![]() ![]() ![]() These business structures act as an entity of their own and take on the business' liabilities, which limit your liability. To avoid personal liability, the best option is for you to set up your restaurant or bar as an LLC or a corporation. In other words, if something goes wrong, there are no limits to your liability so you may need to forfeit personal assets to cover a loss should one occur. It's arguably easier to become a sole proprietorship or a partnership, but one problem with this structure is that you’re personally liable for lawsuits and debt incurred by your bar. Specifically, do you plan to be a sole proprietorship, a partnership, an LLC, or a corporation? When starting any business or new company, one of the first big decisions you will make is how to structure your business. ![]()
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