The Jayson Law Group LLC has put together a comprehensive Guide for Tech Start-ups in New Jersey. This guide aims help those interested in starting a tech company in New Jersey navigate the twists and turns of being a new business owner, especially within the growing tech industry.
This guide is provided as a starting point into the necessary steps in forming a New Jersey start-up and the options and incentives available to technology start-ups in the state. While your tech start-up may qualify for other more broad-based programs and services, the scope of this guide is to focus on those resources and incentives that are only available to technology start-ups.While we hope that this information can guide you, it is prudent to seek the advice of an experienced business attorney and accountant prior to making any decisions or taking action. Experienced business development professionals can help you understand how these programs can help your start-up gain its footing.
Technology Start-up Company Regulatory Checklist
Forming a start-up company is a technical legal process that is often best handled by an experienced business attorney. While there are many other aspects to planning a successful start-up, this checklist will focus on the legal and regulatory requirements New Jersey businesses face. An experienced attorney can provide guidance related to the organization of the business, registration of the business, required local permits and ordinances, business licenses and certifications, employment disputes, New Jersey insurance requirements, succession planning, and many other business concerns.
The legal form of your business entity
In New Jersey a business may be organized as a sole proprietorship, a partnership, a corporation, a limited liability company (LLC), or a limited liability partnership (LLP). Businesses operated as a sole proprietorship or general partnership do not require registration at the state level, though it is advisable, unless a trade name will be used. A trade name, often expressed as doing business as (d/b/a), requires registration in the county where the business is situated. For statewide protection your company must register in each of the 21 counties of New Jersey.
Many, if not most, growing businesses soon outgrow the forgoing methods of organization because personal and business liability is commingled. If you wish to organize your business as a corporation, a limited liability company (LLC), or a limited liability partnership (LLP) you must Register a New Business Entity with the Division of Commercial Recording, New Jersey Department of Treasury.
Registration for tax purposes
The New Jersey Division of Revenue requires that all businesses register for tax and employer purposes regardless if the business will have employees or engage in business that requires the collection of state sales tax. New Jersey has streamlined its process and registration will also allow your company to arrange for taxes, New Jersey unemployment insurance (UI), and disability. Depending on the form of your business, you also may need to obtain a Federal Employer Identification Number (FEIN).
View the comprehensive Guide for Tech Start-ups in New Jersey here.