Small business?

Question

hasband and wife opened the 1200 qf /12 seater restaurant for 6 months..No partnership nor corporation form .

Do they need one of them?

Answer 1

Depends how they trust each other.  I'm guessing they have it set as a sole proprietorship right now?  You wouldn't set it as a corporation because it's a small business.  If they both want to have an equal ownership of the business then they need to turn it into a partnership.  If the one trusts the other to hold the full business in their name then that works too.  But if they split/divorce one has rights to the business and the other has nothing.

Answer 2

They do need a business license and tax numbers.

Answer 3

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Answer 4

No you do not need any of the items mentioned. You simply need a business license from your local city all that most likely will cost under $100. On the license you will list the business as a sole proprietor business with both of your names as owners and you will need a business checking account with both of your names on the account. You can obtain a LLC down the road to protect your assets when the business takes off but it is not needed just make sure you have a great liability insurance policy that protects you from the slip and fall, choke on a bone, burnt my mouth type of BS lawsuits that could potentially arise.