New businesses can take many forms. There are corporations, partnerships and limited liability companies to name a few. Each of these business entities have significant differences that can impact the way the company is runs, how it pays taxes and how it starts and ends. However, what each of these business entities have in common is that even from the business formation stage they need employees.
Employees are the backbone of most businesses. They keep the business running, even if the company’s only employees are its owners. According to a recent report, New Jersey private sector businesses added a record number of employees in December. The report was published by the U.S. Bureau of Labor Statistics and stated that New Jersey added 30,900 employees in December alone. This is the highest number or employees added in a single month since 1990 — the year these statistics were first recorded. Despite these gains in the private sector, New Jersey eliminated 700 public employees in December.
These new private sector employees were from a variety of different business sectors. Most of the jobs — 6,000 — were in the trade, transportation and utilities sector. However, over 5,000 jobs were added to education and health services, followed by over 4,000 new construction jobs. Additional gains were seen in the leisure and hospitality, professional and business services and financial activities sectors as well.
Despite the record job growth, New Jersey’s unemployment rate only decreased by 0.1 percent. It now stands at 9.6 percent, which is higher than the national unemployment rate of 7.8 percent.
Business start ups and other businesses looking to take on new employees may have a variety of tough decisions to make. By exploring their options from the beginning businesses can be more successful in the long run.
Source: NJ Today, “NJ Businesses Added Record 30,000 Jobs In December,” Jan. 17, 2013