Frazer Explains The "Three-LLC Minimum" Of Restaurant Formation

Restaurateurs are no doubt familiar with the concept of the "two-drink minimum" and "three-martini lunch."

"Gerald Ford once remarked in a speech to the National Restaurant Association, 'The three-martini lunch is the epitome of American efficiency. Where else can you get an earful, a bellyful and a snootful at the same time?' So whenever a new restaurant client comes to me to help to structure a start-up restaurant business from a corporate legal perspective, I reply, "There's a three-LLC (limited liability company) minimum," Richard Frazer wrote in a recent article for Total Food Service.

Frazer, who co-chairs Pryor Cashman's Restaurant, Food + Beverage Group, represents celebrity chefs, food manufacturers, independent restaurants, specialty food stores, local chains and some of the nation's largest franchisees.