Business Law

You filed a certificate of formation if you’re a New Jersey Limited Liability Company, or a certificate of incorporation if you’re a Corporation. The most popular question people ask me is “Now what do I do?”. The next step in the process is to obtain your Federal Tax ID number from the Internal Revenue Service, by filling out an Internal Revenue Service form entitled “SS-4”. This form can be found on the Internal Revenue Service website, as well as instructions on how to complete it at https://www.irs.gov/pub/irs-pdf/fss4.pdf . After you have obtained your Federal Tax id number, the next step in New Jersey, is to register your business with the Department of Treasury. This is all done online at https://www.njportal.com/DOR/BusinessRegistration /. After completing this process, you will be assigned a New Jersey tax ID number that mirrors your Federal Tax ID number with /000 added to the end of it. Upon completing your New Jersey registration, assuming you’re going t...

It’s a great time to be a woman owned business! The number of businesses launched by women in this country is growing exponentially. But what most women don’t know is that there are numerous benefits to being certified as a woman owned business from both the state and federal standpoint. These benefits range from preferential treatment on government contracts to the availability of special loans backed by the Small Business Administration. So what does it mean to be a woman owned business? The first misperception of being a woman owned business is the belief that women have to own 100% of the shares of the company to qualify. The fact is that a woman or group of women merely have to own 51% of the voting shares of a company or 51% of the membership interests of a limited liability company. The women owners must be US citizens or legal residents of the United States. The women owners of the business must be running the company, usually as the CEO and/or President of the cor...