Every Business Should Have This Service

One of the services EVERY business needs is someone who will give them legal advice. Not their business friend, not their brother-in-law, and not after you need it – but before. If you’re wondering whether a lawyer is worth the cost, the answer is yes.  In my businesses, I need to review contracts, have liability issues, real estate issues, taxes concerns, and sometimes need guidance on what I should do.  For me, anytime I picked up the phone or met with one of my attorneys, I was likely to get a significant bill. Some of concerns I felt were minor so I ever addressed them because of the cost.  But it doesn’t need to be costly!

Instead of costing me $100’s of dollars an hour – I pay one monthly fee for great service and advice any time I need it.

There are some obvious times when you’ll need a lawyer — setting up a corporate entity, filing a lawsuit against someone, setting up an estate or going over complex contracts. Best – you should consider bringing a lawyer on board to review items from the very beginning. A lawyer can advise you on the most appropriate structure for your business, review critical business correspondence and contracts, review company terms and conditions, write collection notices, and help you as your business grows.

A few years ago while working at one of my high tech startups, the company offered a legal service plan to its employees. Instead of paying when an employee might need the service they would pay a monthly fee and have access to an attorney any time you needed one. The company would pay part of the fee and the employee would get a small amount deducted from their paycheck every period and the whole family was covered.  But when I no longer worked for the company, the services could not be continued.

Well a year ago, my friend Alan told me I could get the same thing for my small business from a company called LegalShield, I was excited to hear what he had to say. The attorneys I was using at the time where not inexpensive and charged me a lot of money even for minor questions – in 15 minute intervals.

To contact Alan –  Phone him at (831) 824-4210 or email him at  asmith@legalshield.com

I started out slow, thinking that they were only going to be good at the minor business concerns but they quickly exceeded my expectations.  They were just as good at answering and helping me navigate removing myself from a Board of a Non Profit that was having conflict of interest issues to reviewing complex contracts for a 401K investment for a self-directed IRA. We have used them for real-estate transactions, contract reviews, intellectual property and copy write concerns, corporate document development, and many other business matters.

One of the other benefits of using LegalShield services is that I no longer need a rolodex of attorneys to call for different issues. With LegalShield, I call one number and they find the best attorney in their database to help answer and solve my issues.

In today’s highly litigious society, business experts agree that when it comes to protecting your business, an ounce of prevention is worth much more than a pound of cure — it may be worth your entire business.

One small drawback – they can’t represent a non-profit.  But the leaders of the non-profit business can enroll in a family plan which will help them in a limited way and very importantly give them the trial defense benefit, should they be sued. For example some board of directors members are using this in addition to their D&O insurance.

Here are some ways I used their services and reasons why you might need an attorney -

Contracts

Many startups, small businesses, or home-based businesses operate on little more than blind acceptance, trust, or a handshake agreement. That might be fine in some cases, however, your lawyer can help you identify those times when a written contract is preferred and can help you make sure that the contract protects your interests.

Intellectual Property Protection / Copy Write

When writing books and creating Intellectual property, it is important to own and control the rights.  When do you need to apply for patents or copyrights for a book, or a product? How can you then sell the right to use it (licensing it) to others while you retain ownership? It would be wise to have a lawyer with experience in intellectual property law review your contracts. This is especially true when you hiring independent contractors to help create the intellectual property on a “work for hire” basis (meaning that you own whatever they create for you).

Buying a Franchise, MLM, or Home Based Business

If you’re considering buying a franchise or an independent business or you’re selling or franchising your own business, you also need legal advice. Have a lawyer review all of the contracts and paperwork to ensure that the terms and the fees are reasonable and that you’re protecting yourself both legally and financially. For example a lawyer can let you know if you the company you are partnering with has insurance that might cover you.

Equipment and Real Estate

Will you be buying, using credit, or taking on a lease of equipment for vehicles, construction equipment, computers, food preparation equipment, or real estate? You’ll want to consult your lawyer to ensure that the agreements have enough flexibility and protection for you and your business.

Shared Office Space / Home Usage

Lawyers can also help you sort through complications of your business space. If you’re starting a business and are sharing the space, renting out portions, or starting out of your home, they can outline your rights and responsibilities and help you avoid potential conflicts.

Tax Planning and Issues

A tax  law specialist who can work with your CPA will help you structure your business to figure out the right entity for your business while you’re minimizing your costs and taxes.

One of the great things with LegalShield is that they will also represent you in a tax audit if you were with them when you did your taxes. With the IRS looking for money, this is becoming a big issue for Schedule C filers.

If you are behind in taxes, a lawyer can explain what your rights are and possibly help negotiate with them to come to a reasonable settlement.

Collections and Bankruptcy

Does a major client owe you a lot of money? You might turn it over to a collection agency, which will take a percentage of any money they collect, or you might use the persuasive power of your attorney to help collect what you’re owed.  Have your lawyer write a letter!

You may also face the situation where one of your customers declares bankruptcy, leaving you in a sea of creditors who are all looking to recoup as much of their money as possible. A lawyer can help you maximize the amount of money you receive when the customer’s assets are divided up.

In a worst-case scenario, you may be facing bankruptcy yourself. A lawyer might succeed in keeping you out of bankruptcy court by negotiating with your creditors. If you do file for bankruptcy, a legal specialist can help you keep as many assets as possible.

Liabilities

If you are selling a product or a service, what are your possible liabilities and how can you protect yourself from them? Do you need to have insurance coverage, a limited liability clause signed, or do you need a certain type of business entity to protect you?

Insurance

Business insurance is also a necessity for all business owners.  A lawyer can review your policies and let you know of any additional concerns!

Estate Planning

Creating a will is critical anytime you own a business. Will your business survive you, perhaps being taken on by a spouse, son, or daughter after you retire or pass away? If the business has value beyond your own involvement in it, you’ll want to consult a lawyer to help organize the transition. You may also want to consider the possibility of marriage breakdown and make plans for the business in case that happens.

All this if a reasonable monthly fee!

Want more information? Feel free to leave a comment!

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About Andrew Van Valer