Starting a Business in NJ
How to Start a Business
Taking your idea or concept and transforming it into a living, breathing business is challenging and to many, is an overwhelming process. The attorneys at The Levine Law Firm, LLC take you through each step along the way, making it more manageable and efficient. Contact us for experienced advice and representation concerning your business. You can trust the business law and litigation attorneys at The Levine Law Firm, LLC with an address in Fair Lawn, and serving all of Bergen County and Northern New Jersey.
The First Step - Money
Before you can even consider a new business, you must know the costs involved in purchasing an existing business or launching a start-up. In addition, You must consider the ongoing costs of running and financing a business. Once you know how much you will need, you will then be able to consider your financing options. You may want to take a bank loan. You may consider seeking venture capital or other lending and financing options, which may require you to include as collateral any property already owned by you.
Planning is Everything
Most investors will expect you to have a detailed business plan. A well-crafted business plan will answer these questions:
- What is the nature of the business?
- How is this product or service different from the competition?
- Does research show that there is a need for this business?
- How and to whom will you market your products or services?
- How will you staff the business?
- Who will manage the business?
- How will the business operations be financed?
Create the Right Business Entity
Once you are prepared for the business to be launched, before you start the business, you should select the type of business entity you will form. The entity you choose will effect your tax obligations and your legal liability. Our attorney will work with you and your accountant to help you decide which business entity makes the most sense. Some business entity options include:
- Sole proprietorship
- General partnership
- Limited partnership
- Limited liability company (LLC)
- S Corporation
- C Corporation
Selecting a Business Name
Once everything else is done, the excitement starts to build (with some anxiety). You may have already selected the perfect name for your business. Before you can use it, we will help you ensure that the name is available, and does not infringe on the rights of other companies, including their rights established by trademark or trade names.
Depending on type, size and scope of your business, you may be required to consider other issues, such as obtaining licenses and permits, leasing real estate, zoning issues, insurance, accounting procedures and employment requirements.
For legal help in starting a business, contact a business attorney at The Levine Law Firm, LLC, in Fair Lawn, New Jersey.