What Is A Limited Liability Corporation?

Limited Liability Company (LLC) or Corporation?

• My dad and I plan to buy this restaurant is currently set up as LLC, and this owner he has two location, but he is only selling one location. My question is after I buy one of his restaurant can I still set up as a LLC (We are still using the restaurant's name, because the business been open for over 15 years). However I read that "There can be no more than one active LLC with the same name in the same state." is that true??? Or should my dad and I set up the business as a Corporation?? We want to set up the business to be it own entity separate from the owner.

• Answer:

  There can only be one corporate entity in a state. You can set it up as either an LLC or an S corp under any name you want to, the restaurant name doesn't matter - you can reference it as DBA - Doing Business As. example - you could be the ABC Corp that owns and operates the XYZ Pizza House