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Business law project

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Farah Feero

on 26 November 2012

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Transcript of Business law project

Students Business Law project
Sinbad Restaurant
(project research) Business Idea Establishing the business Insurance Licenses, permits and certificates Taxes - Premium style restaurant.

- Offer Arabic food and beverages.

- Employees:
2 chefs, 2 assistance chef, 4 waiters, and a manager.

- Target group:
tourists and residents with high/average financial status. Limited Liability Company (s.r.o.) - Easy to establish,

- Starting capital is only 200,000 CZK,

- Limited liability Registration The name of our business Sinbad Restaurant

is available according to the ministry of

justice’s website.

www.justice.cz Notarization - Criminal records

- Confirmation of a registered office address for the company

- Affidavit from the company managers, which is a written sworn statement.

http://www.vlastina.cz/docs/commercial_code.pdf Types of License - Business license

- Liquor License - Food Service License

- Building Health Permit

- Employee Health permit - Music License
(CZK 95,000 – CZK 380,000)

- Sign Permit

- Fire Department License Prices are based on : - Expected turnover,

- Square meters of the restaurant,

- Location,

- Business type,

- Insurance cover required Types of Insurances - Property Insurance

- Liquor Liability

- General Liability

- Specific Peril Insurance

- Workers Compensation (Unemployment Insurance) - Life Insurance

- Loss of Business Insurance

- Fixtures and Contents Insurance

- Theft Insurance Health and Social Insurance Everyone working in the Czech Republic is usually

obliged to pay Czech social insurance contributions,

whilst health insurance is only obligatory for

foreigners (both EU and non-EU nationals) that have

a permanent residency. - Corporate Tax 19% in 2012 - Value Added Tax 20% since 2010 - Road Tax For cars 1500 cm3 and 2000 cm3 = CZK 3,000 annually - Czech personal Income Tax 15% of Income Tax Book-keeping, accounting, auditing,
tax advisor We are going to hire the accountant, which will calculate all the income, expenses, taxes, and charge wages. At the year-end the accountant will set a financial statement, and a corporate tax return. Once a year (deadline is the year-end in June 30) the restaurant will need also the audit. Fish, vegetables, and spices

- Veterinary Certificates

- Phytosanitary Certificate (SPA) Import Regulations Potential problems - Spoiled/poisoned food and beverages

- Employee injury

- Noise regulation

- Drunk customers

- Bankruptcy or death of at least one of the LLC member

- Competition with other popular restaurants in Prague In Summary: To open a restaurant in Czech Republic we need the following: - Register the Company as a Limited Liability Company,

- Register the Name of the Company,

- Meet Legal Requirements for Operating a Business,

- Obtain All the Licenses,

- Set the Prices for the Products and Service,

- Open a Bank Account, Sources http://restaurants.about.com/
(Labor Law of the Czech Republic)
http://www.justiniano.com/codigos_juridicos/cheka/codigo_comercial.pdf (Commercial Code of the Czech Republic) Thank you for attention - Hand Initial Payment Subscription,

- Deal With All Court Registration and Certificates,

- Obtain Office Space, Equipment and Suppliers,

- Plan for Risk & Insurance,

- Set up Record keeping Systems,

- Develop a Marketing Plan,

- Hire employees,

- Develop a Day-to-Day Managerial Plan. Frah L. Khaleel
Tatyana Krasheninnikova
Full transcript