Incorporation in New Jersey

Find the right Business Incorporation attorney in Plainfield, NJ

For businesses seeking recognition as separate legal entities, New Jersey law allows them to undergo the process of incorporation. When an incorporated business acts, whether it is to buy and sell property, assent to contracts or exercise legal rights, the process is then attributable to the business itself and not its owners. To incorporate in New Jersey, a business must file with the Secretary of State in compliance with specific guidelines.

Benefits of Incorporation in New Jersey

A corporation enjoys benefits that unincorporated companies do not. Primarily, it cannot be held accountable for an amount of debt greater than the value of the assets that the owners have invested in it. Without incorporation, the personal property of business owners is at stake should the company become unable to pay its debts. A corporation also allows creditors in the Plainfield area to assess the credit worthiness of the business as a whole rather than that of its owners, allowing the business to obtain loans more easily. Finally, the ownership of a corporation is divided into an abundance of equal portions or "shares" of stock. Without this mechanism, transferring ownership of a business would be impractical.

Costs of Incorporation

There are costs associated with incorporation, both short and long term. First, businesses in New Jersey may be charged a fee to incorporate. Also, a corporation is taxed as its own entity. The individual incomes of the owners are still taxed also, and this can mean the same income is taxed twice, known as double taxation. With proper planning and assistance from a local Plainfield lawyer, you can avoid this disadvantage.

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Life in Plainfield

Plainfield is known as "the Queen City" and is home to 50,000 Union County residents. The City of Plainfield covers a total of 6 square miles and plays host to a predominantly African-American community. With such a strong school system, it's interesting that less than 35% of the households were married families.

The Barack Obama Green Charter High School, New Jersey's first sustainable High School, is located in Plainfield. The high school is focused on green building and sustainable practices for faculty and students.

Citizens can get around the city with the convenient New Jersey Transit rail stations and bus systems. For travel, Plainfield is located just 25 minutes from the Newark Liberty International Airport.

The Plainfield Symphony was founded in 1919 and performs at the Crescent Avenue Presbyterian Church making it one of the oldest orchestras in the entire United States. It may be surprising to find out that the area was settled by Quakers in 1684 and Plainfield was an incorporated as early as 1869. It was a manufacturing center for chemicals, clothing, vehicle parts, and electronic equipment and was popular among the other New York Metropolitan Area suburbs.

Many of the homes from the extravagantly wealthy still remain there in full glory. The historic district of Plainfield has a number of homes with locally influenced architecture including the former home of New Jersey Governor Jim McGreevey who was also a lawyer.

Plainfield lawyers are knowledgeable of local courts and procedures and will likely be able to help you with whatever legal issue you may be facing.

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