Downtown High Point, North Carolina
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High Point, NC 27262
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Financial & Legal Considerations for Opening a Restaurant January 18, 2019

Downtown High Point, High Point
Financial & Legal Considerations for Opening a Restaurant, High Point, North Carolina

The food service industry is an integral, thriving sector of the economy, making it an attractive business venture for many. However, becoming a restaurateur requires quite a bit of hard work and planning. It’s especially important to make sure all the necessary financial and legal considerations have been properly addressed with a business attorney. This will reduce the risk of future economic hardship and legal problems. If you are looking to open a restaurant, here are some of the biggest concerns to think about before you begin serving customers.

What to Consider When Starting a Restaurant

Business Entity

Before opening your restaurant doors, you will need to decide on a business entity. There are several different options, including sole proprietorship, corporation, and LLC. This is not a decision to take lightly, as the structure you choose will affect your tax and debt obligations, as well as your responsibility in liability cases. An attorney will help determine which form will best suit your business, taking into account your finances and the liability risks involved in dealing with high volumes of traffic on a daily basis.

Licenses & Permits

A business license must be secured before starting any new business, and restaurants are no exception. This will give you the authorization to operate in a specific jurisdiction. In addition to this, you will need to be issued a food service license by your local health department. Depending on whether your plans include any construction, serving liquor, or playing music, you may also be required to obtain a variety of other licenses and permits.

Employees

attorneyIt’s likely you will need at least a few employees to help run your restaurant. As such, you must carefully consider employment laws as they relate to hiring practices, wages, tax withholding, and workplace safety. An attorney will make sure you are appropriately informed of your rights and duties as an employer to protect your interests and help keep you in compliance with the law.

Insurance

Restaurants are exposed to a number of risks that can lead to financial ruin, such as third-party injuries and property damage. For this reason, it’s essential to explore all the various kinds of business insurance available to you. General liability, property insurance, workers’ compensation, and liquor liability coverage can all help protect you in the event of a natural disaster, theft, or vandalism.
 

Opening a restaurant can be overwhelming, but it’s one of the most enjoyable and lucrative types of businesses to run as long as these issues are properly taken care of. An attorney from Cecil & Cecil, PA will provide the guidance you need to set your dining establishment up for success. Offering decades of experience, this legal team has worked with numerous entrepreneurs throughout Guilford, Randolph, Davidson, and Forsyth County, NC. Their vast knowledge of business law can prove valuable in helping to prevent many of the challenges restaurateurs are often faced with. Call (336) 883-8383 to schedule a consultation, or visit their website to learn more about the firm.

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