The only bookmark you need if you ever want to start a business in New Jersey.
New Jersey’s nickname, The Garden State, is said to have been coined by Abraham Browning of Camden, who first referenced it by that name at the Centennial Exhibition in Philadelphia on New Jersey Day, August 24, 1876.
New Jersey has the most diners of any region in the world, and is often referred to as the world’s Diner Capital.
With 90% of its residents living in urban centers, New Jersey has the highest urban population in the United States. It is the only state where all of its counties are classified as metropolitan areas.
New Jersey has the densest system of highways and railroads in the US.
New Jersey has the densest concentration of shopping malls in the world, with seven major shopping centers situated in a 25 square mile radius.
A&P, Bed Bath & Beyond, The Children’s Palace, Hertz, Jackson Hewitt, Spencer’s, Toys “R” Us, Vonage, ShopRite.
Although the tech and startup scene in New Jersey is experiencing a period of growth, many New Jersey startups currently have a difficult time finding investors and acquiring funding. Part of the reason behind this is tied to New Jersey’s capital gains tax, which applies to all exchange of property, shares, and stock.
There are 3 basic options: a DBA, a Corporation or an LLC. Click here to learn more about business entities.
Picking a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that, the better).
Each state has it’s own requirements for registering a business. Now that you’ve chosen a business structure and picked your business name, here are the requirements to register your business in New Jersey.
Our formation package includes everything you need to get started
Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
You can read more about corporate tax laws in New Jersey on the New Jersey Department of Treasury Division of Taxation site.
TIP: We will obtain your EIN for you if you we form your company.
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork b) your EIN c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
TIP: Our business formation service includes a free banking resolution for your use.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
The State of New Jersey Business Portal has information regarding business licensing in New Jersey.
Tip: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the FBN) at which point you’ll need to renew it with the county.
LLC: New Jersey LLCs are required to file an annual report on or before the last day of their anniversary month. The filing fee is $53, and the report must be filed online.
Corporation: Your business must keep corporate records at its principal place of business. Every year, an officer of your corporation must file an annual report on or before the last day of the anniversary month of incorporation. The fee is $53 ($25 for non-profits). The annual report filing may be used to change the business’s registered agent or registered office. This report must be filed online.
Franchise Taxes: New Jersey businesses must file an annual franchise tax, submitted quarterly, based on a percentage of total revenue. Interestingly, LLCs do not pay income taxes – only their members do.
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.
IMPORTANT: We are open and have resources for small businesses to get help with Covid19!