State Of Nj Business Name Search – Starting Your Own LLC in NJ (Getting Started Guide) Learn how to start and open your own LLC in New Jersey
Whether you’re a local Jersey resident or not, New Jersey is a great state to start a limited liability company (LLC).
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New Jersey’s proximity to New York offers big city access without the exorbitant cost of living. It also offers access to an educated and experienced talent pool to compete with the men downtown.
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Moreover, with more people moving across the border, many NJ cities are becoming more densely populated and gentrified. Starting a small business to cater to people’s needs has become more attractive.
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Generally, your LLC name must be distinguishable from other business names already registered in New Jersey.
Additionally, it must include one of the abbreviations — “L.L.C., ” “LLC,” “Ltd. Liability Co.”, “Limited Liability Co.”, “Ltd. Liability Company, ” or “Limited Liability Company.” So people know they are doing business with an LLC.
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Do not include words in the name that would suggest affiliation with a government agency (eg, “FBI,” “Treasury,” “IRS,” etc.). The use of other words is restricted by the government and requires special permission to use. Some names are prohibited.
You can check if your business name meets all the marks and is available for registration through Business Name Search — a name search utility on the NJ Secretary of State’s website. You can also use the Business Name Availability tool.
You can choose to reserve your LLC name before filing the necessary paperwork up to 120 days. To do so, complete and file the Application For Name Reservation. The state fee is $50.
If you want to do business using a different name than your LLC’s legal name, that’s possible.
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For example, you may need to do this if your LLC was formed in a different state and is already being used by another business in New Jersey.
In New Jersey, this alternative name is called a “doing business as” (DBA) name. Other states call it a “trade name” or “fictitious name.”
You can register a DBA in New Jersey by filing an Alternate Name Registration. The fee is $50. You can file the form online, by mail or in person.
A registered agent is a person or organization appointed by the LLC to receive important documents on its behalf, such as lawsuits, service of process, tax notices or correspondence from the New Jersey Secretary of State.
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You can serve as your own registered agent for free. However, most businesses use third parties as designated agents for reasons of privacy and convenience.
Generally, companies don’t want process servers showing up in their offices. Additionally, your agent must be available during normal business hours to receive mail and letters. Not all businesses may be available at that time.
Before you form your LLC in New Jersey, you should obtain an employer identification number (EIN) from the Internal Revenue Service.
An EIN is the business equivalent of a social security number. It is necessary to hire employees and file business and employment tax returns. You will also need to provide this number when filing company formation documents in NJ.
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If your single member LLC is considered a sole proprietorship for federal tax purposes and has no employees, you are not required to register an EIN.
To legally form your LLC, you must submit a “Public Record Filing for New Business Entity” to the New Jersey Division of Revenue.
Companies and limited partnerships use this form as well. So if you’re incorporating an LLC, there are some areas you can skip.
You can complete and submit this form online, by mail or fax. Online filing is done through the New Jersey Online Business Formation portal.
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The filing fee is $125. Processing time if you file online is 1-2 days. If you file by mail or fax, without expediting, processing time can be 2-3 weeks.
If you file by fax or in person, processing time can be expedited by paying an additional fee. For same-day processing, the cost is $75. For a 2-hour processing, the fee is $500. For 1 hour processing, the price is $1,000.
After your request is approved, you will receive a “Certificate of Formation” (Certificate of Authority), which will display your Entity ID.
An Entity ID is a 10-digit number used in New Jersey to identify your business records. Your records are public and kept separate from your confidential tax records.
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Once you have formed an LLC, you must register the LLC with the New Jersey Department of Revenue & Enterprise Services Division (“DORES”) within 60 days.
To do this, complete the NJ-REG form. Registration is quick and can be done online through the DORES business portal. In fact, it is a one-stop portal for most business filings.
Registration is intended to provide the state of New Jersey with the information necessary to determine your state taxes and employer contributions. Failure to register your business will result in penalties and fees on taxes owed to the State of New Jersey.
To register, you’ll also need your NAICS code. It is an 8-digit number used to classify your business industry.
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After completing your registration, the state will issue your LLC a New Jersey Tax ID and a Certificate of Authorization to Collect Sales Tax (if necessary). The NJ Tax ID is usually the same as your EIN, with 3 extra numbers added. This 12-digit number is your identifier for filing state taxes.
A Certificate of Authorization to Collect Sales Tax is only given to you if you collect sales tax. It needs to be displayed at your place of business.
Like the corporation’s bylaws, the operating agreement governs the relationship between the members of the LLC and between the members and the LLC.
New Jersey law will prevail when the operating agreement does not address a specific issue. Although the operating agreement addresses the issue, New Jersey law may override the operating agreement in certain circumstances.
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LLC operating agreements can be written, oral or implied. You do not need to file it with the New Jersey authorities. When in writing, a copy of the operating agreement shall be provided to all members of the LLC and kept with the books and records of the LLC.
Although not required by New Jersey law, multi-member LLCs should consider creating these documents. A written operating agreement can provide greater liability protection for the LLC and its members than the New Jersey LLC statute.
Further, it allows new investors to see how the LLC will be managed. Additionally, a written operating agreement helps avoid conflicts between members. In addition, a formal operating agreement can facilitate LLC financing.
If your company operates in multiple states, you may want to use a national bank such as Bank of America or Chase. If your business is limited to New Jersey and you live in the state, choose a more affordable local institution.
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Local banks usually offer more personal service and lower fees than national banks. Fulton Bank of New Jersey, Investors Bank, Lakeland Bank and New York Community Bank have excellent reputations in New Jersey.
To open a business account, you usually need to provide your Certificate of Incorporation, a company resolution authorizing the opening of a bank account, and your EIN from the IRS.
If you are a sole member LLC and report your income on your Federal 1040, you are not legally required to obtain an EIN. However, the bank may require it.
Fees will vary depending on the amount of activity in your account and the amount of cash deposited. In total, plan to pay $0 to $35 per month.
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At the state level, there is no general business license. But if you operate in a regulated industry, you need a professional license.
License requirements and costs depend on your business. Refer to the New Jersey Licensing & Certification Guide for more details.
If you need a professional license, you can apply for one through the New Jersey Division of Consumer Affairs website.
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Of course, operating a new business owner as an LLC in New Jersey has benefits, but there are downsides.
Startup costs for LLCs in New Jersey vary depending on the type of business. At a minimum, a single member LLC in New Jersey will cost $200 to set up and operate in the first year.
The filing fee for Articles of Organization is $125. There is an annual fee of $75 plus an online filing fee of $3. If your LLC files a partnership tax return, there is a minimum fee of $150 per partner per year. Licensing fees will depend on the type of business but range from $100 to $300 annually.
The processing time to form an LLC in New Jersey depends on the method used. LLC should
