Step 1: Assess Your Company’s Status You must ascertain the status of your company before you can start the reinstatement procedure. You can find out by conducting a search for your company on the website of the New Jersey Division of Revenue and Enterprise Services. If your company is in “good standing,” you can move forward with reinstatement. If not, you’ll have to take the essential actions to take care of any unresolved problems.
Step 2: Submit the Correct Forms You must submit the required paperwork to the Division of Revenue and Enterprise Services in order to reopen your business in New Jersey. Your company’s organizational structure will determine the precise forms you need to submit. For instance, you must submit Form LLC-12 if your business is an LLC. If your company is incorporated, you must submit Form A-501.
Step 3: Pay Any Fees
You must pay any reinstatement fees in addition to submitting the required paperwork. Your business structure and the length of time since your business was dissolved will determine the exact amount you must pay. For instance, a $100 reinstatement fee must be paid if an LLC that has been dissolved for less than a year is being reinstated. The cost is $500 if more than a year has passed.
What Happens in New Jersey if You Don’t Dissolve Your LLC? You will still be accountable for submitting annual reports and paying any related fees if you don’t dissolve your LLC in New Jersey. If you don’t, your company will lose its good standing, and you risk paying penalties and fines. Furthermore, even if your firm is no longer in operation, you can still be responsible for any taxes or fees related to it.
How Much Does It Cost in New Jersey to Dissolve an LLC? You must submit Form LLC-3 to the Division of Revenue and Enterprise Services in order to dissolve an LLC in New Jersey. This form has a $100 filing charge. However, there can be other costs involved in dissolving your LLC, such as unpaid taxes or charges.
What Is the Distinction Between Termination and Dissolution? While dissolution and termination are frequently used synonymously, they actually have distinct meanings. The process of ending a business’s existence is referred to as dissolution. Contrarily, termination describes the process of removing a company’s right to operate in a specific state. In NJ, dissolving your business is required before terminating it.
In conclusion, reestablishing your company in NJ is a really straightforward procedure. However, before starting the reinstatement procedure, it’s crucial to make sure that your company is in good standing. You must take care of any unresolved concerns before moving forward. Additionally, be sure to submit the required paperwork and pay any associated expenses. Finally, it’s crucial to properly dissolve your firm if you’ve stopped running it in order to shield yourself from any potential obligations.