for your business.
Therefore, it is important that you take a step back, determine which structure best fits your business needs, and make an informed decision. To help you do this, here are a few essential self-help guides.
As soon as you have decided on a business structure, the next task is to file your incorporation documents. Be reminded that this is not the only task involved when incorporating, and there are also several more forms that you need to fill out.
To ensure that you are using the state’s official form as well as following statutory incorporation requirements, always refer to the New Jersey Secretary of State.
Now that you have followed the steps above, you are officially a New Jersey business owner. Here are 5 additional steps to help you start a successful business.
Now this is the part where almost all the bulk of work is concentrated. Remember that you must always keep track of all deliverables to ensure that no issues and problems arise along the way.
Aside from completing a Public Records Filing for New Business Entity, you must also accomplish the following according to statutory requirements: choose a valid business name, hire a New Jersey Registered Agent, elect an initial set of directors, file tax reports, acquire essential business licenses and permits, and obtain an Employer Identification Number.
Aside from these state deliverables, there are also a few internal documents needed for smooth business operations. These internal documents include a business plan, corporate bylaws, operating agreement, incorporator’s statement and more.
There are many options when opening a business bank account to keep your personal and business 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, you will be able to keep your personal liabilities as a New Jersey business owner at a minimum.
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.
As soon as you have incorporated, it is wise that you also look into incorporation maintenance requirements to always be in good standing with the state.
Do not forget to file tax returns on time, reapply, renew and obtain business licenses as needed in a timely manner, and submit annual reports.
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