New Jersey is more than the Garden State; it’s also a great place to start a business! As you develop your small business budget for your new endeavor, make sure to include the cost of forming a New Jersey LLC in the list.
Here, we’ll walk through what you need to know about forming an LLC in New Jersey, as well as cover the fees you will need to pay.
LLC 101: What IS it?
A Limited Liability Company (LLC) is a legal entity formed in the state of New Jersey that is a cross between a corporation and a partnership. You get the limited liability and asset protection features of a corporation with the flexibility and tax benefits of a partnership within the state of New Jersey.
Benefits to a New Jersey LLC
The LLC is a great business structure to consider for several reasons:
- It limits your personal liability for business debt
- You can transfer ownership of the company at some point
- Your business can continue beyond your lifetime
- It requires fewer corporate formalities like annual meetings and record keeping
- Owners do not need to be US citizens or have permanent residences in New Jersey
- It saves money on taxes via pass through taxation