Opening a food business.........

[StoryOfTheYear]

I was just curious if anyone here owns any kind of food business, or any business for that matter. I just want some tips and everything you need to get started as far as licenses etc. etc.. Thanks a lot in advanced -StOrY-

 

[bigp3]

I was just curious if anyone here owns any kind of food business, or any business for that matter. I just want some tips and everything you need to get started as far as licenses etc. etc.. Thanks a lot in advanced -StOrY-

What exactly are you opening? Licensing would depend a lot on the type of business your form. The typical first steps are.

1. Register the business entity with your state, i.e. corporation, LLC, partnership. I personally like S corporations because they have the liability protections of a corp but they have the income pass through ability of Partnerships and LLCs. The personal liability protection of an LLC is not very clear as it is with a corporation so keep this in mind if you are thinking the LLC route like a lot of people do. If you choose an S corp you must send a letter of intent to elect S corp status to the IRS right away after you get your corp. registration back from the state.

2. Acquire a Federal tax ID
3. Register Trade Names with your state, locality and USTPO
4. Have your articles of incorporation and bylaws written
5. Get a local business license, once you have a location etc.
6. I always reccomend finding a good CPA and attorney for setting these things up properly. It may cost you up front but it is worth it in the long run. Trust me on this one.
7. Get any industry specific licenses you may need. In the food services an alcoholic beverage license would be the only thing I could think of.

Anyway that should get you started.

 

[maxsupplements]

If you choose an S corp you must send a letter of intent to elect S corp status to the IRS right away after you get your corp. registration back from the state.

this is what i did.. best idea.. keeps you from being double taxed.. not fun...

 

[StoryOfTheYear]

Its going to be a type of food catering service. Thanks for the advice guys. I forgot I had made this new thread! lol Which is why i hadnt resonded to it lately. Thanks a lot guys. -StOrY

 

[bigp3]

no problem, anytime

 

[bigp3]

this is what i did.. best idea.. keeps you from being double taxed.. not fun...

Yup, S corps are nice. The income pass through of a partnership or LLC and the liability protection of a corp.

 

[Dave_19]

I've always thought a healthy fast food place would be a huge success. just think if how much healthy choices they could have. some things I can think of that would work:
tuna/turkey/chicken wraps, chicken brown rice baked pototo, veggies, boccu burgers, turkey burgers, salmon sandwhiches, salads, protien frosty shakes, ect.. their is so much stuff that would sell well. If it ever comes out as a fast food chain, it will probably be how starbucks is too coffee.