Selecting the New Jersey Corporation or LLC Name
When narrowing down the name choices for your corporation in New Jersey, you may want to remember that the name will be unique and will identify you as a separate entity transacting business in the state. The name of a corporation must end with “Incorporated,” “Corporation,” “Corp” or “Inc.”. When developing a name for a limited liability company it may help to remember that it must end with “Limited Liability Company” or “LLC”.
Since the name you choose for your business will be identifying your corporation or LLC as a unique entity, the name will not be accepted if it is likely to confuse the public or if it too closely resembles the name of another corporation or LLC formed in New Jersey.
Do to New Jersey requirements, you must not use any type of punctuation such as dashes, colons, underscores, periods or commas in name selection. It might be advantageous to try to name your corporation or LLC so that it identifies with the goods or services you provide, but this is not a requirement of the state.
Selecting a Board of Directors
A corporation formed in New Jersey can have several members as director but is only required to have one. Since the board is responsible for managing the corporation on a day to day basis, it is suggested that the board be comprised of individuals that are officers or shareholders who have some type of daily involvement with the corporation. New Jersey requires all directors of the board to be at minimum of 18 years of age.
New Jersey Taxes
New Jersey based corporations are expected to file the New Jersey Corporation Tax return, Form CBT- 100 or CBT-100S annually, whether a “C” or “S” corporation. The amount of tax is dependent on a number of factors and the minimum tax is $500.00.
An LLC within New Jersey is required to file as either a corporation or a partnership dependent on the election made on the SS-4. New Jersey does maintain an individual income tax so employers are expected to withhold state income tax. New Jersey maintains a general sales and use tax of 6%.
The registered agent must have a physical street address within New Jersey state. PO boxes are not acceptable, within New Jersey.