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Posts from the ‘Business Entities’ Category

Arlington Treasurer Frank O’Leary to Publicize Tax Delinquent Restaurants in Media; Lobbying for Power to Shut Restaurants Down

Arlington County Treasurer Frank O’Leary announced today that he intends to acquire the power to seize and shut down restaurants that have large meals tax debts.  Arlington County imposes a 4 percent food and beverage (“meals”) tax on restaurants in addition to Virginia state’s sales tax.  O’Leary asserts that restaurants owe more than $900,000 in unpaid meals taxes to the county.

O’Leary’s first step in targeting delinquent restaurants will be to send a letter to owners warning them that their tax delinquencies will be publicized in the media and on the county’s web site if they do not pay their tax bill or enter into a repayment plan.  Simultaneously, O’Leary is meeting with the county’s state delegates to gain support for a bill to be introduced to the Virginia General Assembly that will grant him the authority to close down severely delinquent restaurants.

Click here to read the complete interview with O’Leary.

Local Chefs selected for the Department of State’s Diplomatic Culinary Partnership

On Friday, September 7, 2012, the U.S. Chief of Chief of Protocol, Capricia Penavic Marshall, launched the Diplomatic Culinary Partnership, a joint initiative between the U.S. Department of State and the James Beard Foundation.   This newly-created American Chef Corp will consist of chefs from across the country who will serve as resources to the Department in preparing meals for foreign leaders, and will participate in public diplomacy programs that engage foreign audiences abroad as well as those visiting the United States.

Below is a list of local participating chefs:

Anthony Lombardo, 1789; Art Smith, Art and Soul; B. Smith, B. Smith’s; Chris Jakubiec, Plume; David Guas, Bayou Bakery; Enzo Fargione, Elisir;  Eric Ziebold, CityZen; Guillermo Pernot, Cuba Libre;  Hoss Fuentes, The Palm;  Jaime Leeds, Hank’s Oyster Bar; Jeffrey Buben, Vidalia;  Jose Andres, Zaytinya; Kaz Okochi, Kaz Sushi Bistro;  Mike Isabella, Graffiato; Richard Sandoval, Zengo; Ris Lacoste, RIS; Robert Kinkead, Kinkead’s; Robert Weland, Cork; Robert Wiedmaier, Marcel’s, Rock Harper, DCCK;  Scott Drewno, The Source;  Todd Gray, Equinox;  Vikram Sunderam, Rasika;  Wes Morton, Art and Soul;  Bryan Voltaggio, Volt;  Duff Goldman, Charm City Cakes;  Bill Yosses, State Department;  Jason Larkin, State Department; Cris Comerford, White House;  Sam Kass, White House;  Walter Scheib, former White House chef;  Roland Mesnier, former White House pastry chef;  Frank Ruta, Palena;  Maziar Farivar, Peacok Café;  Spike Mendelsohn, Good Stuff Eatery;  Victor Albisu, Taco Bamba;  and Barton Seaver. 

Redline Gastrolounge Debuts New Menu

Redline Gastrolounge, located in the former Indebleu space near the Verizon Center, recently unveiled its new seasonal menu featuring classic American cuisine with a French twist.

Redline executive chef Fabrice Reymond has created a visually and palate pleasing menu which includes Marinated Boneless Short-Rib Skewers, Ceviche, Gator Three Ways, and Watermelon Salad.

   

Photo Credit: Jack Conroy

Legislative Update: JOBS Bill Clears Congress

On Tuesday, March 27th, the Jumpstart Our Business Startups Act or JOBS Act was passed again by the United States House of Representatives and is now awaiting signature by the President.   The bill aims to make it easier for small businesses to access investment capital by relaxing Securities and Exchange Commission (“SEC”) regulations such as removing the SEC restrictions that prevent “crowdfunding” so entrepreneurs can raise equity capital from a large pool of small investors who may or may  not be considered “accredited” by the SEC.   The bill allows companies to pool up to $1 million from investors without registering with the SEC, or up to $2 million if the company provides investors with audited financial statements.  Individual contributions are limited to $10,000 or 10 percent of the investor’s annual income, whichever is less.   The bill also includes a provision making it easier for small businesses to go public by increasing the offering threshold for companies exempted from SEC registration from $5 million to $50 million.  While the bill has been controversial, the House approved the measure 380-41, and President Obama is expected to sign it.   After the president signs the bill into law, it will not take effect until new investment rules are written by the Securities and Exchange Commission, a process that could push into next year.

Limiting Liability in a Personal Guaranty

Most commercial landlords and lenders require personal guarantees from their tenants and borrowers.  Small business owners often believe they have no other option than to agree to the terms of the personal guaranty agreement provided to them by the landlord or lender.  However, in these troubled economic times, landlords and lenders have fewer attractive prospective tenants and borrowers, giving tenants and borrowers more leverage to negotiate favorable terms.

It is important to understand that even if a lease or loan is made in the name of the corporate entity, the limited liability protection afforded by these entities is eliminated once a personal guaranty is signed.  In other words, even if an entity goes bankrupt, landlords and lenders can pursue the owner’s personal assets if she signed a personal guaranty.  Most standard landlord-friendly personal guarantees have provisions that protect the landlord even if the tenant files for Chapter 7 (personal) bankruptcy.  Therefore, a small business owner tenant can be stuck paying a high price tag for a bad business venture for years to come.

So how can a business owner manage the risk or minimize potential personal liability?

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Overhaul of D.C. Code Title 29 (Business Organizations) to take effect on January 1, 2012.

District of Columbia Official Code Title 29 (Business Organizations) Enactment Act of 2010  reforms and revises the business entity laws of the District of Columbia and replaces Title 29 of the D.C. Code.  The new Title 29 takes effect for all existing entities on January 1, 2012 as long as appropriate funding is made available to the District’s Department of Consumer & Regulatory Affairs (DCRA) to implement the changes in the Act.

Chinatown

The Friendship Arc, constructed in 1986, measures 48-foot-high, 75-foot-wide gateway and is the nation’s largest Chinese archway.  Chinatown is the center of the culinary vibrant Penn Quarter.

Columbia Heights

Home to such historic sites as the Tivoli Theater and Meridian Hill Park, Columbia Heights is a culturally rich neighborhood with many new innovative bars, restaurants and preforming arts venues.

Capitol Hill

Aside from being the largest historic residential neighborhood in the District, Capit0l Hill boasts some of the city’s best restaurants and bars to talk politics and catch sight of a Senator.

Georgetown

Unique boutiques and some of the finest restaurants in the city fill the cobblestone streets of this historic neighborhood.