Start-Up Business in New Jersey

Vyzas & Associates Business Law Attorneys

Starting a business can be an extremely profitable and beneficial adventure to not only you, but the community as well. However, starting a business does come with risks and many of which begin before you even open the doors to your newly created business. To begin a business you need to be knowledgeable about the legal challenges you might face, as well as, all of the required documentation needed before a business can be legally open.

Some of the initial items you should be aware of when opening a business include:

• Licenses & Permits
• Taxes
• Employees
• Registration
• Income
• Insurances
• Real Estate

These are some of the typical legal matters that any new business owner needs to concern themselves with, but it is by no means a complete list. If you are beginning a business you need to speak with legal counsel immediately to become better informed, so that all of the strides you have made toward your successful business are not diminished by an oversight.

Which Business is Right for Me?

While it is important to know the legal stand point when starting a business, the more complex issue becomes one of simplicity. What kind of business should you start? There are many tradeoffs involved, but the choice comes down to this: keeping your business small and assuming all of the risks, or building a company that comes with less liability by sacrificing much of the freedom that comes with being a business owner.

The most common forms of businesses include:

• Corporations – are easier to begin as they typically involve shared ownership with investors and liability does not fall solely on one individual. This allows corporations to exist longer and to change ownership in the event of unfortunate circumstances. However, corporations require more documentation for public recording, are generally taxed more, and are difficult to regulate by a sole owner.
• Limited Liability Company – is much like corporations, but include more of the benefits of being independent of investors. This allows for more freedom on the side of management and ownership.
• Sole Ownership – is the opening of a business through the efforts of a single individual that assumes full liability. However, businesses that are solely owned have fewer administrative costs, operate fully independently, and receive the benefit of tax breaks.
• Partnerships – benefit from being solely owned, however, everything is divided among a selected few. The drawbacks of this kind of business boil down to interpersonal relationships and trust. It is important to realize who you are opening a business with as it could lead to disastrous results if the managing partners do not share the same goals or are not trustworthy.

Let Us Help You Create Your Vision

Opening a business is extremely complex if you are thinking about opening a business by yourself or with the help of others you should speak to a New Jersey business attorney today. Our attorneys at Vyzas & Associates can guide you through the entire process while keeping your goals in mind so that you can realize your vision.

Contact us today and speak to one of our business attorneys.