Great work! You've done the basics.

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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, Contracts, 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 and a separate business bank account (pro tip: get an EIN so you don’t have to use your personal social security number).

Contracts

Great job with your agreements. Setting expectations with your clients makes for a better relationship and also some favorable positions.

Legal Needs: You’ve got the basics! Great job.

Next Step to Legally Protect Your Business

With LLCs, contracts, and IP protection, your next move would be to engage a lawyer to make sure everything is properly tailored to you and your business. The timing of this judgment call comes down to your personal preference. You can wait for an issue to arise or go ahead and have a lawyer perform a legal audit. (Please note that this still may not prevent disputes, but it is a good step to have a relationship with a lawyer.)

Legal protection is key, especially if you are living entirely off your business income.

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.

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.

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