ETH 321 Business Entity Liability W4
Business Entity: Liability
I have worked for the restaurant business for 3 years, and it has truly opened my eyes and has shown what it truly takes to run a restaurant. A restaurant is one of the most risky businesses to get into. Restaurants need a large amount of capital to have enough to cover all finances and to make a solid profit. Restaurants house so many guests and when providing food, you have to take every precaution to not affect people’s health through allergies and food poisoning. Some restaurants provide liquor, which is just a liability within itself. A restaurant has multiple employees which means that more people could create several liabilities and there are several obligations that restaurant has to make to their employees. A limited liability entity is very important and beneficial because it is definitely the cheapest and easiest to maintain. This entity has the maximum flexibility where both sides benefit substantially.
I have worked for the restaurant business for 3 years, and it has truly opened my eyes and has shown what it truly takes to run a restaurant. A restaurant is one of the most risky businesses to get into. Restaurants need a large amount of capital to have enough to cover all finances and to make a solid profit. Restaurants house so many guests and when providing food, you have to take every precaution to not affect people’s health through allergies and food poisoning. Some restaurants provide liquor, which is just a liability within itself. A restaurant has multiple employees which means that more people could create several liabilities and there are several obligations that restaurant has to make to their employees. A limited liability entity is very important and beneficial because it is definitely the cheapest and easiest to maintain. This entity has the maximum flexibility where both sides benefit substantially.