New Jersey Limited Liability Company Act
The New Jersey Limited Liability Company Act stipulates the manner in which LLCs can be formed and operated in the state of New Jersey. An LLC business offers its members a combination of tax and legal advantages that are not found in other types of business entities.
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Name
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The legal name of a New Jersey LLC must contain the LLC identifier "limited liability company," or an abbreviated version (LLC). In addition, a New Jersey LLC must have a business name that is distinguishable from other businesses that are registered in the state of New Jersey.
Membership
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The New Jersey Limited Liability Company Act allows a single individual, or any number of individuals, to form an LLC in the state. An LLC formed in New Jersey has a legal existence separate from the members of the business, until the LLC dissolves.
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Certificate of Formation
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Businesses are required to file a certificate of formation with the New Jersey secretary of state to establish an LLC in the state. The certificate of formation must include information such as the name and address of the company, as well as the company's dissolution date. However, the New Jersey Limited Liability Company Act allows an LLC to have an unlimited existence.
Operating Agreement
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LLCs in New Jersey are required to keep an operating agreement at the company's principal place of business. The operating agreement is an internal document that governs the LLC, and establishes the roles and responsibilities of the LLC's members. In the absence of an operating agreement, the default rules of the state will govern a New Jersey LLC.
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