Setting up a new business as an LLC, Corporation, etc. is sometimes scary to think about and in this episode, I sit down with my business attorney, John Lanpher, to discuss the steps necessary to set up your small business or side hustle the right way, and protect your personal assets and your business.
We discussed the importance of reading and understanding the fine print of agreements, the difference between employees of your business and hired contractors, and a fantastic list of questions you should be asking a potential attorney, so that you know you’ll be taken care of.
We also chatted about other aspects of the processes of setting up a business you may not have even known about – such as adding legal disclaimers on your website.
So if you’re thinking about starting a new business, listen in to find out all the legal must-haves you need in place. Also, don’t forget the free resource. Provide your email and we’ll send it to you.
This episode should not be construed as legal advice so keep in mind that one size does not fit all and be sure to consult with an attorney.
- (3:25) Guest intro: John Lanpher
- (5:15) Initial steps to take when setting up a business
- (9:20) Sub-S Corp, LLC, Inc – what are the different entities?
- (11:40) The benefits of copyright and trademarking
- (15:45) How a business attorney can help with your website
- (18:30) Growing your business – direct employees vs 1099 contractor
- (21:15) Agreements between your business and clients and with vendors
- (24:15) How to protect your personal assets from corporate assets
- (29:20) The dangers of fine print
- (34:20) Questions you can ask a business attorney to know if they’re right for you
- “Depending upon the business, you want to have a very clear description of what the deliverables are [in a typical client agreement]” – John
- “Pay attention to what’s in your contracts. Put down in your calendar, deadlines – if you want to terminate a contract” – John
- “You want to have personal relationships with people on your legal team so that when you call, they actually know who you are. They actually understand your business” – John
CONNECT WITH ATTORNEY JOHN LANPHER
CONNECT WITH KIMBERLY
Share your own stories with me on social about how you are using your skill sets to reach new goals with the hashtag #UnlockYourPotentialMovement.
If you want to do this work with me because you are picking up what I’m throwing down, email me about my one-on-one coaching program. I’d like to roll up my sleeves and help you Unlock Your Potential. CLICK HERE FOR DETAILS.