What Documents Are Required to Start a Red Bank Business?
When forming a new business, there is a lot of paperwork. Many of the documents and contracts are required by the New Jersey Secretary of State, while others are simply good practice.
Filing Requirements
For sole proprietors and partnerships, the filing requirements are fairly limited. However, if the business name does not include the first and last name of the owner(s), you must register it as an assumed name, i.e. Back Street Yoga Studio.
On the other end of the spectrum, forming a corporation requires filing articles of incorporation with the Secretary of State. The articles of incorporation require specific information, including the legal name of the company, the address of a registered office located in the state of New Jersey, the total number of shares authorized and the names and addresses of the incorporators. Incorporators may use the form provided by the state, which requires only basic information. However, drafting articles of incorporation specific to your business plan allows you to add to or modify the basic statutory provisions set forth in the Business Corporation Act of New Jersey to fit your business.
Governing Documents
Every Red Bank business also needs governing documents. The exact nature of the document depends on your business structure, i.e. whether you are starting a partnership, limited liability company or corporation.
Partners should always execute a partnership agreement, even though not required by law. The partnership agreement should minimally address crucial issues such as the financial contributions of the partners, the allocation of management duties, the distribution of profits and losses, the procedures for resolving disputes and rights upon termination. Having an agreement in place not only allows the business to run more smoothly, but also helps avoid partnership disputes and other commercial litigation.
More sophisticated business entities like LLCs require an operating agreement. The binding contract provides the structure for the company’s management and financial decisions. Most importantly, the agreement formalizes that the members will have no personal liability to the LLC. Like a partnership agreement, the operating agreement should also describe the ownership shares of the members, the responsibilities of each member, the management structure of the company, the rules for holding meetings and taking votes and the procedures for transferring ownership if a member leaves, dies or becomes incapacitated.
Starting a Red Bank business can be a daunting task. Having an experienced and knowledgeable business lawyer on your side can help your startup succeed.
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
