NJ & NY INCORPORATIONS (LLC) & EIN (Employer Identification Number)
A Limited liabiltiy company (LLC) combines the tax flexibility of a partnership with the liability of a corporation . More often companies set up LLC's to protect their personal assets and avoid the double taxation of a corporation on shareholders dividends. Each member of an LLC reports their share of profit and loss in the company on their individual tax return. Once the LLC is set up you will need to register with the state of New Jersey.
EIN- once you set up a company you will be required to set up an Employers Identification Number also know as a Federal Tax Identification number. This is used to identify a business entity. An EIN number is also required by an owner operator in order to pay the 2290 Heavy Vehicle tax for any vehicle over 55,000lbs.