Sunset Rooftop Restaurant
Sunset Rooftop Bar & Grill LLC is a rooftop restaurant and bar with live music and rooms available to rent for small parties. I will start small with one location and expand to other areas as the restaurant gains a strong following and success. To begin with, I will supervise the work being done from renovations to daily operations until I find a trustworthy and suitable candidate to take over as manager. The restaurant will be located in downtown Rahway. I chose this location because the downtown area is blossoming with small businesses; however there are few notable restaurants. In addition, there is a heavy influx of people from New York City that live in the apartments and condominiums near the train station downtown. The restaurant will
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They serve as independent legal entities, separate from their owner/owners, which provides liability protection. The corporation’s debt is completely separate from that of its owners. Similar to an LLC, courts cannot seize personal assets to satisfy the business’s debts. Corporations can also sell common or preferred stock, to increase income. Despite these benefits, I eliminated the corporate business structure because they are very expensive to form, and the owners face double taxation. Unlike in an LLC, corporations are taxed at the federal and state level, and any earnings must be documented and taxed on both business and personal income tax returns. S corporations behave like LLCs in reference to taxation. Net profits are distributed to stockholders, who only need to report these profits to their personal income tax filings. When you create your corporation, you opt to be taxed as an individual, thus creating an S corp. Although S corps are taxed like LLCs, offer limited liability protection and serve as separate legal entities, there are key differences that make an LLC the superior business structure for Sunset Rooftop Bar & Grill. The main issue lies in the differences in management. LLCs can choose to have its members manage the LLC. S corps have directors and officers. The board of directors oversee corporate affairs and make major decisions. The directors elect the officers who manage daily operations. I do not want passive members. All parties should be involved in the day to day operations of the
They serve as independent legal entities, separate from their owner/owners, which provides liability protection. The corporation’s debt is completely separate from that of its owners. Similar to an LLC, courts cannot seize personal assets to satisfy the business’s debts. Corporations can also sell common or preferred stock, to increase income. Despite these benefits, I eliminated the corporate business structure because they are very expensive to form, and the owners face double taxation. Unlike in an LLC, corporations are taxed at the federal and state level, and any earnings must be documented and taxed on both business and personal income tax returns. S corporations behave like LLCs in reference to taxation. Net profits are distributed to stockholders, who only need to report these profits to their personal income tax filings. When you create your corporation, you opt to be taxed as an individual, thus creating an S corp. Although S corps are taxed like LLCs, offer limited liability protection and serve as separate legal entities, there are key differences that make an LLC the superior business structure for Sunset Rooftop Bar & Grill. The main issue lies in the differences in management. LLCs can choose to have its members manage the LLC. S corps have directors and officers. The board of directors oversee corporate affairs and make major decisions. The directors elect the officers who manage daily operations. I do not want passive members. All parties should be involved in the day to day operations of the