Can I Sign New Jersey Banking Form

Can i industry sign banking new jersey form mobile

hey my name is eric and in today's video we're talking about how to start an llc in new jersey and before we get to the content there are two really important things we're going to be discussing in this video one of them is a term called piercing the corporate veil and the other one is a term called registered agents if you're not familiar with either of those terms you're going to watch this whole video because setting up an llc yes you're starting your business and you're joining 80 of all new business owners to set up llc's but more importantly you want to make sure that it's set up correctly so it's actually functioning properly and protecting you and helping you to limit your liability so in the video we're going to be talking about three different methods and how you can set up your llc the first is going through your state website the second is going through free legal online tools and the third if you have a more complex business model is going through with an attorney which yes costs more but i'm going to give you a little tip also towards the end of this video on how you can get a free consult with an attorney that is an llc attorney so what i want to start with is the new jersey state website so what you can see up here is the link up here all the links and resources that i'm going to be sharing with you in this video are going to be in the description below some of these links will be free resources such as the one we're looking at the screen right now others will be affiliates and i will make mention where it's an affiliate link so as we scroll down one of the things i want to do is i want to open this up so this is for-profit corporation so if you're setting up an llc there's a little bit of information in here and one of the interesting things in new jersey is unlike most states is they require you to get an ein number from the irs before you can continue so you click on that link it'll take you here you can determine your eligibility walk through the process and apply online now for a ein number i have found going through the irs because i did this for my own as setting up my own llc it's a really big pain in the butt so i will give you one other service or tool that will do this for you but you're going to need to do that before you set up with the state website now the other thing to make mention of here is 125 for all profit entities and foreign nonprofit corporations so there's about 125 to 130 depending on which service you're using as far as a filing fee in the state of new jersey there's no getting around that if you hire an attorney you're still going to have to pay that filing fee one of the things too i want to make mention of is the difference between a foreign and domestic llc because it's talking about a foreign nonprofit corporation basically what that is is if you had a business that had an llc in pennsylvania but it was doing business inside of new jersey you may have a domestic llc in pennsylvania and then a foreign llc in new jersey in your case you're most likely doing business within new jersey so that's going to be a domestic llc in new jersey so once you get started you're going to file your certificate online here and one of the things i wanted to show you is as far as your business name search so you can do it through this tool now of course if i put in something like new jersey devils right this name is probably going to be taken so what you'll see is it says similar business spouse new jersey devils llc what you want to do is you want to come up with a name where there's no other business names available so of course if i go like this and just put in a crazy thing it's just going to say is available i wouldn't recommend naming your business this because it's really hard to remember but i just wanted to make mention of this tool right here so if we go back to the screen though one of the things that i want to make mention of and i mentioned at the beginning of the video is a registered agent so this is one of the big issues i have with the state websites is they don't really get into the details of the importance of a registered agent so before i get into what a registered agent is i think it's important to discuss exactly what an llc is because sometimes people get a little bit confused on what an llc is and what it is not some people think there might be a tax advantage by setting up an llc that is not true an llc is for limiting your liability when you have a business and no matter what business is there may be liabilities in some areas and what an llc does is you have your business assets and your personal assets your personal assets could be like your personal bank account a car your personal home but then when you create an llc it creates what's called a corporate veil between your business and personal assets so unfortunately if you're ever in the case where you're getting sued the attorney suing you can only come after your business assets and not your personal assets now this is only the case if that attorney attacking you and your business cannot pierce the corporate veil i mentioned that earlier in the video basically what they're doing in that situation is they're trying to find a crack in your llc and there's numerous ways that there might be a crack in your llc where it's not set up correctly you're not maintaining it correctly and one of them is a registered agent so sometimes people will go through this and you know you have a registered agent and if it's your buddy down the street that lives in new jersey he checks the box there and you know he's going to be my registered agent because i want to save a few dollars now the issue with that is if this person is not a professional they may not be crossing their t's and dotting their eyes so why don't we talk about what is a registered agent so this service here is called inc file they do a good job of explaining what a registered agent is i'll be talking about them more later on in the video but basically it's officials letters and correspondence from your secretary of state a service of process notices so if you're sued by that attorney your registered agent is going to make sure you're getting the proper documentation notifications and showing up for court official federal government correspondence information and notifications tax forms and requests for payment and then requests to complete permits company filings or reports so all these things that your registered agent is doing for you is making sure that your llc is legit so that again somebody can't pierce that corporate veil and find a crack in your llc and be able to come after you not only for your business assets but your personal assets so that's why it's so important that you get a good registered agent for your business and you don't just kind of wing it and throw in some random person's information and say hey do you mind doing this for me the other issue that i have with these state websites is if you go back here it's just a lot of information right they just don't do a good job of what's called ui ux as user interface user experience and there's just so many things to kind of look at and get through so in my opinion with the state of new jersey it's a little bit tougher just because the it's a little sloppy as far as the online registration now another way that you can go is you can go through a tool such as legalzoom you've probably heard of them they've been around for a long time and one of the nice things about legalzoom is they spend so much money again on what i was calling ui ux that's when you're on a website it's just kind of like how easy is it for you to use how informative is it is it helping you get from a to b as quickly as possible making sure you're taking care of everything you're supposed to be taken care of but the downside of this is that there is a 79 dollar fee on top of your filing fees so in new jersey it's like 125 130 to that filing fee but they're going to charge an additional 79 on top of that now before i was talking about inc file and as you see they've done about a quarter million businesses launched since 2004 uh entrepreneur you know top 360 best entrepreneurial companies so it's a trustworthy company but the thing you're going to like is down here is that it's zero dollars plus state fee so i'm gonna explain why they are charging zero dollars on their starter package and how that works because if you're like me you're probably thinking like there's gotta be a catch so if you're using this tool right here i'm gonna click launch my business and then you're going to select entity type llc and as i mentioned 80 of all new businesses are set up as llc it's very popular and then new jersey so as we scroll down here this is where you're going to see that they have the state fee at 130 according to them it is five dollars more expensive than what it says on the new jersey website i wouldn't be surprised if the new jersey website is outdated on that uh and then it's a zero dollar package fee so they're actually making no money on this when they're setting you up now one of the things that they do also is they give you a free registered agent service for a year so this is going to be somebody who is an official registered agent and lives in new jersey and is going to be that official correspondent between you and your business and the nice thing about that registered agent too is it acts as a third party so your personal information if you're running a business out of your home or something like that that information is not going to be out there somebody's going to be sending documentation and correspondence to that registered agent at a separate address but what you need to know is that it says it's for a year so why don't we take a look at that and uh if you go back to this article here and you know they kind of bury it a little bit down the page but as we go down i'm going to highlight this here it says it's even free for the first year when you incorporate the ink file in just 119 annually after that so if you go through this ink file service the way it works is it's zero dollars in the silver package and then it's free registered agent service for a year but then after a year it's 119 a year for that service you don't have to continue using their service you can choose to use somebody else but in my opinion if you're setting up an llc the whole purpose of doing it is to limit your liability and get your business off the ground you don't want to have a crack in there make sure you have a good registered agent service that's going to make sure that you're you know again dotting your eyes and crossing your tees now i did mention earlier there are these upgraded packages here and now you can see that they'll charge 149 for the package fee for the gold package what you do get that with that is they actually set up your ein business tax number so in the case of new jersey which is very unusual compared to most states most states don't require you to get this before applying for an llc that is the case in new jersey that is nice the other thing i want to kind of take a highlight of here is the business banking account currently they are set up through bank of america and this is really important again you can have a crack in your llc if you have issues with a term called co-mingling funds so you can probably guess what that means but basically if you have a personal bank account and you're handling obviously your personal finances on that your personal credit card but then you start taking income from your business into that account and then you're paying vendors and you're paying invoices out of that account what you're doing is you're commingling your personal and business funds in one bank account so that's why it's really important that you separate that and you have a business bank account for your business it's also going to make things such as taxes and like going back and looking up information a lot easier by doing that but most importantly it's going to make it so you don't have a crack in your llc because if an attorney were to come after you and they find that you're commingling funds they may be able to pierce the corporate fail which all this hopefully makes sense now and then be able to not only go after your business assets but your personal assets as well uh one thing i have noticed though when i've gone through this package here on the silver is the business banking account they did offer that as a free upsell on the silver package because it really doesn't cost them anything extra but i just wanted to make mention of it because it's so important that you get that business bank account set up now if you were to click here and get the silver package what it's going to do is it's just like this four steps here it's already 25 the way done here i just wanted to make note of the tax saving benefit um the 130 for the state filing fee that is fully tax deductible so just make sure you uh bring that up at tax time with your cpa and keep that receipt and it's going to walk you through and again you can see it's just a lot cleaner with the ui ux as i was mentioning and being able to get through uh but at this particular junction in the video i do want to make mention if you have a more complex business like you're already creating profits you're doing sales in and out of state you have a lot of potential liabilities because some businesses tend to carry more liability than others you may want to consult with an attorney so one tool that i like for that is this tool called avo i'm going to give you this specific link in the description below and the reason i like this is if you're looking at this there's 133 results for limited liability company lawyers in new jersey that's a lot to sift through but what you can do is you can filter it down by ones with a four-star rating and up and their reviews in my opinion are pretty good i think sometimes like google reviews and yelp reviews can be a little manipulated but then what i'd also do is click this right here i'm going to click free consultation so now we're going to go from those 33 results down to 12 results so now what we're looking at is 12 attorneys who can set up an llc for you in new jersey but they also offer a free 15-minute consultation because sometimes some attorneys you know it's really like you're gonna start running the meter as soon as you start talking with them uh in this case it's kind of nice if you do need an attorney that you can have a free consultation and again i really recommend that if you have a complex business model you need to do what's right for your situation sometimes a diy route can make sense a lot of times it doesn't it's really up to you if it was me i would go through either ink file because there's the opportunity for them to set you up that ein if you want to do the elevated package which is a pain in the butt i had to do that for my own business i set up an llc for myself i'm not a cpa or attorney i've just done a lot of research on these topics and that's why i'm creating this video for you to share that information with you also if you do use the ink file link in the description below there's an affiliate link so i'll receive a commission which i appreciate because it allows me to make more helpful content like this for other people starting businesses just like you now the advantage of going with an attorney is they're really going to make sure that things are buttoned up but just be aware that it may cost you anywhere from eight hundred to three thousand dollars to get an llc set up through an attorney whereas if you go through say ink file you might be looking at just your state fee or maybe 100 200 bucks more depending on if you were to upgrade your package now the last thing i want to talk about is i have an ink file review and in that review around the 2 30 mark of that video i talked about s corp versus an llc if you already have like 40 to 60 000 of profit in your business that's net profit you may want to consider an escort because you may be able to save on taxes again llc does not do that but an s corp has the potential to help you save on taxes and i talk about that in that video again guys i appreciate you using my links and i'll catch you in tha next video