Will Your Restaurant Business’s Legal Structure Work?

Does your restaurant business have a legal structure that will guide ownership through success and hard times?Restaurants are a vital and volatile element of the business landscape. But an expert on CNBC recently asserted that 60 percent of new restaurants fail in the first year and 80 percent in the first five years. While a Forbes article not too long after disputed those numbers, if you live in an urban area, you have seen enough restaurants come and go to know that it’s not a venture for the faint of heart.

However, there are countless success stories of  people coming together and creating a restaurant concept that succeeds, either on the local level or as a broader national brand.

Restaurants Operating As Closely-Held BusinessesThere are well-capitalized national brands that have many locations; not surprisingly, these are typically not the ones that fold quickly. But many, if not most restaurants are closely-held businesses, meaning business units owned and operated by a…