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INTRO Legal entities structure & tax optimization

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JeromeB

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Apr 7, 2017
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Hey guys,

I am a french guy who's been living in Asia for 15 years, worked for big firms and opened 900 stores there... and now looking for having a new start with my own business. I follow my partner to the US and will set-up my chain of restaurants.

Anyone can advice me on the legal structure: It seems C Corp is the best option for me (especially as a foreigner) but in which state should I set it up?
In addition, each restaurant in each state should belong to the same legal entity or be a different entity?

How to optimize tax structure? I understand there are: sales state tax+state income tax+federal income tax, correct? What are the mechanisms to implement in order to minimize taxes?

Thanks in advance guys!
 

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That's specialized advice that you should seek from an expert; accountant / CPA / attorney.
 

hughjasle

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Definitely get an attorney to set one up. Especially in the restaurant space as you need lots more legal/insurance guidance, luckily sounds like you have experience in that area if since you seem to have helped in opening up 900 locations before :) That's impressive.
 
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JeromeB

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Apr 7, 2017
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You may want to consult with an Attorney or Accountant. This could be complicated and you want to get professional advice in my opinion.
Hi thanks for the answer, appreciate. I actually also plan to contact an attorney, I am asking on this forum too to cross information and find what's best. :)
 

Ravens_Shadow

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As everyone else said, contact an attorney.

But i can tell you that it doesn't matter what state you incorporate in. If you're running a restaurant or brick and mortar in Florida, you need your llc or corporation setup in Florida if you only want to pay taxes in that state + federal. If you have a company setup in say Arizona, and your restaurant is running in Florida, you'd have to pay taxes in both states (from what I've been told). I may be 100% wrong, thus find an attorney
 
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JeromeB

New Contributor
Apr 7, 2017
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Shanghai
As everyone else said, contact an attorney.

But i can tell you that it doesn't matter what state you incorporate in. If you're running a restaurant or brick and mortar in Florida, you need your llc or corporation setup in Florida if you only want to pay taxes in that state + federal. If you have a company setup in say Arizona, and your restaurant is running in Florida, you'd have to pay taxes in both states (from what I've been told). I may be 100% wrong, thus find an attorney
Hi, thanks for the answer. It's also my understanding so far, except for some states like Delaware which does not have corporate tax if the corporation operates out of this state. It seems also that creating the corporation in the same state, where I would start to operate, is reducing the amount of authorizations (like "foreign qualification"...).
 

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