Deciding to start a business of your own can open you up to a world of new opportunities. However, it is also not a decision to make lightly, as there are numerous regulations for business formation that you must follow to ensure your business is in good legal standing with state authorities.

Retaining a knowledgeable New Jersey business formation lawyer may make a huge difference when it comes to preserving your business interests and protecting your future. A qualified attorney could provide custom-tailored advice and counsel through every stage of the complicated process, as well as support any legal matters that may arise once your business gets going.

Options for Forming Businesses in New Jersey

The first priority during business formation should be determining what kind of business an individual wants to create. Different options have various benefits and disadvantages that might suit unique business owners better or worse. Some of those options include the following:

Sole Proprietorship

The most straightforward type of business allowed under state law is a sole proprietorship, which involves one person claiming their business assets under their own name or a distinct business name without creating a separate business organization.

Partnerships

Partnerships are broadly similar entities that involve two or more partners jointly forming a business together. They may be “limited” or “general” depending on whether one or all partners assume liability for business assets and debts.

Corporations

Corporations may exist as legally separate entities from their owners, meaning that the corporation may sue and be sued for debts without directly imposing liability on its owners.

Limited Liability Company (LLC)

Finally, a limited liability company (LLC) contains a mixture of partnerships and corporations, as it allows owners and founding partners to directly oversee and manage business operations without assuming personal liability for business debts.

A New Jersey attorney could provide irreplaceable assistance with reviewing each option and deciding on an ideal course of action for an individual’s business formation plans.

Drafting Operating Agreements and Business Plans

The procedural steps in starting a business vary dramatically depending on the type of business an individual or group wants to form. Seeking help from a skilled lawyer in the area could be crucial not just to comply with applicable laws and restrictions, but also to help ensure the business is sustainable in both the short and long term.

Notably, state law does not require individuals looking to create LLCs in New Jersey to draft written operating agreements prior to formation. However, it is a good idea to draft a formalized plan for how the business will operate, what roles founding parties will play, and more before establishing a business in the eyes of the state to avoid disputes that result in legal complications later.

Pursuing Start-Up Funding for New Businesses

Even with a solid operational plan and thorough founding documentation, many businesses cannot get off the ground without some external financial assistance. On top of handling the procedural requirements for starting a new business in New Jersey, a dedicated business formation attorney could also help with pursuing funding for a dream business.

New businesses have a traditionally high rate of failure, especially businesses in the hospitality industry. Because of that, assistance from legal counsel can often be essential to getting much-needed capital investment at the beginning of a new project, whether that entails negotiating with a bank for a favorable loan rate, connecting business owners to potential investors, or even exchanging company equity for seed funding.

Get Help from a New Jersey Business Formation Attorney

Taking the plunge into owning your business formation is full of risks even if you are as prepared for unexpected developments as possible. To maximize your chances of success, you should consider getting professional assistance with the early stages of business formation so you do not have to worry about them later.

Contacting a New Jersey business formation lawyer might be the best first step you could take when it comes to effectively and efficiently starting your own company. Call today for a consultation.

Ativador Office 2019