Episode 156 on the Business Bites Podcast
The legal stuff can be pretty daunting sometimes, trust me. As an attorney, I know this all too well. When it comes to starting your own business, you’re going to have to accept that mistakes can be made and accidents do happen. That’s why I’m going to spend this episode breaking down what I like to call, “The Legal Triad.” I want to frame them as hurdles between you and the customer who might take issue with you, your product or service. First up is setting yourself up as a business entity. In this episode, I go into detail about why you’re literally risking it all if you’re operating as a sole proprietor, and explain why it is always a great idea to separate yourself from your business. Then I get into the nitty-gritties of business liability; a topic that is often misunderstood. It’s always best practice to investigate this area thoroughly, as home owner’s or renter’s insurance seldom covers businesses. Later in the show, I talk about having the proper legal contracts in place, and why they help distinguish the relationship your business has with its customers. Let’s dig in!
The legal triad is three main tools that are going to protect you from liability in your business. – Rachel Brenke
Key Points From This Episode:
- Why it’s important to have all your legal ends on lockdown.
- How the legal triad might be useful to you.
- Areas where the legal triad will have you covered.
- Hear about what it means to be a sole proprietor.
- Why becoming a business entity is a smart idea to protect your personal assets.
- The cautions you ought to take when doing business entity filings.
- The importance of having your lawyer and CPA working together.
- Why you need to have the proper legal contracts in place.
- What proper legal contracts can offer you, as the business owner, and your client.
- Why you shouldn’t bank on getting your attorney’s fees back if you win your court case.