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tken
03-31-2008, 12:54 PM
How do I go about registering my company in N.J.?

CrystalCreek
03-31-2008, 06:21 PM
WOW. Ready for this. First, learn from others experience like you are doing. Do you have a name? If so proceed. I tried to do it my self, but NJ is the pits with paperwork. GET A LAWYER!!! Costs about $500. Also you will need an accountant. Get the two of them together. A business like this you need an accountant and a lawyer. A registered name is only a name. The accountant will need to set up the papers with the state and the IRS to get you started paying taxes. DO NOT TRY THIS ALONE, unless jail is appealing. Stick to what you do best, lawns. Let the book guys do thier end. It will cost you about $1500 to register a biz and have the tax paper work put into order. The good news is that the first year is the most expensive IF you stay with your accountant. Once the biz is set up, it will be easier the next time around when tax season comes. Where about in NJ are ya? Maybe my accountant can help ya. Once you have the biz registered and tax paper work in order, you need to go to DMV and get CORP CODE paper work, Print the papers online, fill out, return to DMV. They take a week to clear, but you will get a CORP CODE assigned to your biz. This # is what your need to register your trucks and trailers commercially. DO NOT MESS WITH THE COPS, they are on a crack down. If you are not properly registered, HUGE FINES, over $1000. Good luck and hopefully I didn'tscary ya too much. By the way, this whole process takes about 3 months.

brianlooft
03-31-2008, 10:09 PM
Or you can do it all yourself for around $100. Just keep track of all your stuff and you'll be fine.

CrystalCreek
04-01-2008, 08:14 AM
Hey, I'm all for doing things myself, but I'm not the smartest with paper work. I just don't want to see the guy get into trouble. Mistakes with tax forms and registration papers can cost big bucks from lawyers to fix. My buddy made mistakes and had to hire a lawyer to clear his name at the tune of $3000. I personally found it easier to hire someone to do the paper work and go cut lawns myself. Our new friend may find it as an easier way, also considering how late in the season it is to be starting. Good Luck, and don't be afraid to ask further questions.

tken
04-01-2008, 12:19 PM
Thanks CrystalCreek..I`m wondering if I need to give up my first born too.All i want to do is register so I can open up a business acct. and get insurance...so I can be on the up and up.I thought all I had to due was sign a few papers and give n.j. some money ...but i guess I was wrong...please anyone else with any other advice would be greatly appreciated.

tken
04-01-2008, 12:20 PM
Thanks Brianlooft.please tell me more!!!!!!

brianlooft
04-01-2008, 02:13 PM
I registered as Sole Proprietor. Alot easier than Corp. Register your business name at County Clerk office. Around $50. Register business with State of NJ and get Sales and Use Certificate to collect and pay taxes. Free. Town you live in may require business license. Check at municipal building. IRS should automatically send you papers for fed taxes.

Keep track of everything you spend to get your biz together. Save all receipts and keep them organized. If you can do this, when tax time comes you will be ready to either hand all you papers to an accountant or do it yourself and you wont be stressing out for months worrying about it.

Theres also all the money you will need to spend on office supplies, equipment, insurance, inventory, advertising, fuel, etc., etc., etc.

DLAWNS
04-01-2008, 05:41 PM
I registered as an S-Corp. My accountant helped me set it all up.

TPS
04-01-2008, 05:50 PM
Register at the county store, $67. Then get a business checking as a sole prioreter, excuse my spelling. You can pay your taxes using your social security number. Get insurance and you are good to start. Thats all Im doing for my first year. No need to spend 1000s of dollars to get started. Get insurance and pay taxes and you should be ok.

silentbob
04-01-2008, 06:06 PM
In looking out for my fellow New Jersyans, I would strongly caution you not to set your business up as a sole proprietorship. :nono:

The main reason is that if you have a run-in with a customer (even if you have insurance) and they are upset with you about something or you damage something, and they decide to sue you, you can and will be held PERSONALLY LIABLE for everything. They can go after your personal assets, not just your business assets. I would recommend going with an LLC or S Corp. The extra few bucks more it costs up front is well worth it for the peace of mind. Just my 2 cents...

tken
04-01-2008, 06:18 PM
THANKS ALOT EVERYBODY!!!!! All this information is worth it`s weight in gold...thanks alot every one. Hope you all have a safe and prosperous year...

TPS
04-01-2008, 06:32 PM
To get the tax advantages for an LLC you need 2 registered owners. No big deal if your married, but you wont get all the tax breaks of an LLC as a single owner. According to the states website. And if you do go for an LLC it is easier to use a company and pay them to set it up for you. Theres many online to do it for about $300. Good luck.

CrystalCreek
04-02-2008, 12:01 AM
tken, I'm sorry for the misunderstanding. I should have clarified. I set my biz up as a Corp. It is more expensive to go that route. A sole proprietor is way cheaper. But also more risky. I jumped the gun with the DMV stuff, but it is something to keep in mind. By me everyone is getting nabbed for in-proper registration and no commercial plates. I didn't want to see that happen to you. I used the lawyer because he did the name search and everything. I was told not to use the Internet sites because of fraud and scams. I guess it works for some, but I'm more cautious then most in that respect. Best of luck in your new venture. Just remember, make your grass greener on your side of the fence. Customers will jump over in time, unless their legs are broken, then jumping is out of the question.:laugh::laugh::laugh:

TPS
04-02-2008, 08:40 PM
Haha, yea I agree with the way you did it. Better safe then sorry. The county store does the name search for you as well. I dont have much to worry about losing as a sole prioretier. I live with my folks. I own a house, but I rent it out. Im set up right there so no one is getting that. Saddly, I cant get rid or it, and Im trying to. If funds are available spend the money and do it all right the first time like Chrystal said. Better safe then sorry.

TCZellars
04-02-2008, 10:58 PM
BRIANLOOFT- im from hackettstown as well and trying to start a business, where did you go to get registered?

M&SLawnCare
04-03-2008, 05:36 AM
The question is sole prop or are you going LLC? Sole prop is easy to set up and you can do it yourself for around 50$. Hackettstown i believe is in warren county, and if so then the county clerk you need to see is in Belvidere (413 Second Street to be exact). I'm in Phillipsburg and had to go to the same place. There you file for your trade name (DBA, 50$). Then go on line to the state's tax page and file your business for tax purposes (i don't remember the exact link, just do a little surfing and you'll find it). The registration is very simple and straightforward and be sure to check the check marks to receive a certificate to collect sales tax (free). Thats all their is to it for a sole prop. You'll use your SS number to pay your taxes which will be filed on the normal 1040 forms the state/irs sends you. You can use the notarized certificate you get from the county clerk to then open a business checking account, get commercial insurance and so forth. You should also check with your town to make sure they don't have any special additional registration or restrictions.

Now if your going with some form of corp i'ld probably let an accountant/lawer set that up for you.