In this episode, you’re going to hear from our very own in-house legal counsel here at Funded Today, Thomas Alvord. He’s going to give you the insider’s look at everything you should be considering when it comes to business law, contracts, and just running your new business. So let’s get started…
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⭐ During this episode, we detail these takeaways:
1. Entrepreneurs should prioritize developing a viable business over protecting themselves legally, as the latter is pointless without (and funded by) the former, and they should expect legal issues to grow in proportion to their business size.
2. Entrepreneurs in the USA should minimize their taxes by chartering a “holding company” to own their business, limit their personal liability by incorporating their business (perhaps initially as an LLC that transitions eventually into either a C corp or an S corp), obtain a federal EIN for their business, and transact all business in its name.
3. Business owners should choose their first hires (who may become their biggest competitors) carefully, hire them with non-compete agreements, and always treat their employees well.
4. Business owners should compose brief clear contracts with good mechanisms for resolving disputes, and always try to resolve disputes amicably before resorting to either arbitration or expensive lawsuits.
5. Business owners should seek legal counsel as necessary, but minimize use of lawyers, as they are expensive and may sometimes prioritize their own interests above their clients’ interests.
6. Crowdfunding campaigners should ensure that they are not violating any intellectual property rights before launching campaigns, but avoid paying excessive attention to filing for trademarks and copyrights and patents (which may include provisional patents).
7. Amazon sellers should obtain US trademarks, which will enable them to enhance their Amazon listings with valuable “enhanced brand content.”
✍️ Click here for this episode’s complete show notes!
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