Tips for Entrepreneurs (by someone who’s been one for 35+ years)
It’s a new year and I have a good feeling that the future is going to be an exciting and prosperous one for all of us. For those of you doing business online, I invite you to take a close look at these business/legal tips that will help keep you safe and avoid legal problems over the course of the upcoming year.
First, please make sure to keep your business efforts and liabilities (yes, doing business creates liability) separate from your personal life and assets. What this means is that you must do business as a Limited Liability Company or Corporation and not as an individual, sole proprietor, or in a partnership (I hate partnerships- too much liability).
When you do conduct business as an entity, do not commingle business and personal assets. For example, don’t pay a business expense with a personal check or personal credit card. This will allow a creditor to pierce the corporate veil and go after your personal assets.
Other tips I think you’ll find useful include:
And there’s one more tip that you need to know…
Over the last three decades I’ve helped hundreds of businesses start and thrive. Without a single exception, every single one of the successful businesses had a good lawyer on retainer. An expert who could answer questions, draft letters, make phone calls, and resolve issues before they became devastating business problems.
If you don’t already have a lawyer like this, then I strongly recommend getting an inexpensive LegalShield plan. For about the same costs as a daily cup of Starbucks coffee, you can have a top-rated law firm on retainer to help you with all the above and much more. The small cost is also a business expense and write-off.
Even though I’m a lawyer and am pretty good at what I do, to save me time with legal matters I’m not interested in dealing with, I have a LegalShield plan to help protect my family and business. Many well-known online business owners and influencers also have and use LegalShield plans. Bet you didn’t know that 😉
If you want to start your business efforts off on the right foot, review my posts and get a lawyer in your corner. LegalShield is valid is all 50 states and to get started and for those of you doing business out of your home, I recommend clicking the “Personal” link and selecting the Personal LegalShield Legal Plan and add the Home Business Supplement. For those of you doing business outside the home, click the “Business” link and select the best option for you.
Here’s the link to help you get this done today.
I believe that if you follow this advice, you’ll be in great shape to move your business forward in 2018 in a safe, responsible, and productive fashion. As always, if you have any questions, please reach out, and I’ll help if I can. Better yet, get your LegalShield plan and reach out to your lawyer and advisor in your state!
I wish everyone doing business in my social media communities and safe, prosperous, and meaningful 2018!