How to Start a Small Business in New Jersey
Did you know that small businesses represent more than 98 percent of employers in the state of New Jersey? In 2010, these businesses employed approximately 1.7 million workers.
If you want to become a small part of this big pie, it is time to consider the steps associated with starting a small business in New Jersey.
The State of New Jersey Business Portal provides entrepreneurs with all the information and guidance they need to start a successful business. You shouldn't expect anything else from an agency with the tagline "One-Stop Shop For Business."
The first step is choosing a legal structure for your business. There are many options, including: sole proprietorship, LLC, partnership, and corporation. Knowing the finer details of each, such as how the structure will impact your tax situation, as well as the pros and cons, is of utmost importance.
The State of New Jersey Department of the Treasury discusses taxation in great depth, including the requirement of registering your business with the state a minimum of 15 days before opening your doors.
Once you choose a structure and have your tax situation in order, there are other issues that require your attention:
- Obtaining the necessary permits, licenses, and certification.
- Understanding employee related issues, such as the requirement to purchase unemployment insurance (if you have one or more employee).
- Selecting a location.
As a prospective small business owner, you will focus most your time and energy on choosing the right business structure, registering your business with the appropriate agencies, and understanding the New Jersey payroll tax requirements.
The Garden State, with a population of nearly nine million, affords entrepreneurs the opportunity to achieve success in many industries. If you want to start a small business in New Jersey, don't hesitate to follow the outline laid out by the state itself.