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TEN THINGS LAWYERS WANT YOU TO KNOW WHEN YOU START A NEW BUSINESS (…BESIDES THEIR PHONE NUMBER) – PART 3

Posted by William Wolfson | Apr 21, 2020 | 0 Comments

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

About the Author

William Wolfson

I am a third-generation resident of Hunterdon County, New Jersey. My family has lived and worked here since 1918 when my grandfather bought a farm near Frenchtown. In 1938, he and my uncle started a farm equipment sales and service business. I have lived and worked in Hunterdon County practically...

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