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Video Guide about New Jersey Corporations

Corporations

Top Questions about New Jersey Corporations

The main purpose of forming a corporation in New Jersey is to provide limited liability protection to its owners, also known as shareholders. This means that the owners' personal assets are generally protected from the company's debts or legal liabilities. Additionally, forming a corporation allows for perpetual existence, ease of transferring ownership, and potential tax advantages.

To incorporate a company in New Jersey, you need to fulfill the following basic requirements: (1) Choose a unique business name that complies with state laws, (2) File the Certificate of Incorporation with the New Jersey Division of Revenue, providing details like company name, registered agent, purpose, and shares of stock, (3) Appoint a registered agent who will receive legal and tax documents on behalf of the corporation, and (4) Pay the required filing fees.

The main difference between a C corporation and an S corporation in New Jersey lies in their tax treatment. A C corporation is subject to double taxation, meaning the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends. On the other hand, an S corporation can avoid double taxation by passing through its profits and losses to shareholders, who report them on their personal tax returns. S corporations, however, have certain eligibility criteria and restrictions.

A corporation in New Jersey has several ongoing obligations to fulfill, including: (1) Filing an annual report with the New Jersey Division of Revenue, which provides updated company information and pays the required fee, (2) Maintaining proper record-keeping of corporate documents such as bylaws, shareholder meeting minutes, and financial statements, (3) Complying with state and federal tax requirements, (4) Ensuring periodic meetings of shareholders and directors are held as required, and (5) Renewing necessary licenses and permits.

Yes, a corporation in New Jersey can be formed with just one person. This is known as a single-member corporation. The single member can act as the sole director and officer of the corporation, holding all positions. However, it's important to note that even though only one person is involved, the corporation must still adhere to all other statutory and filing requirements applicable to corporations in New Jersey.

New Jersey Corporations Detailed Guide

  • In New Jersey, corporations are formed using various types of forms that must be completed and submitted to the Division of Revenue and Enterprise Services. Some common forms for corporations in New Jersey include:

  • The main types of corporation forms in New Jersey include:

    • - Certificate of Incorporation (Form C-001): This form is used to officially form a corporation in New Jersey. It requires providing information such as the corporation's name, purpose, registered agent, and initial directors.

    • - Annual Report (Form C-150): All corporations in New Jersey are required to file an annual report. This form includes information about the corporation's current directors, officers, and registered agent.

    • - Certificate of Amendment (Form C-200): This form is used when making changes or amendments to the corporation's existing certificate of incorporation. It requires providing details about the specific amendments being made.

    • - Certificate of Dissolution (Form C-150G): If a corporation wants to cease its operations in New Jersey, this form is used to officially dissolve the corporation.

  • To fill out the Corporation New Jersey forms, follow these steps:

    1. 1. Download the required form from the official website of the Division of Revenue and Enterprise Services in New Jersey.

    2. 2. Carefully read the instructions provided with the form to understand the requirements and any supporting documents or fees that need to be submitted.

    3. 3. Fill in the necessary information on the form, including the corporation's name, purpose, registered agent details, and any other requested information. Make sure to provide accurate and updated information.

    4. 4. Double-check all the information entered to ensure accuracy and completeness.

    5. 5. Attach any required supporting documents as specified in the form instructions.

    6. 6. Pay any applicable fees as stated in the form instructions. Payment methods may include credit cards, checks, or money orders.

    7. 7. Submit the completed form, supporting documents, and payment by mail or in person to the Division of Revenue and Enterprise Services.

    8. 8. Retain copies of all submitted documents for your records.