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Written by : Lloyd Feighan
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welcome everyone to culture report today we're going to talk about the most popular video in my entire channel and that's how to create an LLC for your company but before we do that don't forget to hit the subscribe button and most importantly that notification bow so you can be alerted of any new content now let's get right to it when I first got started in business an attorney helped me form an LLC but charge me $5,000 to do so it doesn't have to be that way anymore and in this video you're gonna learn how to open your own LLC in New Jersey in just a matter of minutes now the first step is get yourself over to the New Jersey portal the business formation page to be exact we have a link for it right down below now once you're on that page I want you to follow along it's very simple first you have to pick a unique name a name that doesn't exist already and if your name has been taken you can try to add a variation to that name or maybe just add an additional word once a name is picked out what you're gonna have to do is then figure out what kind of an LLC you want to open up now most cases you're gonna open up what's called a domestic LLC which means it's gonna be working within the United States so I'm gonna show you on my screen exactly what to do next once we picked out our name and for this example we're using the business name fake name ventures then we're gonna pick this drop-down and we're gonna pick a New Jersey domestic limited liability company were they going to continue on to the next page and pick a business designator so what the business that business designator is is what do you want to see after the name so just to keep things simple we're just gonna pick LLC and move right along and this page is gonna ask you some business information it's gonna ask you for your EIN or employer identification number now you may not have this and you probably won't have this when you're setting up your LLC so you can just go ahead and move over into the next page here you're gonna have to explain to the state what is the purpose of your business now it doesn't have to be very drawn-out now most of my businesses are real estate related so I go in and I put I'm going to buy and sell real estate or I'm going to buy and real estate if you're opening up a shoe store you're gonna say I'm gonna open up a shoe store or I'm gonna do whatever it is that you guys are doing but just keep it simple in under 300 words once you've done that you can just continue here you're gonna put in your main business address now the main business address has to be within the United States keep that in mind if you're opening up a an LLC from another country you're not going to be able to use an address from outside so here you would put in an address just for purposes of this example we're going to use our office address we're going to move right along here you're going to pick who the registered agent and office it's going to be so you click on here and it's going to take you over to a section where you have to enter the registered agent now registered agent has to be someone from within the state so the registered agent for this example is going to be myself I'm going to move along once we put in the information on this page we're going to add who the members are going to be now members for those of you might not understand the difference between the registered agent and a member the registered agent and a member does not have to be the same person the registered agent can be your attorney it could be your accountant but the members are going to be the people who actually deal with the day-to-day business and also responsible for the LLC so if you have a representative in this in the state such as your attorney maybe your real estate agent may be a family member or maybe someone who's in the state that would be your registered agent yes you can be the registered agent and the member as well so some people choose not to be so don't get confused when you see that most cases ninety percent of time you are going to be the registered agent and you're gonna be the member you can add multiple members keep in mind if you do have partners you can put as many members as you're gonna have on that LLC once we've established the members and the managers we're gonna go right into here we're gonna continue okay in this section you will dictate whether the LLC will have any provisions so what a provision is is basically a guideline or an exemption or anything along those lines that the business may have to abide by and then in addition to that it's going to ask you if it's gonna have an expiration date so if you feel that your business activities will cease after a year or two you can actually go in here and say that at this date in the future this LLC can be dissolved so now let's move right along to the next step on this page you're gonna see that it's going to ask you for who the signers are going to be so you're gonna want to add yourself as a signer but you can also add other people as signers in the event that you're not available so it doesn't have to be a member it could be the authorized representative but in most cases it's just going to be the members after you've done that you just have to click on this and hit continue and go right into the next page we're almost done so just hang in there in this page you're gonna want to spend some time here this is the review section in the review section you're gonna want to make sure that you didn't make any mistakes on business addresses spelling of names the spelling of your own LLC believe it or not I've actually misspelled LLC's and I've had to use them with the misspelling so be very careful that you don't make any mistakes here once you've done that and you've reviewed all the information is correct you're gonna move on to the last page which is the payment section in this section you're going to want to make sure that you put your contact information in the event that they need to get in touch with you then you're going to scroll down and pick up a payment selection you can either going to pay by credit card or you're gonna pay by a check if you use a credit card to are gonna charge your three dollars and fifty cents in order for you to be able to get your copies if you pay with an e check they won't charge you anything extra you go down here and make sure you uncheck these boxes if they're checked off if you don't want to get spam mail and then you go to pay now okay so this final section is where you either put in your credit card information or your gonna put in the check information and that's it after that's complete you're going to have the option to get a copy of your formation document right on once you do make sure you download that document save it in a safe place and print it out to have an extra copy for yourself and now let's dig a little deeper now what an LLC does is it provides shelter in two different cases it will protect you in the event of being sued which means that if somebody went after you they can only go after what the LLC has so if the LLC has a bank account if the LLC has assets it can go
Thanks for your comment Ashley Stiegman, have a nice day.
- Lloyd Feighan, Staff Member
ready to incorporate an llc in new jersey but unsure where to begin today you will learn about the most common ways to start your business including the correct forms you'll need how to register your llc critical naming requirements and all other important tips and tricks then as a bonus later on in the video i will reveal to you a trustworthy registered agent who will help set up your llc for free so make sure to stick with me until the end new jersey llc's are cost effective and easy to set up the state of new jersey like other states has several specific llc requirements there are three main ways you can start an llc in new jersey first is the diy or do-it-yourself process where you mostly depend on new jersey state's website the second way is hiring a professional service that practically offers more efficiency and security in the process of creating your llc while the third one is hiring an attorney we will skip the attorney hiring portion because that's expensive and most business owners won't need that service first let's take a look at the steps required for starting an llc on your own step one name your business before anything else you will have to think of the llc's legal business name each llc in new jersey must have a distinct llc name that is not currently in use you must include the terms limited liability company or an abbreviation such as llc you cannot include phrases such as a corporation which would lead people to believe you are a different business organization knowing if your business name is taken or not is very easy just go to google and type in the words business entity records new jersey secretary of state and click the first search result i also have the link in the description below for your convenience it will lead you to a landing page of business entity records in new jersey scroll down a little and you will see some search options which makes checking the availability of your business name easier generally you can click the first option entity name and type in your business name for example i am typing a very common business name here car wash express which will give you a list of existing business names a unique business name will say no matches found just like this random name i typed in keep in mind that the division of revenue doesn't check names for trademark compliance it's ultimately up to you and your business attorney to ensure that your llc's name doesn't infringe on any other company's rights step 2 new jersey requires llc to have a registered agent an agent has a physical address a po box is not allowed and is available during business hours this agent will serve as the llc's primary point of contact for receiving key legal papers tax warnings summons subpoenas and so on you can register yourself or someone in your company but i highly recommend getting a professional registered agent as they have more knowledge by protecting your company in cases of possible cracks while i agree that family members or friends are reliable enough to be trusted as your llc's agent you are more comfortable sleeping at night knowing that your agent is professional and trained to manage legal documents to avoid problems concerning court schedules filing reports with the secretary of state etc besides hiring a professional registered agent is not expensive in fact there are companies who offer a free registered agent as part of your package when you form your llc through them inc file is a company i recommend which has this free service inc file offers a free registered agent on your first year of signing up for their service during that free year you can already take advantage of a professional and trained agent to receive legal documents on your behalf a dashboard where you can always access the correspondence that your agent has received as well as email notifications and automatic forwarding whenever your registered agent receives documents step 3 filing the new jersey llc certificate of formation after that you must file the certificate of formation with the new jersey secretary of state's business entities division and the office of the judge of probate to officially incorporate a domestic new jersey limited liability company the new jersey state filing cost for llcs is 125 dollars for both domestic llcs and foreign llcs what's the difference good question basically a domestic llc means that you are already a resident of new jersey and you want to build a business in new jersey foreign llc on the other hand is for people living outside new jersey but wanting to start a business or a franchise of their business in new jersey you can file the certificate of formation online or by mailing it to the secretary of state expect the llc certification process to take approximately two weeks this is three to four days for the judge of probate and 10 days for the secretary of state for an extra 100 you can grab the offer to accelerate the process which reduces the secretary of state's filing time from 10 days to 3 days so if you're in a rush this extra fee may be worth it step 4 prepare an operating agreement now an operating agreement is a good idea to have in place with the other members if your llc has more than one member although a limited liability company operating agreement is not necessary for new jersey your operating agreement should clarify how your company or business will handle big picture issues such as allocating earnings and losses and dissolving the company your operating agreement should also cover the transfer of membership interest profits or losses and distributions initial investments decision-making powers voting rights and management and lastly dissolving the business step 5 obtain an ein an ein or employer identification number is a federal tax id issued by the irs your ein is used by them to readily identify your firm and tax filings all new jersey firms pay a business privilege tax and the state requires you to have an ein to file you may also be required to provide your ein when opening a bank account or applying for municipal permits or licenses obtaining an ein is a slightly longer process compared to their previous steps i'm sure you know anything to do with the irs is confusing first you have to have complete knowledge of your llc such as your company information managing member information business address business information company details and even critical information regarding vehicular assets and federal excise taxes this is another reason why getting a professional registered agent is way more convenient as they can do this for you as part of their service file annual reports new jersey llcs also have to file an annual report accompanied by a filing fee of 50. to seventy five dollars the report is due on the last day of the anniversary month of the businesses formation for example if you filed your certificate of formation on march 3rd your annual report would be due by march 31st of the successive year and each following year the annual report keeps your business's information such as your registered agent's name and address up to date with the state now let's talk about
Thanks avecpitchounv your participation is very much appreciated
- Lloyd Feighan
About the author
I've studied investment policy at University of Missouri-St. Louis in St. Louis and I am an expert in historical sociology. I usually feel shocked. My previous job was immigration inspector I held this position for 15 years, I love talking about neuroscience and landboarding. Huge fan of Prince Harry I practice bocce ball and collect chemical elements.
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