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3 Financial & Legal Considerations When Opening a Restaurant December 28, 2018

Granville, Licking
3 Financial & Legal Considerations When Opening a Restaurant, Granville, Ohio

There is nothing more exciting than finally getting the opportunity to fulfill your longtime dream of becoming a restaurateur. However, before you start serving diners, there are a number of financial and legal considerations to address. Properly handling these issues with a business law attorney during the startup phase of your restaurant will reduce your risk of facing additional expenses and legal action. Here are a few legalities and monetary concerns to focus on when opening a food service business.

What to Consider Before Opening Your Restaurant Doors 

1. Business Entity 

Selecting a business entity for your restaurant is one of the most important decisions you have to make. This will affect your liability in a lawsuit, as well as how financial responsibilities are assigned, like taxes and debt. You have several options, but most dining establishments form a limited liability company (LLC) or corporation. It’s always best to consult a business law attorney about your choices and what they feel will be most suitable for your dining establishment. 

2. Permits & Licenses 

attorneyThere are a number of permits and licenses you must acquire to legally operate a restaurant. Ohio law requires restaurant owners to obtain a general business license, food service license, vendor’s license, and if alcohol will be served, a liquor license. If you plan to put up any signs marking the location of your restaurant, you may also have to get a sign permit. An attorney will be able to tell you the exact permits and licenses you need based on your business type and zip code.

3. Insurance 

Just like any other kind of business, restaurants are exposed to a range of risks, including injuries and property damage. As such, you should consider various insurance options, such as general liability, property insurance, liquor liability, and workers’ compensation. This will protect your investment from lawsuits and any losses that occur due to a natural disaster, theft, or vandalism. 

 

Once your doors are open for business, you’ll find that these considerations play a key part in the daily operations of running a restaurant. Partnering with an attorney from Morrow, Gordon & Byrd, Ltd. from the beginning will not only set you up for success but also help prevent many legal problems that have the potential to arise. They offer more than eight decades of experience serving the residents of central Ohio and have used their extensive knowledge in business law to assist many entrepreneurs in various industries. Call (740) 345-9611 to schedule a consultation or visit them online for more information about the firm’s reputable attorneys. 

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