“LLC” stands for “limited liability company.” It is a business structure in which the owner, known as a member, is protected from being personally liable for the company, including the company’s debts. There are many other benefits to setting up a LLC, but you can only enjoy these benefits as a business owner if you follow all the requirements set by New Jersey for forming an LLC.
New Jersey requires anyone who wants to register their business as an LLC to file the required paperwork. However, in order to do that, you have to choose an available name for the company and a registered agent that can be served on behalf of the company. If you are a foreign LLC, meaning you are from another state or country, you also have to get a certificate of good standing from the place you first formed the LLC before you can register as an LLC with the New Jersey Department of the Treasury.
You will need to fill out and file a ”Certificate of Formation” online in order to become an LLC. To fill it out properly, you will need to list the business name and type. You also need to add information about your registered agent, including their email address. Additionally, you will be asked how long you want your LLC to last and to provide a statement of purpose for your business. Finally, you will be required to list up to 10 members and their addresses.
The primary advantage of creating a LLC in New Jersey is the aformentioned limited liability that members enjoy. Another advantage for an LLC over other business structures is the flexibility of the management structure, as it can be managed by a manager or members.
The biggest disadvantage of a LLC is that it can be more expensive than a proprietorship or partnership. LLCs also have more regulations under New Jersey kaw than a sole proprietorship or partnership.
A New Jersey business lawyer can be incredibly helpful when trying to form your LLC. When you are trying to legally create your company, you want the help of a lawyer to make sure you are not missing any requirements or misunderstanding the law.