Restaurant Startup Information

I’m staring a small restaurant be myself and was considering a S corporation, when someone mentioned that a Limited liability company may be better.

You may want to anticipate what your future needs will be and what you plan on doing with your business and then decide on an LLC or S-Corp. Both have limited liability. One does not hold more protection than the other. There are different rules on the Federal side which is what you should be concerned about. State issues are a concern but for tax purposes focus on Federal first.

Shareholder’s normally do go on payroll for an S-Corp and can recieve dividends too but, both are taxed, just taxed differently. For payroll there are the normal withholding (FICA, Federal & State Taxes) deducted from each check. Dividends ARE TAXED at the capital gain rates which is currently 15%. Before you get excited about the 15% on capital gains…keep in mind IRS would not be happy to see a shareholder ONLY taking dividends and not salary. There are special rule the IRS put in place just for S-Corps. There salary can’t be to high NOR can it be to low…… Dividends do not have to be taken out of an S-Corp. It’s up to the discrection of the shareholder(s).

For an LLC, draws are usually take and quarterly estimated tax payments are paid to the IRS and state. You do have to pay self employment tax. Self employment tax is basically the FICA that would have been deducted out your paycheck plus the amount of FICA your employer would have pay. You do get to deduct one half of self employment tax to arrive at you AGI (Ajusted Gross Income)

One benefit of being an LLC (Single Member) is that it does not need file it’s own tax return but can go on your individual tax return on Sch C. That alone with save some accounting fees. There are various differences is what you can within each of the entities. It’s not like "well I am just starting out so I will do an LLC and then move up to an S-Corp when I bigger". An S-Corp is not a step up. It would benefit you to consult with an accountant even if it’s just for a one time meeting to discuss what would benefit you more. I can you that I am suggesting LLC’s to all my clients. I several clients that are fairly large and are LLC’s.

And no matter what kind of entity you choose…..Liability Insurance is a must!!! Good luck!!

A local restaurant I go to has beautiful tables. The owner says he bought the tables from chinatown NYC but doesn’t remember which shop.
Can anyone tell me names/number/website of restaurant furniture suppliers/wholesalers in chinatown NYC?

according to me to buy best furniture you should try online for the latest design and every thing.the best place which i know is "lafurniturestore".

A friend had gone to the Printers Row Bookfair in Chicago earlier this month and had looked for the Printers Row Cafe, which was an upscale bistro located on Dearborn and Harrison (I think). She said she was unable to locate it however, and said the neighborhood has changed a lot in the 10 years since we had been to the fair. Did it move, go out of business, or was it sold to another restaurateur? Bonus points if you can tell me more about what’s happened to the neighborhood. There was a Hyatt Hotel on that block, which I understand was turned into condos, a small jazz club across the street, and two bookstores in the area, one specializing in local authors. Are those still around?
Thank goodness, Sandmeyers’ Books and Printers’ Row Rare Books are still there! But I thought the Hyatt chain sold the building to condo developers. Am I wrong?

The neighborhood has undergone dramatic changes in the past few years. Many, many condos, lofts, townhomes have been built to go with the new restaurants and boutiques. Even our mayor resides a few blocks south of Harrison St. I believe that the Hyatt is still at 500 S. Dearborn St. The following link may help.

http://www.chicagotraveler.com/neighborhoods/printers-row-feature.htm

EDIT; On 2nd thought, I believe you’re correct and that Hyatt is gone. Have a good one.

I would start by getting a copy of the book

"The Restaurant Managers Handbook: How to Set Up, Operate, and Manage a Financially Successful Food Service Operation" by Douglas Robert Brown

And don’t just say ‘So i don’t get hammered.’

No, I don’t. I choose the best wine in my price range that will go best with the food I am ordering.

If I’m on a diet and purchasing wine for home, I might note exactly what I am buyinng alcoholic percentage wise since the more I drink the more likely I am to eat.

Knowing American History posted: 2/26/2007

It was the first day of school and a new student named Pedro Martinez, the son of a Mexican restaurateur, entered the fourth grade.

The teacher said, "Lets begin by reviewing some American history. "Who said Give me Liberty, or give me Death?"

She saw a sea of blank faces, except for Pedro, who had his hand up. "Patrick Henry, 1775."

"Very good!" said the teacher. "Now, who said, Government of the people, by the people, for the people, shall not perish from the earth?"

Again, no response except from Pedro: "Abraham Lincoln, 1863."

The teacher snapped at the class, "Class, you should be ashamed! Pedro, who is new to our country, knows more about its history than you do!"

She heard a loud whisper: "Screw the Mexicans!"

"Who said that?" she demanded.

Pedro put his hand up. "Jim Bowie, 1836."

At that point, a student in the back said, "Im gonna puke." The teacher glared and asked, "All right! Now, who said that?"

Again, Pedro answered, "George Bush to the Japanese Prime Minister, 1991."

Now furious, another student yelled, "Oh yeah? Suck this!"

Pedro jumped out of his chair waving his hand and shouting to the teacher, "Bill Clinton to Monica Lewinsky, 1997!"

Now, with almost a mob hysteria, the teacher said, "If you say anything else, Ill kill you!"

Pedro frantically yelled at the top of his voice, "Gary Condit to Chandra Levy, 2001."

The teacher fainted, and as the class gathered around her on the floor, someone said, "Oh shit, were in BIG trouble now!"

Pedro whispered, "Saddam Hussein, 2003."

Finally, someone threw an eraser at Pedro and another student shouted, "Duck"!

The teacher, just waking up and still a bit out of it, asked "Who said that?

Pedro: "Dick Cheney 2006!"

HAHA that is very very funny

I would really like to start a small restaurant situated in Colchester.
I have thought about it for about a year but whats stopping me is the lack of experience and knowledge in both business and food.
Also I dont have the money, I know I would have to apply for a loan but im only 18 years old and would be affraid that I would be too young.
Already I have decided on the location, type of food I would serve, aims and objectives in the first year.

What do I need to do next?

I am in the same boat as you. I know that I have no shot at getting a loan, so I have started a few small ventures to try to raise the capital I need for my building.

Starting an internet business is in my opinion, one of the fastest and smartest ways women today can make money. Here are 10 reasons for starting an internet business, and one reason why you shouldn’t!

1. Money. Pure and simple, we all could use a more of it. Whether it’s to get out of debt, build a retirement, or just simply make ends meet. With the right guidance, an internet business can start generating income almost immediately.

2. Family. Let’s face it Moms, a lot of you want to be home with your kids. A work at home job is great for just that reason…unless you have to leave home for appointments, parties, or sales calls. Then you’re right back to babysitters and being away from your kids. An internet business truly lets you run it from home.

3. Self Esteem. Many of us are so busy being Moms, and wives, and community members, we forget to forge something in our lives that reflects our inner selves. Starting (and becoming successful) in your own business can boost your feelings of self worth, and that makes everyone in your life a winner!

4. Community. Our communities that we live in are better off for us having started businesses. It provides good role modeling for our children, provides tax base for necessary programs such as police and fire, and a community where people exhibit pride and hard work is a better place to live for us all. Perhaps you will inspire more women in your community to start a business!

5. Tax Benefits. Most women who start a business at home are going to be able to take large tax deductions for their home business. Less taxes means more money in your pocket, and that’s a good thing!

6. Work at Home Household Savings.Working at home means no expensive wardrobes. The average professional suit for a woman can cost over$150! Can you imagine NOT having to buy expensive work clothes anymore, and how much money a year you can save your families budget? Also, how much do you think a work at home mom uses expensive convenience foods and restaurant take out?

7. Flexibility. Because I work at home, I can arrange my schedule to be available when a child is home sick or heartbroken, for a field trip at school, or to just take a mental health day once in awhile and sit at a park and read. How many bosses would give you the day off to read?

8. Being in charge of your own business means you are no longer at the mercy of layoffs. Don’t get me wrong, a home business can crash too…but at least YOU hold the reins and make the decisions, not someone else.

9. You determine how much you work, and how much you make. No more being paid less than you are worth, no more begging for a raise. If you educate yourself right, you can pretty much combine hard work + persistence=unlimited income.

10. You can sell your business later on down the line…it’s an investment! Build it large enough and successful enough, and many website owners have sold their sites for hundreds of thousands of dollars…and started out knowing very little about building an internet business.

One reason NOT to start an internet business…

DO NOT start a business to please anyone else. There is so much pressure on women today to do it all….many times we feel we are not successful unless we make a lot of money, are perfect moms, never gain a pound…you get the idea. Start a business for you, and your dreams, not to convince the world, or the mother in law, or your next door neighbor…that you can do it all. Running a business is not for everyone, but if you want to follow your dreams, work at home, and make a good income, starting an internet business is a great place to start. Click Below To More Complete Information.

Gagan Kainth
http://www.articlesbase.com/business-opportunities-articles/why-women-know-these-10-reasons-to-start-their-work-at-home-based-business-online-687340.html

The restaurant and hospitality sector are increasingly turning towards computers and business software applications in order to run their businesses more efficiently, ultimately with the intension of saving on costs. It is crucial for any restaurant business wishing to compete, to select the very best restaurant POS software suite available to help in running there business.

While not all business owners are comfortable with restaurant pos technology it can be a huge asset and vital to any hotel or restaurant wanting to trade almost immediately after installation, thus saving money on training time, stock control, payroll and ultimately wages.
Streamlining your business operations can mean the difference between failure and success. In the world of hospitality if you don’t keep pace with your competitors you could see yourself loosing your customer base, for more details visit to www.pure-profit-software.com through promotions and cheaper offers by smoothly run establishments operating restaurant software.

Restaurants are certainly no exception to this idea and having a good hospitality software suite for your restaurant or hotel is vital to being successful. While there may be times when external factors can make a difference to your success, using the right hospitality software can significantly increase your chances of success and give you the edge over your competitors.

If your still deciding on a software suite which is right for your business, make sure you look for a restaurant software suite that is robust, upgradeable, great value for money and above all easy to use. You need to be sure that the hospitality software you evaluate can be adapted to suit your needs. If the software is rigid and allows for no flexibility you will be unable to adapt it to suit your business needs as your business grows causing problems for the future.

Business Software, and Hospitality Software, should be quick to install, easy to use, intuitive and not require weeks of training; it should be fully modular, flexible and upgradeable to grow with your business. Additionally, you need to look for restaurant software that will run on your computer systems. If you are planning to operate with multiple tills you need a good backup system for safety, for more details visit to www.software-designers-pro.com a system that will replicate your master data file to another machine making sure you don’t loose data in the event of a system crash?

You need to ensure that the software you select will allow multiple hardware configuration, payroll integration and data export to sage or quick-books. Most users will have at one time or another used a computer running on a windows operating system, many of the professional scalable point of sales and hospitality software solutions are written specifically with windows in mind.

A final consideration that you should take into account is the need to have software that will be able to move swiftly. Most good restaurants are extremely busy during peak times and need a restaurant POS system that will work quickly and not freeze or crash during constant use. A good software may not be cheap, but it will certainly help you to ensure that your business runs smoothly allowing you to concentrate on other areas of your business.

A priority for any business is support, make sure you have the option of telephone support or virtual network connection support similar to yahoo and msn messenger this will be an optional extra with any good pos software providers and worth its weight in gold, if your systems go down and you are unable to trade.

It goes without saying that the software developers know far more about the system than anyone. An over looked point that many clients have regretted from my experience; make sure that whoever you purchase the software from can offer out of hours support should you need it, also a company in the same time zone is a very useful commodity.

IC SERVE
http://www.articlesbase.com/software-articles/some-basic-tips-for-selecting-professional-restaurant-pos-software-698273.html

By Mike Caggeso
Associate Editor
Money Morning

Yum! Brands Inc. (YUM) expects another year of double-digit profit growth.

For nearly everyone else, 2009 won’t be just “another year.” Nearly every economist expects the first half of the New Year to bring more of the same, a deepening global financial crisis that’ll throw an even bigger, wetter blanket on economic growth than it did this year.

Indeed, even more than in 2008, next year will be a real-life case study of the survival of the fittest. And Yum’s certainly fit for the fight.

“Our industry is better-positioned in times like this,” Yum Chief Executive Officer David C. Novak told The Wall Street Journal. “We’re better-positioned than most other categories and industries.”

Already, we’re seeing companies slash work forces, trim (or abolish) dividends, and lock the safe that stores their spending money, sell off holdings or even shut down completely.

Yum’s not immune from the downturn. It, too, is cutting $60 million in operating costs from its U.S. business. It’s also putting a hold on buying back shares next year to preserve cash.

But unlike most, Yum hasn’t red-lighted its 2009 expansion plans – it’s still planning to build as many as 1,400 restaurants in international markets. About 500 of those new stores will be in China. That’s part of the reason the overall company is projecting at least 10% profit growth in 2009.

More broadly, Yum is expanding in the world’s fastest-growing economies and is making its menu part and parcel of every foreign country in which it operates. Two factors have imbued the company with a corporate killer instinct that’s enabling it to survive and thrive in the face of the current harsh economic environment: The innate strength of its own brands and a proven ability to adapt to any market it decides to pursue.

For marketing muscle, the Louisville, Ky.-based Yum has an army of brands – Pizza Hut, Kentucky Fried Chicken, Long John Silvers and A&W – plus its own line of Yum Restaurants that it operates outside the United States.

And its overseas franchises – especially Pizza Hut and KFC – are especially adept at making themselves the people’s favorite local flavor, instead of just their favorite American flavor.

Here’s a look at some of the items on Pizza Hut’s China menu: tuna fish pizza, roasted squid, zesty shrimp soup, a variety of rice-and-meat dishes (kimchi pork, curry beef and Hungarian beef rice), green tea, and chocolate mousse cake.

The bottom line: Yum’s stronghold and growth potential in China is shaping up as one of the most promising investment stories of 2009.

China Stronghold

As far as Yum Chief Financial Officer Richard T. Curucci is concerned, the company’s target for 10% profit growth should be easy to hit.

“We can get these numbers without heroic sales performance” at existing restaurants in China, Carucci said on a Webcast from the company’s analyst meeting, Reuters reported.

While Carucci says that Yum is “still not sure how China’s going to respond to a slowing economy,” he is certain of the company’s master plan which makes the Red Dragon the centerpiece of its growth strategy.

As of now, the United States accounts for 41% of Yum’s operating profits. China accounts for 28% and the rest of the company’s operations around the world account for the remaining 31%.

By 2013, China will account for 40% of Yum’s operating profit, while the United States and the rest of the world will each account for a 30% share, according to company projections.

As this plays out, Yum should outdistance some of its rivals, especially McDonald’s Corp. (MCD). That’s because Yum has done a better job penetrating the China market.

From 2002 to 2007, Yum opened 1,678 new stores in China, for a total of 2,558. In that same span, McDonald’s added 330 stores, giving the Golden Arches’ owner a total of 876 stores in China.

Yum has even stolen McDonald’s thunder in the mascot department. Its KFC mascot, a chicken character (naturally) named “Chicky,” roams stores and interacts with children. And the company’s Chicky program includes in-store birthday parties, kids’ fun camp and school tours of its stores. No wonder that Novak, the Yum CEO, boasted to Business Week two years ago that Chicky had already become “the Ronald McDonald of China.”

“We’re on the ground floor of a booming market, just like when Colonel Sanders started KFC and Ray Kroc started McDonald’s,” Novak told Business Week, noting that he one day wants to have as many restaurants in China as he does here in the United States.

Stateside Strategy

Novak said last week that the United States market was the lone problem the company has had in 2008.

Not only does Yum face a wider number and variety of competitors, but also fighting the headwinds of recession.

In addition to cutting $60 million from operational costs and suspending the company’s share buyback, Yum will offset the planned opening of 200 new U.S. restaurants by closing about the same number.

Other strategies will appear on the menu.

At Pizza Hut, the company is adding lasagna to its new Tuscani pasta line.

At KFC, it’s rolling out a grilled chicken option, a menu item Novak called a “transformational product” at an investor conference last week, The Associated Press reported.

The chicken chain will also create and promote a value menu, featuring items costing from $0.99 to $1.99.

To read more click here

Investment News

Money Morning
http://www.articlesbase.com/business-opportunities-articles/hot-stocks-fast-food-restaurateur-yum-brands-making-china-its-main-course-694541.html