Assume that your group is planning to open a new restaurant (perhaps name it Hungry Rebel) in a town of
your choosing somewhere in the Las Vegas metropolitan area. You will plan to serve both food (a comprehensive menu of
course) and alcohol (this just makes the case a bit more interesting – read on.)
Required: The purpose of this case is NOT to complete an entire business plan that would include marketing plans,
financial projections, etc. This case exposes you to key aspects of the regulatory and legal environment of accounting
and entrepreneurship. The purpose of this case is to work with classmates on a series of tasks that a cost accountant / controller must complete during their typical workflows. This assignment is a complement to cost accounting content you will learn during this and the remainder of your accounting courses. Your group can split up portions below as you wish.
You must submit one file that responds to each ofthe following items concerning starting your restaurant business. Be sure
to be comprehensive – cite sources (e.g., web site addresses, individuals you spoke with, etc.) and include any necessary
attachments (e.g., filing forms, tax forms, etc.) asappendices.
1. How much would it cost, more or less, per month to lease or buy an acceptable location for your restaurant? How
would you decide the best location? With whom would you speak to get recommendations for locations and
negotiating acceptable lease terms? Which is a better option – lease or buy a location – and why?
2. Where would you go to obtain equity and debt capital? If you need to borrow money what are your options? What
types of loans (including credit lines) are available to small business from private banks or credit unions and from
the government? What types of incentives are offered for starting businesses in certain parts of town? What are
LIBOR and the “prime rate” and how does each affect borrowing? How does financing of accounts receivable
3. What licenses / permits are necessary to incorporate your business in the state and city where you are planning to
operate? Do you and / or your workers need special permits to sell / serve food and / or alcohol? What is the cost
of each permit? Who inspects the business and how often do the inspections occur (e.g., fire marshal, food
inspectors, tax inspectors)?
4. What taxes must a company collect and pay and how often are the taxes due? Be sure to discuss both state and
federal (including estimated) income taxes, payroll withholding, and sales tax. How do you pay these taxes? In other
words, where can you make the necessary deposits or where can you send the necessary payments? Be specific.
Obtain the forms necessary to remit each tax to the proper tax authority and include these forms with your
5. What types of insurance are necessary for your restaurant? What types of legal services might you need prior to
opening and after you open? What type of help can an accountant provide? Provide “real” names and addresses for
contacts in each of these areas.
6. Should you join the Chamber of Commerce in your town? What does this organization do? How would it benefit
you? What other service organizations or volunteer boards of directors could you join to contribute to the well-
being of your community?
7. What documents (be specific) are necessary to prove that an individual is eligible to work in the United States?
Respond to this question for both U.S. citizens / Permanent Residents and for non-U.S. citizens (e.g., international
students at a university). What types of visas allow foreign nationals to work in the U.S.? Are there restrictions on
what they can do and how many hours they can work? (Note: I don’t need you to provide all the documents with
your submission. Links to web sources would be acceptable.)
8. What are your options for advertising? How much does it cost to advertise on the web (twitter, Facebook, google
AdSense?) and on traditional media like tv, newspaper, billboards, or radio?
Grading: Although you will submit a single file (with all of your names on it) to one of the group member’s dropbox, you
need to also each (everyone) submit a Word file evaluating the participation of the members of your group. I expect that
everyone in the group did generally the same amount of work. If that’s not the case, I need to assign a disproportionally
higher grade to those who did the bulk of the work and lessto those who decided to slack off. Accordingly, please submit
the following by the case deadline:
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