As entrepreneurs, we tend to want to do things ourselves — thinking it will save us time and money. But when it comes to protecting our business and, ultimately, ourselves, getting legal advice from a professional is a much wiser idea. Today, I welcome my personal business attorney, Erik Woodbury, to answer all the most common questions when it comes to protecting your business legally. DISCLAIMER! This podcast is meant for entertainment purposes only and not to be taken as legal advice. So, please contact Erik — or your own personal attorney — to discuss your specific business needs.
You’ll find out:
- An unfortunate legal issue I witnessed in the fitness world (when I was very young and impressionable)
- Erik’s legal experience
- Why you want to separate your business from you, the individual
- Do you need to be an entity when you’re just starting?
- What is a DBA?
- Does a DBA afford you any protection?
- What it means when someone says they’re incorporated
- The difference between a C Corp, S Corp, LLC
- Major benefits of an LLC
- Things to consider when your intent is to eventually sell your business
- When you might have multiples LLCs
- Should you incorporate before starting to use a business name?
- The challenge of picking business names
- Why using your own name in connection with your business is beneficial
- Lawyer costs (generally speaking)
- Who needs a business license?
- Advantages of becoming a business entity vs an individual
- Why it’s so crucial to hire proper legal representation
- Is business/liability insurance recommended (and at what stage)?
- Where Erik is licensed
Important Links from the Show
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Contact Erik to find out what you need to protect your business and yourself at Heritage Law LLP: Attorneys Aliso Viejo – Heritage Law, LLP
For Business Insurance check out The Hartford
To get more info on incorporating your business, Google search Secretary of State and find your State. Or Check out: LegalZoom
If you liked this episode, check out Episode #440 – 10 Tips for Working with Agencies
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