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New Jersey Business Formation Questions & Answers
1 Answer | Asked in Business Formation for New Jersey on
Q: Is it required to purchase insurance during the business formation process?
Leonard R. Boyer
Leonard R. Boyer
answered on Apr 6, 2018

Some things are just prudent to do whether or not they are legally required. Business formation should only be done with the assistance of an attorney who knows the corporate structures and can help protect both you and your business from all sorts of problems.

1 Answer | Asked in Business Law and Business Formation for New Jersey on
Q: What business structure is right for us? What state should we form in? Is our initial approach sound?

*Regarding Corporate Law*

Our business plans to bid on and fill small-to-medium sized U.S. government defense contracts primarily regarding ammunition, firearms, and related military accessories. We currently have 2 employees (founders), and are located in New Jersey. As of yet, we have no... Read more »

H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq.
answered on Nov 15, 2017

A good business lawyer would need to know much more information to give you the correct answer. I suggest you setup a consultation with one (lawyers charge for time and advise) and expect to pay a at least a few hundred dollars. But that small fee could save you thousands later on. Just for your... Read more »

2 Answers | Asked in Business Formation and Business Law for New Jersey on
Q: I opened a business with a silent partner. All paper work is in my name. He bought acouple of the equipment we use.

He wants out and doesn't want to be apart of it. Now wants all the money he invested back. Can he cone and take his equipment back that he bought from the property that I lease?

H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq.
answered on Sep 17, 2017

Maybe it would depend on the terms of your operation agreement which I hope you have.

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1 Answer | Asked in Business Formation for New Jersey on
Q: How should start up approach an established company for partnership?

My friends and I (3 of us) started a website about 8 month ago. In order to complete our site, we need to integrate/work with a third party company. The following is a silly illustration/mock of our idea:

We created a website that matches candidates to shelter pets through a survey.... Read more »

Leonard R. Boyer
Leonard R. Boyer
answered on Jul 8, 2017

Not without retaining experienced legal counsel to accompany and advise them every step of the way.

1 Answer | Asked in Banking, Business Formation, Business Law and Consumer Law for New Jersey on
Q: What does it take not to be called a bank?

How close can a company get to not being called a bank legally?

Leonard R. Boyer
Leonard R. Boyer
answered on Jun 30, 2017

Your question is too vague to answer.

1 Answer | Asked in Banking, Business Formation, Business Law and Legal Malpractice for New Jersey on
Q: How long can a company get to avoid been called a bank legally?

Can a company sell virtual points that people can buy and use to buy stuff from stores that agree to cash in those points for money at the end of every month from the company?

How CLOSE can a company get to avoid been called a bank legally?

Paul J. Riviere
Paul J. Riviere
answered on Jun 30, 2017

Your able to loan money within certain interest rate limits but cannot maintain money accounts or participate in issuing credit cards or anything offered by Federal Reserve. But this a very tricky area that needs lots of research as failure to follow state guidelines can lead to imprisonment. You... Read more »

3 Answers | Asked in Bankruptcy, Business Formation and Business Law for New Jersey on
Q: If a ch 7 personal bankruptcy filer has capital contributions to an LLC or an S Corp, how should it be noted?

Should that be as a loan to the company or a capital account? Is one better than the other in a chapter 7? Contributions were made a long time ago.

Michael David Siegel
Michael David Siegel
answered on Mar 7, 2017

It should be listed as it is held in the books and records of the LLC.

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1 Answer | Asked in Business Formation for New Jersey on
Q: How much does it cost all in all to start a non for profit organazation in USA New York
H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq.
answered on Jun 7, 2016

Every Attorney will charge differently based on whats included with the services This is like asking how much would a meal cost at a restaurant. The more that's included the more it costs, but make sure you do this with a lawyer not an incorporation service as many the business they start... Read more »

1 Answer | Asked in Consumer Law, Securities Law, Business Law and Business Formation for New Jersey on
Q: NJ p2p lending firm we are not originate the loans do we have to get Consumer Lenders/Sales Finance Company license?

We are a startup lending firm offering personal unsecured loans. We Won't originate the loans.

Do we need any license to operate in NJ?

Thanks

Leonard R. Boyer
Leonard R. Boyer
answered on Apr 26, 2016

You need to have an in person consultation with an experienced business attorney to learn exactly what the rules and requirements are for you to operate this type of business in NJ. You can have serious problems if you do not conduct your business properly. Good luck.

1 Answer | Asked in Business Formation for New Jersey on
Q: Do I have to register as a ticket broker in NJ.....

if I have no employees, no brick&morter office and only sell tix through Stubhub or ticketmaster resale?

Leonard R. Boyer
Leonard R. Boyer
answered on Apr 20, 2016

You just retain counsel and follow this statue, which I have provided to you. http://law.justia.com/codes/new-jersey/2013/title-56/section-56-8-27

1 Answer | Asked in Business Formation for New Jersey on
Q: WHAT ARE Advantage/Disadvantages for LLC AND CORPORATION,I'LL BE THE ONLY MEMBER?

I WANNA START A NEW SMALL BUSINESS OF MINE AND I WANNA AVOID ANY FINANCIAL IMPACT ON MY OWN ASSETS, A FRIEND RECOMMEND "LLC" OR "CORP." AS A STRUCTURE FOR MY COMPANY. I WANNA KNOW WHICH IS BETTER TO MAKE ME A SEPARATE ENTITY FROM THE BUSINESS A ND AT THE SAME TIME OF "LESS... Read more »

H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq.
answered on Sep 2, 2015

The answer on your question would depend on the type of business you have and how you intend to operate it. In general a corporation is better

1 Answer | Asked in Business Formation for New Jersey on
Q: When setting up a non-profit corporation can you use the Articles, By-Laws, or consititutions from another corporation.
Christopher J. Basner
Christopher J. Basner
answered on Dec 9, 2013

Articles, By-Laws, and Constitutions for a non-profit should be drafted for your specific entity.

Proper planning can avoid more serious problems down the road.

I strongly recommend that you consult with an attorney to draft these documents for your non-profit corporation in New Jersey.

1 Answer | Asked in Business Formation for New Jersey on
Q: Is an association of affiliated churches considered a religious organization for the purposes of Title 16 of the NJ Code
Rodney John Alberto
Rodney John Alberto
answered on May 6, 2011

I think I would need more information to answer this question - are you applying for a benefit? My preliminary analysis is that many or most churches are part of an "association of affiliated churches." I think the definitive answer would come from if the HEAD organization that leads... Read more »

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