New Jersey, bordered by New York, Pennsylvania, Delaware and the Atlantic Ocean, is not only home to the infamous “Jersey Shore” (both as the MTV series and popular vacation destination) but also to the second wealthiest Americans in the United States. It has a population of about 8,881,700 naming it the 11th most populous of the states.
According to Forbes, Jersey’s economy is strongly run by pharmaceuticals, financial services, telecommunications, food processing and tourism. Corporations including Pinnacle Foods, Trump Entertainment Resorts, and Kent International all call the state home to their branding headquarters.
As far as starting a business in New Jersey goes, Thumbtack.com gives it an average of C- on the state by state grading scale. Ease of hiring, starting a business, and training and networking programs all received a C. And on the Forbes list of Best States to Start a Business, the state comes in at 32. College attainment also comes in at about 36%, job growth is at about 2%, and the cost of doing business is just a bit above the national average. However, for all of this middling ground, New Jersey was rated pretty high by Forbes in areas relating to quality of life, growth in prospects, and labor supply.
If starting a business in the Garden State seems like something that would benefit you and your business, here are a couple things to keep in mind when you decide to form an LLC or incorporate in New Jersey.
- When it comes to naming your business, LLCs in New Jersey all need an approved designator in their names. This can be either ‘Limited Liability Company,’ or ‘L.L.C.’
- All New Jersey LLCs need to file an annual report by the end of their anniversary month of forming the business according to the New Jersey Department of Treasury. When you file this, you’ll also be required to pay a fee.
- To officially form an LLC, you’ll need to submit a public records filing for a new business entity with the Department of Treasury, Division of Revenue.
- Additionally, you’ll need to name a registered agent with a registered office that is physically in the state of New Jersey. Your RA can be a resident of New Jersey, an in-state business, or a foreign company registered to do business in New Jersey.
Any questions? Want to file your New Jersey business today? Give us a call at (877) 692-6772 and we’ll be happy to help!