Americans love to eat out (and over the last year, are increasingly ordering in). The centrality of food to our culture likely explains why so many people dream of owning their own restaurant someday. Getting to be your own boss while serving delicious food and providing jobs to your community are just a few benefits of becoming a franchise owner.
Once you’ve committed to this exciting prospect, it’s the beginning of an exciting new journey. But what’s next? Now that you’ve made the decision, there are other big choices to consider.
The first step on this new career path is deciding on your corporate entity structure. The structure you choose will determine what you’re required to pay in taxes, what kind of personal liability you could face, how much paperwork you’ll need to do, and more. First, let’s break down the common structures for franchisees and the key differences between them.