Part number 1: Creation of a Legal Company.
Planning and Partner Agreement: “
If you will have partners, consider first.
Clearly define the roles and responsibilities of each partner. For this we invite you to see the topic of role structure (https://www.athoz.net/ventajas-de-un-restaurante-que-trabaja-bajo-una-estructura-organizacional-de-positions/)
Prepare a partners’ agreement that includes the distribution of profits and losses, important decisions and exits from the business.
Choice of Legal Structure:
Decide on the legal structure (e.g., LLC, Corporation) that best suits the restaurant’s needs and goals.
Register the entity legally in the corresponding state.
Obtain an Employer Identification Number (EIN) from the IRS.
Licenses and Permits:
Obtain the necessary licenses and permits to operate a restaurant in the local area.
Tax Registration: Decides on the tax structure (for example, taxation as a C-Corp or S-Corp).
Establish an accounting system.
Opening of Bank Accounts:
Open commercial bank accounts in the name of the company.
Contracts and Agreements with Suppliers:
Negotiate and establish clear contracts with suppliers.
Make sure you have written agreements to avoid misunderstandings.
Purchase appropriate commercial insurance, including liability and property coverage.
The creation of a successful restaurant society is not only about the legal and operational aspects, but also about building and maintaining strong relationships among partners. Open communication and clarity in expectations are fundamental to overcome challenges and ensure long-term success.
It is recommended that you consult a professional on business formation issues, such as a business lawyer, a certified accountant, or your city’s chambers of commerce for guidance. Small Business Development (SBDC) can also be useful if they have helped restaurants previously, it is something we recommend you validate.
We recommend you to read “Thinking of opening a restaurant? Then this is for you.” on our blog.
ATHOZ is an innovative back-office technology for restaurants that deeply admires those who bring each dish to life. They work tirelessly to boost restaurant success and collaborate to enrich the culinary journey.