How To Start A LLC In NJ
How to start an LLC in NJ:
Starting your business and LLC in NJ is a simple process. However, some of the information on the resource websites can lead you in circles. These are three steps to getting your LLC started:
Conducting a Business Name Search
Obtain your EIN or Federal Identification Number
Register your business with NJ
Go to NJ website NJ New Business Portal. This website will give you the initial steps to get your LLC started.
Before you begin, it is a good idea to have an accountant, business attorney, and independent insurance agent lined up. Your accountant and the business attorney can help you with any financial or legal questions you may have along the way. In addition, your independent insurance agent will be able to get you set up with the right business insurance policy and coverage for your new business.
Now onto the process of starting your LLC in NJ:
How Much Does It Cost To Start An LLC:
Starting your new business and LLC is not very costly. Initially, you will only need to pay $125 for the EIN/Federal Identification Number. If you plan on having a website, the cost may be approximately $20 annually for your domain name and $25 a month to host your webpage on WIX or Squarespace. You should also plan on budgeting for business insurance. Depending on the type of business you are starting, the initial cost for business insurance may be around $350 -$500 a year for a sole proprietorship. If you have a commercial property, vehicles, or employees, the overall cost may be higher as you will need additional insurance coverage for the property and workers compensation.
Business Name Search
First, you will need to conduct a Name Search using the link below to make sure the name you would like is available and not already used:
If you have a restricted word in your name, such as “insurance,” you will need to file an additional form with NJ for approval before filing for your EIN.
NJ Business Name Approval Form
If your business name is available, you can proceed to the next step and register for an EIN or Federal Identification Number.
Obtain EIN/Federal Identification Number
The EIN is your federal identification number used to identify your business. Complete the registration online with the IRS using the link below. The cost to obtain and file the EIN is $125.
Once the EIN process is complete, you will receive your certificate of formation and EIN confirmation letter. You will need to keep both documents as proof of your business for certain services, such as obtaining a business phone or bank account.
Once you have obtained the federal tax identification # or EIN, you can go ahead and
register the business in NJ.
How To Register Your Business with NJ
After you have received the EIN, you are now ready to register your business in NJ; you will need your EIN # and certificate of formation information and start the online registration process here:
After registration with NJ, you will receive a confirmation email stating you have completed the Business Registration process and are now an active business in New Jersey.
If you have any questions on the process of starting an LLC in NJ or need business insurance coverage, the Overmyer Insurance Agency is here to help. Contact us anytime.
What Kind Of Insurance Do I Need For My Business?
When it comes to finding the right kind of coverage for your new business, it is best to reach out to an independent insurance agent like The Overmyer Insurance Agency. We help you simplify the process of choosing the right insurance company and coverage for your new business. We work with multiple commercial insurance companies, you can focus on starting your new business.
The coverage we specialize in:
Business Owners Policies (BOP)
Commercial General Liability
Professional Liability (E&O)
Employment Practices Liability (EPLI)
How Much Is Business Insurance For An LLC?
The cost of business insurance for an LLC, or a limited liability company, can vary greatly depending on a number of factors, such as the size and type of business, the location, and the type of insurance coverage you need. To get an accurate estimate of how much business insurance might cost for your LLC, it's best to contact an insurance agent or broker like the Overmyer Insurance Agency, who can provide you with a quote from multiple insurance companies based on your specific needs.
Links and Additional Resources:
Info on starting the new LLC
Information on steps to obtain an EIN:
We can help simplify the process of starting your new business and find the right coverage and company for your business.