NJ Business Facts
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. The Garden state also has the densest concentration of shopping malls in the world, with seven major shopping centers situated in a 25 square mile radius.
Major Companies in New Jersey
Currently Johnson & Johnson holds the top employer position in the Garden State. Other large corporations are Conduent, Merck & Co., Bed Bath & Beyond, Toys R Us and Automatic Data Processing.
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
Sure, you could do all the steps above or you could spend 5-10 minutes on our order form and let us take care of it while you work on more important things.
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.
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.
Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years. View our “Accounting & Financial Management” section for help with setting up an accounting system and purchasing accounting software.
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.
If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both). View our “Employees & Payroll” section for help with hiring employees and processing payroll.
There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection. Click here to view our preferred provider of business insurance online.
Prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business. View our “Manage Your Company” section for help with systemizing and automating your business.
Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that targets your ideal customer. View our “Marketing & Sales” section for help for more information.
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.
Our New Jersey filing services will help you get started as quickly as possible.
NJ Department of State
PO Box 300
Trenton, NJ 08625
New Jersey State Labor and Employment Departments
New Jersey Startup Resources
1. New Jersey Small Business Administration
2. SCORE Mentors
SCORE is a resource to connect with active and retired business people who volunteer time to support startup businesses. Connecting with a local SCORE mentor can help you avoid costly startup mistakes.
3. New Jersey State Legal Statutes:
5. Angel.co New Jersey State Startups
6. New Jersey Business News
7. New Jersey State Small Business Development Center
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