When your restaurant or bar goes into default, the court may appoint a receiver to help protect the value of the establishment. This provides a neutral third party without an emotional stake in the restaurant to help protect revenue and cut expenses. While this process protects the lenders, the receiver may also be able to…
The concept of a single owner-operator running a restaurant on his or her own seldom meets reality. Instead, owners, partners, managers, and investors work together to help a restaurant function smoothly and serve its patrons. For this arrangement to work, the restaurant should usually take the corporate form of a Limited Liability Corporation (LLC). Not…
Having a court appointed receiver take over restaurant management can be daunting. While you have a chance to nominate someone, the receiver is a neutral third party who does not answer to you. On the other hand, the right person will manage a property efficiently and ethically, using expertise that you may not have. You also…