Starting a business in NJ involves several legal, tax, and administrative steps. Here’s the complete checklist.
1. Choose Your Business Structure
LLC provides the right balance of liability protection and simplicity for most NJ businesses.
2. Register with NJ
File formation documents with the Division of Revenue. LLC filing fee is $125.
3. Get Your EIN
Free from IRS.gov. Needed for bank accounts, tax filings, and hiring.
4. Register for NJ Taxes
Sales tax, withholding, unemployment/disability through the NJ Business Registration portal.
5. Open a Business Bank Account
Dedicated account using your EIN. Do not commingle with personal funds.
6. Set Up Accounting
QuickBooks Online, chart of accounts, and bookkeeping process from day one.
7. Licenses and Permits
Check with your municipality and the NJ Division of Consumer Affairs.
8. Estimated Tax Payments
Quarterly payments to IRS and NJ. Your CPA can calculate amounts.
9. Insurance
General liability, professional liability, workers’ comp if you have employees.
10. Plan for Year-End from Day One
Document startup expenses, track mileage, keep every receipt.
Disclaimer: The information provided is for general educational purposes only and does not constitute tax, legal, or investment advice. This content is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. Tax outcomes depend on your specific facts and circumstances. Viewing this material does not create a CPA-client relationship. Personalized advice is provided only through a signed engagement letter.
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