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Choosing the type of business ownership is a very important aspect of starting a business as it determines various legal and operational issues that affect a business. There are many types of business ownerships that can be established when starting the restaurant business. The most suitable kind of ownership for this will be either a partnership or a limited company. Both have their strengths and weaknesses, which I have stated below.
A partnership is where the ownership of the business is shared among two or more individuals. A partnership will have the following strengths.
After considering the above pros and cons of both partnerships and limited companies, my recommendation would be that unless you have sufficient capital and necessary resources and are prepared to face the risk and responsibility of starting a limited company, it is better to go for a partnership initially. After developing it step by step you can upgrade it to a limited company when you have earned enough capital, resources and experience.
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