Discussion Post: Disclosure of an LLC Business
Identify what licensing and regulatory requirements impact your business and how you are addressing them. Read the following scenario and reply to the above question based on it. Do not include the question in your answer.
Contractual questions to consider: Disclosure.
This in an opening restaurant business, located in Miami Florida. Base your analysis and answers on the USA Law, and Florida State Law. Please, keep in mind that this is a law assignment. Type of entity: Limited Liability Company (LLC) filing taxes as an S-Corporation. State of formation of the LLC Corporation: Florida Reason for selecting an LLC Corporation as type of business:
1) This type of company protects the members against claims or sues. A member of the LLC is only liable for the participation he or she has, based on the amount of money invested, if there is wrongdoing on his or her side.
2) As a new business is a convenient and more straightforward recordkeeping entity.
3) Over the election of partnership, LLC has a more formal business structure than partnerships and a more flexible system than corporations.
4) Profits are not obligated to be distributed evenly or in proportion to ownership percentages.
5) Allow foreign investors or skilled employees as certified chefs to be a member of the business. LLC gives the advantage of having as many members as needed.
6) It has many options for tax filling; in our case, we elected filing as an S-Corporation avoiding double taxation because the income and expenses are passed through to the owner's personal tax returns.
Scenario: Detailed description of the product and/or service: A local Latin restaurant that will prepare and transport various types of fresh food, a "cantina," with a weekly menu or just single orders for individuals who work and don't have enough time in a busy city like Miami. The name of our restaurant is "Calentico y a Su Gusto Restaurant, meals of your choice." An explanation of some reasons for choosing this concept: We are aware that several local businesses in Miami provide this type of service, but following the pandemic, we have been familiar with various drawbacks. One of the things we would like to enhance is to make a distinction by focusing on healthier meals and preparation while considering client preferences. We have been customers of these restaurants and have tried both the lowest and most expensive options. We ended up not enjoying the meal because of the low quality, preparation, and ingredients used. Our goal is to achieve an excellent price-quality ratio. Your theory as to why this is a viable opportunity: Our culinary will have a unique high-end presentation and will be served with an informative flyer that explains how to make good food choices and combine different cuisine types healthily. We will add suggestions for clients with pre-existing problems, including high blood pressure, diabetes, celiac disease, and other disorders. We will grow a customer network based on their referrals while keeping loyal clients simultaneously as people learn about our business constantly, with a solid price-quality ratio. Our goal is not only to make fresh food at a fair price but also incorporate delivery to avoid the added expense of separate delivery plus gratuities on top of the meal price.
The response must include a reference list. Using one-inch margins, double-space, Times New Roman 12 pnt font and APA style of writing and citations.