Uh oh! Let's get you on the right track...

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Congratulations for taking this important step in creating a successful business! There’s nothing better than owning a business. It’s fulfilling, exciting and an avenue to true freedom. We’re not only talking about freedom with your money, but also freedom with your time.

Whether you need more time or more freedom, your own business can give it to you!

But you need to be smart about it and legally protect yourself.

The good news is that you don’t need an expensive lawyer to do it. Even better, now that you’ve taken this quiz, we’ll lay out what you’re doing well and what else you need to do.

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.

The Good

You’ve taken this quiz! And that’s an important step. But you do need to work on your legal protection.

What Needs Improvement: LLCs, Contracts, and IP

LLC

Not having an LLC can expose you to personal liability meaning you are personally responsible for any debt, injury, cost, or even liability that flows from your business. But the good news is that you can personally avoid this.

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.

Intellectual Property

All businesses need an LLC and contracts. This bucket depends on your business. You have a few tools to use: trademarks to protect your business name, logo, or tagline; copyrights to protect your words or picture; contracts to protect you against others; and patents to protect inventions.

If your business has a strong brand that has value to the name of it, you might need trademarks. If you have valuable blog content, digital course or product, you could benefit from copyrights. Intellectual property is not a one-size-fits-all.

Action Steps: Get Legally Protected

  • Register your LLC here
  • Get everything you need to create a legal foundation for yourself and your business here
  • Trademark Protection – you also need to determine if you need this. Here is a link to my YouTube so you can learn whether or not you need it

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.

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