Ten Things Lawyers Want You to Know When You Start a New Business (…besides Their Phone Number) – Part 3

Over the past two weeks I have discussed 6 things that I advise entrepreneurs to keep in mind when starting a new business: 1) Keep your business finances separate from your personal finances; 2) Be wary of giving personal guarantees; 3) Talk to your accountant and insurance advisor; 4) Think carefully about the prices you charge and the services you perform; 5) Giving customers credit and protecting yourself and your business from unhappy customers; and 6) Leases, renting business space and dealing with lenders.

This week we wrap up our series about starting a new business with a focus on taxes and other requirements.

7. Always file NJ Business Annual reports and pay your annual fees. If you fail to do so, you can lose the corporate protections afforded you by your company.
8. Always file tax return