You might be asking if you can change the name of your LLC if you own a business in New Jersey and have an LLC. Yes, you can change the name of your LLC in New Jersey. However, there is some paperwork and a price involved in altering your LLC’s name.
You must submit a Certificate of Amendment to the New Jersey Division of Revenue and Enterprise Services in order to change the name of your LLC there. The filing fee for this form is $125, and it can be submitted either online or by mail. Your present LLC name, the new LLC name you want to use, and a brief justification for the name change must all be included into the form.
You might also need to drop a partner from your LLC in New Jersey in addition to changing the name of the entity. To do this, you must examine your LLC operating agreement to ascertain the procedure for partner removal. You must adhere to the New Jersey Limited Liability Company Act’s default procedure if your operating agreement does not provide a removal procedure.
A vote by the other LLC members is normally required to terminate a partner from an LLC. The partner is dismissed from the LLC and their ownership interest is divided among the other LLC members if the vote is successful.
The Form 1065 and the Form 1120 are the two main tax forms that LLCs utilize to file their taxes. LLCs that are taxed as partnerships must use the Form 1065, often known as the Partnership Return of Income. For LLCs that are subject to corporate taxation, the Form 1120, generally known as the Corporate Income Tax Return, is used.
Your IRS election will determine whether your LLC is taxed as a S or C entity. Multiple-member LLCs are by default taxed as partnerships, whereas single-member LLCs are taxed as sole proprietorships. However, by submitting Form 8832 to the IRS, LLCs can choose to be taxed as a S or C company.
Finally, if a single member LLC chooses to be taxed as a partnership, it can submit a Form 1065. The single member LLC will be treated as a disregarded entity for tax purposes and its revenue will be reported on the owner’s personal tax return if this choice has not been made.
In conclusion, it is possible and involves filing a Certificate of Amendment with the Division of Revenue and Enterprise Services if you are a business owner in NJ with an LLC and wish to change your LLC name. The procedure set forth in the LLC operating agreement or the New Jersey Limited Liability Company Act must be followed in order to terminate a partner’s participation in an LLC. How your LLC is taxed determines the differences between a Form 1065 and Form 1120, and whether your LLC is taxed as a S or C corporation depends on the IRS option you made. Finally, if a single member LLC chooses to be taxed as a partnership, it can submit a Form 1065.
The article “Can I Change My LLC Name in New Jersey”