You've got an LLC and you have protected Your IP, Great JOB. But there's more…

image of Wesley E Henderson

Congrats! There’s nothing better than owning a business. It can be fulfilling, rewarding, and also an avenue to true financial and time freedom. There’s few things better than a new-found sense of freedom which will improve your life.

Legally, you must protect yourself. But you don’t need an expensive lawyer to do it. Make sure you understand what you need and the most economical way to do it.

Legal Analysis

Every small business needs to address three main legal buckets: LLC, contracts, and IP. Based on the results of your quiz, there are a few easy steps you need to take to protect your business properly.

Legal Wins: LLC, IP

Great job getting your LLC.

If you have an operating agreement and a separate bank account, bonus points! If you don’t, you’re on the right track – just make sure you get an operating agreement [https://draftedlegal.com/product/operating-agreement-for-llc/] and a separate business bank account (pro tip: get an EIN so you don’t have to use your personal social security number).

Great job protecting your business by using IP.

Make sure that if your brand is valuable, you have a trademark for your business name. This will help with similar businesses and also copycats to make sure you, and you alone, capture the value of your business.

Legal Needs: Contracts

1. Contracts

What happens if you don’t have a contract with your clients and..:

  • your client doesn’t pay
  • they dispute your deliverables
  • you need a force majeur
  • you need to be indemnified
  • there’s an IP dispute
  • they want a refund

There are fair and smart clauses you should put in your contracts to make sure you are protected. They should be straightforward, easy to understand, and agreed to (e-signatures are fine). They should also protect you when you need it most.

Not every client is going to be easy and that’s where contracts save you time and money. You need the right clauses to see around the corners. Don’t let clients have revisionist history about what the agreement was.

Action Steps: Get Legally Protected

Get all your legal templates here

Our agreements have been held up in court, and that’s what you need.

Please check your email for our BONUS Legal Checklist. We hope this gives you peace of mind and empowers you to focus on making your business thrive.

Loading...