One of the most common questions that I receive concerning my practice is about whether or not to file for an LLC in New Jersey. The reality is that every state has their own particular requirements and laws, and New Jersey is no different. In general, all fifty states require some form of registered agent when filing a Form LLC, and the process is similar no matter which state you're filing in. Some states, including New Jersey, have even more extensive requirements, but that's to be expected.
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What does an LLC mean? An LLC is simply a company, and there are a number of different types of businesses that can choose to file as an LLC, including S corporations, partnerships, limited liability companies, etc. The main idea behind filing an LLC in New Jersey is that your personal assets are entirely protected from the actions of your LLC. This also makes it much simpler to do business, and many people are intimidated by the whole process of incorporating a new company, or LLC.
What is an Operating Agreement? An Operating Agreement is a legal document that governs the operation of your LLC, or Limited Liability Company, as well as your right to use the name "Your Company" in any communication with others. You'll create an Operating Agreement between yourself and your registered agent, who will be known as the" proprietor" of your LLC. Once the Operating Agreement has been filed with the state in which you'll be filing your LLC, you'll be able to incorporate your LLC, by filing its Articles of Organization. The Operating Agreement is considered to be a living document, which means that it exists long after the termination of the LLC Company.
Forming an LLC - New Jersey Guide
What are member rights? Are they important to New Jersey? Well, in short, yes! As mentioned above, each member of an LLC has the right to sue your business (or its owners, if it's a partnership) if you fail to deliver to its members the duties, services, and the projects agreed to in the Operating Agreement. So it's crucial that you pay close attention to what your Operating Agreement says, as it can make the difference between whether you're able to protect your member rights, and if you're forced to sell your business before it's paid off.
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Why is there a form for forming a Limited Liability Company in New Jersey? In short, because this is one of the few states in the United States that actually require a form to be filed with the state in order to commence the formation process. This form is referred to as a "complaint," and it asks various questions pertaining to the nature of your business. It also requires your LLC to provide the state with its address (usually a PO Box). Then, the complaint is filed with the Office of the Secretary of State, along with other necessary forms and fees.
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Does my LLC need a registered agent? A registered agent is an individual who will be responsible for receiving all requests for notices and other communications from the LLC, as well as acting as the principal's counsel in cases involving legal proceedings. A registered agent doesn't need to be a New Jersey resident, and it's not necessary to have a certificate of incorporation in New Jersey. However, having a certificate of incorporation in New Jersey does give you some legal protection from the misuse of LLC funds, so it's certainly something to consider if you're considering forming an LLC in New Jersey.
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Are there other aspects of forming an LLC in New Jersey that I should know about? One of the biggest differences between a sole proprietorship and an LLC is that the former needs to have a registered agent, and it must also show its New Jersey tax identification number on its business cards and filings. Also, unlike a sole proprietorship, which can have its own phone line, a New Jersey Limited Liability Company may use just a regular phone line. Finally, although it's not required, many businesses prefer to use a New Jersey business license as their company registration number, rather than having their names simply listed on the filing with the state.
Is there a way to avoid all of these? No. An LLC isn't allowed to perform any of the same activities as a sole proprietorship or a corporation, and it's not even required to pass through any state taxes. As you can see, although an LLC might seem like a good idea for tax purposes, there are several drawbacks to Forming an LLC in New Jersey.
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