As the world turns back toward a sense of normalcy, many individuals are beginning to explore opening their own businesses. As a business law attorney, H. Benjamin Sharlin, Esquire assists aspiring business owners through their journey to becoming an LLC and even beyond.
There are several steps that must be completed to gain the LLC title. Having an experienced business law attorney will help make the process easier, less stressful and more productive. Here are the steps that you can expect when moving forward in your new business journey.
Choosing your name.
- Choosing your business name may be one of the most important aspects of starting your business. The business name is going to be the first thing that customers recognize and will be one of the main aspects that stays with you throughout the life of your business. When choosing a name, you must remember that it is required to include Limited Liability Company (or LLC) after the primary name of the business. You cannot use government described words, such as treasury and it must be different than any other business names in the state of New Jersey.
Make sure the business name is available.
- You do not want to choose a business name that has already been taken. You will need to check this information through the New Jersey Division of Revenue and Enterprise Services. It is also important to make sure the domain is available for your business name so that a website can be established for your business if you so wish.
It is required to nominate a registered agent for your LLC.
- Before applying to become an LLC, a new business must nominate a registered agent for the receipt of tax forms and service of legal process for the LLC. This registered agent can either be an individual or a business entity, whether related to the business or not. Commonly, agents tend to be the owner of the business.
- As mentioned, this nominated registered agent is responsible for receiving the related tax documents for the LLC and for receiving any legal documents, i.e. Complaints, and official government letters that relate to the business.
The Certificate of Formation must be filed with the New Jersey Division of Revenue and Enterprise Services.
- The filing of the Certificate of Formation costs $125.00.
Your newly created LLC must be registered for tax and employer purposes.
- When your LLC has been approved and therefore created, the business has 60 days (about 2 months) to register to receive a Tax ID number. This tax ID number will allow the business to operate legally. It also enables the business to hire employees, if needed.
- After receiving a Tax ID number, the business must also create an employer ID number. This will be a 9-digit number that is assigned by the Internal Revenue Service. It allows businesses to open business accounts with the bank of their choosing, file federal and state taxes and hire employees.
Lastly, although not required, businesses should create an operating agreement.
- An operating agreement is not required for LLCs to run their business; however, it is encouraged. This type of agreement, especially when other individuals are hired as employees, helps members of the business establish operating guidelines for the ownership of the company. It is a legal document that must be signed by all members of the LLC.
Becoming an LLC should be an exciting fete for anyone expanding their career aspirations. H. Benjamin Sharlin, Esquire is an experienced and knowledgeable attorney that can make the process smooth and quick to get your business up and running. Contact us today to schedule a free consultation!
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