Starting a proprietor business

Question

Hello. I have recently started my own Lawncare business in New Jersey. And only I am working in my business ( I do not intend to have any employees ) therefore i am a sole proprietor

I need all the steps to make it legal.

I do have insurance , but how do I go about registering the name , and all the tax stuff?

How do I pay taxes in new jersey for being a sole proprietor? There's no w-2s. Not quite sure about the legality of things . If someone can point me in the right direction with steps and things to do I would appreciate it.

Answer 1

First and foremost, I suggest you get an attorney to give you advice. In New Jersey, for income tax purposes, sole proprietors are treated as individuals. You can also contact your municipality and county of business to ascertain the legal requirement for sole proprietorship business entity.

I hope this helps.

Answer 2

Suggestion:

Please set up a marketing and business plan for your company. Also, find a competent accountant or enrolled agent to help you with your income and taxes each year. Taxes change, and your income will change dependent how you record everything for your business.

Someday you may wish to hire W-2 employees. If you ever wish to borrow money from a bank you will have those items in place in order to substantiate your income and how your company will grow.