Business Structure

My sister Heidi, my shell friend Janis and myself have always cute to operate a full service restaurant at the Jersey shore. We often joked about the various different roles we would perform. Janis asked to bartend. Heidi wanted to be the hostess and look after the transmission line end. I loved to cook and bake and although I did non train at a culinary institute, I had dog-tired many summers working in kitchens at the shore. All of us wanted to be equally involved in the work, hiring decisions and the art aspects of the restaurant. We had a concept, a name, and a location. The restaurant would be called ?Lobster Rolls?, determined in Love Ladies. My goal was to define New England summers at the Jersey shore by offering corn on the cob, salt-encrusted shrimp, crab and clam chowders, blueberry crumble pie and lots of lobster reproduced recipes from my grandmother. We idea we were off to a great embark on.

As we investigated our options, we began to realize we had a lot to learn and many choices to make. We needed to choose a channel structure. What was going to be the best business entity for our operation? We did want the best protection from general business liabilities that might queer our hard earned assets.



All of us induceed our own homes and we did not want any of our family assets ruined. In addition, how could we demand the best tax breaks out of our business? Obviously, we would need to consult a lawyer and tax advisor.

We considered a proprietorship because it was quick and well-to-do to set up the business operation. We wouldn?t need start up costs and it seemed so simple. For tax purposes, profits and losings flow through to the tax return of the...

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