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A New Jersey Certificate of Authority is needed if you want to open your own business in the Garden State. Register with the state 15 days prior to opening. Updated November 11, 2020: A New Jersey Certificate of Authority is needed if you are intending to begin your own business in the Garden State.
Corporation (Corp) Corps are also very similar to Limited Liability Companies (LLCs), but with more limitations. The owners, called shareholders, avoid the double taxation of a CCorp, but the business is limited to 100 shareholders and has only one class of stock.
Main drawbacks: More expensive to create than a partnership or sole proprietorship. State laws for creating LLCs may not reflect the latest federal tax changes. Inability to obtain VC funding. Inability to provide employees with stock options.
The document required to form a corporation in New Jersey is called the Certificate of Incorporation. The information required in the formation document varies by state. New Jersey's requirements include: Officers. Officer names and addresses are not required to be listed in the Certificate of Incorporation.
Once you've formed your LLC, you must file with the IRS and the New Jersey Division of Revenue to elect S Corp status. First, you'll file Form 8832 with the IRS, so your LLC will be taxed as a corporation rather than a partnership.
Businesses that are incorporated in another state will typically apply for a New Jersey certificate of authority. Doing so registers the business as a foreign entity and eliminates the need to incorporate a new entity. Operating without a certificate of authority may result in penalties or fines.