How To It's possible to form an limited liability company in New Jersey.
If you are starting a business in New Jersey, you may want to organize it as a limited liability company.If a company has legal or financial problems, it can be formed into a limited liability company under New Jersey law.Many of the benefits of a corporation can be found in an limited liability company.
Step 1: The name of the business should reflect the products or services you offer.
You have to include the words "Limited Liability Company" in your name in New Jersey.
Step 2: Ensure your name is distinct by searching the NJ business name database.
Any other name currently used or reserved in the state must be distinguishable from yours.The system is free.You can call the NJ Division of Revenue and Enterprise Services if you need help.You will be charged a fee for this assistance.When you file your formation documents online, name availability checks are also done.
Step 3: You can reserve your name.
You can reserve your name by filling out a paper form and mailing it to the NJ Division of Revenue, Corporate Filing.You can fax it to the same number.A $50 filing fee is required with your reservation form.Your name will be reserved for 120 days if you plan on forming a limited liability company in New Jersey.
Step 4: A registered agent should be appointed.
All limited liability companies in New Jersey must have an agent for service of process in the state.A company may be authorized to do business in the state if the agent is an individual resident.The agent needs to have a street address in New Jersey.
Step 5: Paying the filing fee is necessary to file certificates of formation.
You can form an limited liability company in New Jersey by answering a few questions and paying the $125 filing fee.The fee for forming a nonprofit company is $75.The form must include the name and address of your registered agent.The names and addresses of all members of the company must be included.Print the required forms and mail them to the Division of Revenue if you don't want to file online.
Step 6: An operating agreement should be prepared.
Although state law doesn't require an operating agreement, having one in writing ensures all the members of your company understand their rights and responsibilitiesYour operating agreement describes the rights and duties of your company's members, as well as their relations with each other.The company's activities, how they are conducted, and how decisions are made are detailed.If you don't have an operating agreement, the default rules set out in the New Jersey statute will apply to your business's operations.Make sure you understand how the rules of the state will affect your business by reading the law.
Step 7: You can file annual reports.
Each year, the Division of Revenue in New Jersey requires the filing of a report by all limited liability companies in the state.The report must include your name, address, and registered agent.A $50 filing fee is required for each report.
Step 8: Obtain an employer identification number from the IRS.
If you plan on opening financial accounts in the name of your business, have more than one member, or have employees, you will need a federal EIN.The same way you use your Social Security number, the EIN is used for your business.It is a unique identification number that can be used to open bank accounts, apply for loans, or file taxes.
Step 9: You can register with the state with your EIN.
All businesses have to register for tax purposes.Most businesses have a federal EIN, and New Jersey uses that number for state tax identification as well.You can apply for an EIN if you don't have a federal one.You can file the tax form at the same time.The tax registration must be completed within 60 days if you choose to file separately.
Step 10: State or local business licenses are necessary to operate a business.
Some businesses need additional licenses, certifications or permits.There is a fee for these licenses.If you want to open a beauty shop, you have to pay a $130 license and registration fee.