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4 Replies Last post: Oct 14, 2008 11:23 PM by sweetie11431

Beginning a Restaurant Business and registering it as a LLC.

Oct 14, 2008 6:49 PM

sweetie11431 2 posts since
Oct 14, 2008

I am currently researching possibilities for financing my small business. I would like to have a corporation so we can have the business license as well as the financial responsibilites on the business . This is to avoid possible downfalls on our individual credit history. Does anyone have any information that I can use to begin this corporation?

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LUCKIEST 7,912 posts since
Aug 6, 2007

1. Re: Beginning a Restaurant Business and registering it as a LLC. Oct 14, 2008 10:04 PM

*Beginning a Restaurant Business, Welcome Crystal and Hasson*<br /<br />How soon do you plan on opening this restaurant??
Do you have a Business Name?? Then you will need a Federal I D Number, A Lawyer and an Accountant.

Do you know about SCORE?? SCORE is FREE

Good luck, LUCKIEST

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LUCKIEST 7,912 posts since
Aug 6, 2007

2. Re: Beginning a Restaurant Business and registering it as a LLC. Oct 14, 2008 8:24 PM

Beginning a Restaurant Business, Welcome Crystal and Hasson
How soon do you plan on opening this restaurant??
Do you have a Business Name?? Then you will need a Federal I D Number, A Lawyer and an Accountant.

Do you know about SCORE?? SCORE is FREE

Good luck, LUCKIEST

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NoBullFunding 278 posts since
Oct 6, 2008

3. Re: Beginning a Restaurant Business and registering it as a LLC. Oct 15, 2008 9:11 AM

Just to clarify, while incorporating will protect you legally, most banks will require your personal guarantee on any business loan, so your personal credit WILL be impacted if you borrow and don't repay the loan in the event of the business failing. I've been in banking for almost 9 years, and have never loaned to a startup without a personal guarantee.

As far as what entity to use, you should consult with your CPA. Most small businesses are S-Corps or LLCs.

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sweetie11431 2 posts since
Oct 14, 2008

4. Re: Beginning a Restaurant Business and registering it as a LLC. Oct 15, 2008 9:11 AM

in response to: LUCKIEST

Hello Luckiet, we are planning on opening this business 05/2008. I am inquiring about registeringmy business as a corporation and then getting a small business loan under the corporation name.Do you have any suggestions? You asked do I know about the score? what score are you referring too?

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ForumsStarting a Business

This Question is Possibly Answered

Beginning a Restaurant Business and registering it as a LLC.

Oct 14, 2008 6:49 PM

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