My Ideal Business
June 27, 2011
My Ideal Business
In order to open a business there are many details that need to be determined to protect the owner before opening. The parts of the business that need to be determined are: the legal form of entity, control of the business, taxation, and financing. The business I want to open is a full service Italian restaurant. The name of the restaurant will be Tony’s Italian Restaurant. In this paper I will explain the details of my business and discuss the Construction Scenario. Tony’s Italian Restaurant
My brother and I have always dreamed of owning a restaurant. Throughout the years I have thought about this business and am excited to open this restaurant soon. The business will be two restaurants in one building. On one side there is a full service restaurant with a bar and on the opposite side there will be a pizzeria. The pizzeria will be a delivery and pick-up service only. Legal Entity
Tony’s Italian Restaurant will be a Limited Liability Company (LLC). Forming our restaurant as an LLC will enable both my brother and I to operate, manage, and control the business. This way we can each manage different aspects of the company. We will also be able to have an equal share of the business. Financing of the business will be owner invested and different small business loans available through the government and small business association of our town. The owners of the restaurant will each invest equal amounts of capital into the company in order to keep everything uniform. For tax purposes, an LLC works out the best for my brother and I. We will be able to file taxes as a partnership and meaning the income or losses from the company will be split between us and filed on our personal taxes. This ensures us that we are not taxed twice. The most important advantage to forming an LLC is the liability issue. With the business as an LLC, we are not personally liable for any debts,...
Please join StudyMode to read the full document