Small Business Startup Tips
Before you can open your doors and start operating as a business, there are some important obstacles that need to be completed such as creating a business plan, finding support professionals and paperwork.
The first step is to decide what form your business will take: sole proprietorship, limited liability company (LLC), limited liability partnership (LLP) or Corporation.
To register your business with the state of New Jersey please go to http://www.nj.gov/njbusiness/ and click on the “Start a business” tab. This would be the quickest way, allowing you to be registered the very same day. You may also contact the Division of Commercial Recording, PO Box 308, 225 West State St., Trenton, N.J., 08625-0308 or call (866) 534-7789 to register your business.
As either a sole proprietorship, LLC or LLP you have the option to be registered under your social security number, or under an employer identification number (EIN). This can be obtained from the RIS website at http://www.irs.gov/.
All businesses must go to their local County Clerks office (of the county the business is registered in) and register their trade name. This protects a business name from being used by other businesses in the county that it is registered in. With that being said, the state recommends that you register in all 21 counties.
PERMITS AND REGULATIONS
If you have employees you need to obtain a federal tax ID number (FEIN). If you do not have any employees you can file businesses taxes under your social security number. So for those of you who operate as a corporation or LLC you should apply for your FEIN.
SALES TAX COLLECTION
If you will provide a product or service that is subject to sales tax, you must register with the NJ Department of Treasury (http://www.state.nj.us/treasury/taxation/). As well as collections of sales tax, registration will also allow you to avoid paying sales tax on items that you incorporate into you products for resale.
OPENING A BUSINESS CHECKING ACCOUNT
It is important that you separate your business from your personal finances. To open a separate business checking account, you will need to first register your business as above and bring your registration forms to your chosen bank.
Once you have completed these steps, contact the Monmouth Regional Chamber of Commerce to assist you in establishing a presence in the business community and get information on how we can help you engage the community as well.
SCORE SMALL BUSINESS COUNSELING
SCORE Chapter 36 is located in Monmouth County, NJ. They offer small business entrepreneurs confidential business counseling services at no charge. SCORE volunteers have the knowledge and experience to help small business owners get the help they need. They also provide local workshops to connect small business owners with the people & information they need to start, grow and maintain their businesses. Please visit their website at https://monmouth.score.org