The Five Essential Factors to Consider When Starting a Business in NJ

The Five Essential Factors of Starting a Business

Five Essential Factors to Consider When Starting a Business

Starting a business is up to you. Protecting your business is also up to you. At some point, you will need to hire a business law attorney. Until that happens, here are five essential factors to consider when starting a business.

The Benefits of Incorporation

It is never too soon to incorporate. As long as your personal assets are on the line, a creditor or client can sue your company, leaving you in dire straits. Incorporation helps to protect you from this and similar eventualities.

Procuring a Business License

Operating a business without proper licensure can be extremely costly. Do your homework and investigate what is required to operate the type of business you plan to start. There might be local, state or even federal licenses that you will need to apply for. Start at your local city hall or county office. Look into whether zoning approvals are required.

Preparing Contracts

This is truly where an attorney comes in handy. A non-disclosure agreement will come in handy if you are going to be sharing trade secrets or business plans. As soon as you have to hire someone or subcontract any work, that is when things get more complicated. Employees and contractors need to be made aware that they are obligated to maintain confidentiality about your business. Again, an attorney will advise you on situations that might arise and help draft the appropriate paperwork.

Looking After Your Logo

You will want your company to have an identity, one that will represent value to your potential customers. This is where a logo comes in. That logo is the vessel for that value. When people see it, you want them to think of your company and the service it provides. This requires a special contract with your graphic designer. It must specifically state that you own the rights to that logo.

Obtaining an EIN

Businesses have Employer ID Numbers (EIN). You can obtain an EIN from the Internal Revenue Service. If you operate as a sole proprietorship, you will at least want one for payment purposes. Otherwise, you will have to disclose your personal Social Security number. From there, just about any circumstance will require an EIN. Whether your business is incorporated or a partnership, you need an EIN. If you have employees, you are an employer. Get an Employer ID Number.

If you have questions regarding setting up your business, contact this office today for an appointment.  

The Law Office of H. Benjamin Sharlin LLC

is owned and operated by H. Benjamin Sharlin and serves all of Mercer County, New Jersey and the surrounding areas. Mr. Sharlin is a bilingual Spanish-speaking attorney who vigorously represents the interests of all his clients.

Call (609) 585-0606 or click the button below to schedule an appointment

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