Starting any business is a big step that requires lots of planning, and restaurants are no exception. A restaurant business has a wide range of unique needs that you’ll need to address, from setting up insurance to powers of attorney. As you begin this complex process, use the guide below to ensure you get off on the right foot with help from the right people. 

Guide to Starting a Restaurant Business

What to Consider

You’ll need to begin with some of the general needs for starting a business. This includes determining what type of entity you want your business to be. Two common options for restaurants are a sole proprietorship or a limited liability company. You’ll establish your entity and get all the necessary licenses and permits to open the restaurant. For instance, if you want to serve alcohol at your restaurant, you’ll need to obtain a liquor license. Since you’ll likely be hiring employees, you’ll need to set up benefits and payroll. Set up powers of attorney as well, so you know there’s someone else who can make important decisions when you’re unable to. 

There are some restaurant-specific needs to address, since you have a location that will be serving customers. The business will require multiple types of insurance including workers’ compensation, general liability, product liability, and property insurance. You’ll also need to ensure that you’re following all safety regulations, such as fire codes and OSHA regulations.

Why an Attorney Is Important

You should never attempt to start a business — especially one as complicated as a restaurant — without professional help. From setting up powers of attorney to choosing a business structure, there’s a lot of paperwork and complex regulations to follow. An attorney will help you determine the most cost-effective way to set up your business. For example, they may explain to you the tax implications of choosing a sole proprietorship versus a limited liability company. They’ll also ensure you don’t miss any important details such as insurance coverage, employee benefits, or necessary licenses. Failing to file certain paperwork can result in costly fines or even legal action, but an experienced attorney can help you avoid these scenarios. 

The team at Wood & Rabil, LLP Attorneys at Law are experts at setting up businesses for their clients in Winston-Salem, NC, and the surrounding counties. With 80 years of combined experience, they will help you with everything from choosing a business structure to setting up powers of attorney. They also offer assistance in a variety of other practice areas, including criminal defense, personal injury, and estate law. To schedule a free consultation with a member of their team, call (336) 722-5700. Visit them online to learn more about setting up a successful restaurant business today.