New Jersey
Forming a Company in New Jersey
New Jersey means business. With the 17th largest economy in the world, New Jersey has a history of innovation and is serious about business.
Forming a company in New Jersey makes sense for entrepreneurs. Located at the epicenter of the East Coast corridor, the state enjoys one of the most advantageous business locations in the U.S. Over 100 million American consumers with a collective purchasing power of $2 trillion are within a 24-hour drive of New Jersey.
The state is home to many of the world�s leading pharmaceutical companies; over twenty of the Fortune 500 have their headquarters there. In addition, New Jersey's economy is driven by businesses in the chemical development, food processing, telecommunications, electric equipment, printing and publishing, and tourism industries.
In recent years, the state has made a focused effort to revive its reputation as the birthplace of technology and innovation by providing economic assistance to entrepreneurial technology start-ups. The New Jersey Commission on Science and Technology (NJCST), in partnership with the New Jersey Economic Development Authority (EDA) and other state agencies, are responsible for providing these grants, business and financial incentives.
It has been said that New Jersey's greatest natural resource is its location, which has made the state a crossroads of commerce and an ideal area for manufacturing. The industry and economic trends in the state are encouraging for those who wish to form a company in New Jersey or to open a branch office.
Another statute -- the research and development tax credit which allows a credit against the Corporation Business Tax for R&D costs -- is an incentive for manufacturing and high technology business in the state. Investment tax credits for generating jobs and modernizing equipment are also allowed against the Corporation Business Tax for the purpose of enticing new manufacturing business to New Jersey and to reverse job less in the manufacturing sector.
Incorporating a small business in New Jersey can provide better legal protection with regards to personal liability, when compared to owning and operating a sole-proprietorship or partnership in New Jersey. Additionally you can incorporate in New Jersey and may elect to be an S-Corp with regards to federal tax reporting and filing, in order to benefit from lower personal income tax and lower or no self-employment tax (if one is self-employed) depending upon how one chooses to report and file their federal income taxes.
Situated at the heart of the nation�s largest business corridor, New Jersey is where the world comes to do business.
From spearheading green energy efforts and stem cell research to providing models for urban renewal and government-corporate team work, New Jersey continues to improve its environment for businesses both large and small. The state has a lot to offer, especially a tremendously talented work-force and a location that is really advantageous for business.
New Jersey has some key advantages for forming your company and growth:
- Talented People: New Jersey's greatest asset is people. The workforce is well-educated with a wealth of scientists, engineers and skilled technicians. This highly-trained talent pool propels innovation, making the state an economic advantage to companies all over the world
- Over 400,000 scientists and engineers call New Jersey home and help drive innovation in the state's businesses, colleges, and universities.
- New Jersey's rank of seventh in the nation in the number of Ph.D. scientists and engineers per 1,000 workers reflects the state's thriving intellectual community.
- New Jersey continually invests in the state�s workforce through grants and partnerships with companies, consortiums and the higher education institutions.
- New Jersey has an extraordinarily-diverse labor force, making the state a hospitable location for your company. Almost one in five New Jersey residents is foreign born
- Strategic Location: With its highly-developed network of roads, rail, air and sea port facilities, New Jersey is the best-connected region in the country for speeding product to market domestically and overseas.
- New Jersey has two international airports: Newark Liberty, one of the nation's busiest; and Atlantic City, ranked by the Wall Street Journal as one of the nation's "best performers."
- Major ports on the Hudson and Delaware rivers provide sea and air access to the European, South American and Pacific Rim markets.
- The state has 35,000 miles of roads that help move goods efficiently to their destinations. Integrated commuter rail network carries over 830,000 passengers each weekday, providing links to Amtrak, the Long Island railroad, NYC subways, and Pennsylvania�s SEPTA system.
- New Jersey is home to 15 of the largest of the world�s 20 largest pharmaceutical companies and is the 5th largest biotech center in the U.S., ranking among the nation's leaders for FDA approval of new drugs and biologics.
Reasons to form a New Jersey LLC/Corporation:
- Protection from personal liability for business debts.
- Perpetual existence, so the LLC continues even if an owner dies or leaves the business.
- Pass-through taxation allows owners to report profit and loss on their individual tax returns.
- You need not be U.S. citizens or permanent residents.
- No limit to the number of C Corporation shareholders, who need not be U.S. citizens or permanent residents
New Jersey has an abundance of business-related resources and so forming your company in New Jersey simply makes sense. Elite Incorporation is glad to help you get started by helping you form your corporation or other company in New Jersey.
Useful Links
State Home Page
http://www.state.nj.us/
New Jersey Corporation and Business Entities Law
http://lis.njleg.state.nj.us/cgi-bin/om_isapi.dll?clientID=160144
New Jersey Secretary of State
http://www.state.nj.us/state/
New Jersey Department of State
http://www.nj.gov/state/