Filing a New Jersey Corporation
Forming a New Jersey Corporation could be advantageous for new business owners. A Corporation is beneficial because it provides numerous tax breaks to owners and because it provides instant credibility to new customers. However, there are many administrative steps involved when creating a New Jersey Corporation. Prospective owners must be careful to complete each step correctly.
Steps When Filing
Choose A Name
Those looking to form a New Jersey Corporation will first need to choose a name for their entity. The state of New Jersey requires each Corporation to have an indicator in its name reflective of its structure. In this case, owners will want to add something to their name like, “Corporation,” “Incorporated,” “Company,” “Limited,” or an appropriate abbreviation, such as “Inc.”
Also, New Jersey requires the name of each entity to be unique. This means that a Corporation cannot share a name with another Corporation. To prevent themselves from selecting a name already in use, owners should use the DoMyLLC Name Availability Check Page
Choose A Registered Agent
After choosing a name, new owners will then want to select a registered agent. A registered agent is responsible for accepting legal correspondence on behalf of the company. Unfortunately, many new owners fail to realize how critical a registered agent is to their operations. Those that do tend to hire a professional third-party company, such as DoMyLLC, to serve in the role.
File Articles Of Incorporation & Pay Filing Fees
Once new owners have chosen a name and registered agent, they can file the Public Records Filing for New Business Entity with the state’s Department of Treasury. The cost to do so is $125. There is also an expedite fee that ranges from $15 to $1,000. Information that owners must provide on this form includes:
- The name of the company
- Type of business entity
- Purpose of the business
- Stock information
- Duration of the Corporation
- If a foreign Corporation, the state and date of formation
- Registered agent name and address
- Main business or principal business address
- Name and address of directors, a minimum of one is required
- Name and address of incorporators
- Signatures for the public record
File Initial Report
A New Jersey Corporation does not need to file an Initial Report. However, if they were to expand across state lines, Initial Reports could be necessary.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing the Articles of Incorporation, owners of the New Jersey Corporation will want to hold an initial corporate meeting. Those listed as the directors on Articles of Incorporation are responsible for overseeing the initial meeting. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once in place, the board can define the role of officers and elect officers. Directors will also need to draft corporate bylaws. Bylaws are private and serve as an internal operating manual for the Corporation. A Corporation cannot exist or conduct business until its board of directors has adopted a set of bylaws. Additionally, many banks and insurers require proof of bylaws to enter into a working agreement with a Corporation.
While at the initial corporate meeting, the board of directors should also issue stock. They are responsible for doing so during the life cycle of the company. The amount of stock that they can authorize is defined in the Articles of Incorporation. The board of directors will also want to maintain a stock ledger. This will provide transparency for future investors, thus supporting the corporate veil.
Obtain Employer Identification Number
Owners of the New Jersey Corporation will also need to secure an Employer Identification Number from the Internal Revenue Service. The Corporation will need this number to file taxes, hire new employees, and open a business banking account.
File New Jersey Required Annual Reports
The Corporation will also need to file an Annual Report each year. This report is due by the end of the registration anniversary month. So if a company is incorporated on April 15, 2017, the first report is due April 30, 2018. There is a $52.50 to file this report. Owners can learn more on our
New Jersey Annual Report page.
The New Jersey Corporation will also need to file state and federal taxes and renew all business licenses each year.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we provide comprehensive, streamlined services for owners of a New Jersey Corporation. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of New Jersey’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
Be sure to contact us today to learn more about how we can handle your administrative needs.