So, I don’t have any assets other than my financed car and a decent savings. I’ve worked in the restaurant industry for over 20 years and went to school for it a long time ago now. Over the years I’ve tried to obtain a different career but nothing has ever stuck. It seems I keep working in food because I’m either a masochist or I actually must like it. I’ve been working FOH for a while, because BOH in a restaurant (even management) doesn’t pay enough or offer any sort of quality of life.
I want to go back to the kitchen though, but I don’t want to take orders from anybody. I want my own business. I’ve worked really hard for the little bit I have, I don’t even have a house…Is it possible I open a small food business on loan (got great credit) and open an LLC and NOT lose the little bit of savings I do have to my name? I don’t have a rich uncle to borrow from if I completely lose my shirt…failures not really an option but…just in case…would the LLC completely protect me, say if I borrowed 100k or so to open a food truck or food cart or whatever??
Being self employed doesn’t mean your not taking orders from anyone.
Honestly for the first several years it’s even more controlling than having a traditional job.
You’re letting your landlord tell you what they expect
You’re left the bank tell you what they expect
You’re letting the insurance company tell you what they expect
You’re letting the city, federal agencies (IRS etc), and every regulator tell you what they expect
Don’t approach a business idea that an LLC will save your butt, if you have an exit plan make sure it’s not one that won’t trash your life after. If your not worried about your credit because it’s already bad then don’t expect getting a loan.
Also, most small business loans require a lot down so you are invested and can’t just walk away.