After you have obtained your Federal Tax id number, the next step in New Jersey, is to register your business with the Department of Treasury. This is all done online at https://www.njportal.com/DOR/BusinessRegistration/. After completing this process, you will be assigned a New Jersey tax ID number that mirrors your Federal Tax ID number with /000 added to the end of it. Upon completing your New Jersey registration, assuming you’re going to have employees in the state of New Jersey, you then must obtain workers compensation insurance. Verification of obtaining workers compensation insurance is required when you file your annual report with the state of New Jersey. In addition, failure to obtain workers compensation insurance can expose you and your business to a large amount of liability in the event a worker is hurt on the job. I would therefore recommend you obtain workers compensation insurance prior to hiring employees and commencing business. Typically, one of the final steps to properly forming your company is to prepare an operating agreement if you’re limited liability company, or if you’re Corporation, to prepare your initial corporate paperwork.
