Episode 50: Not Controlling Your Legal Means Someone Else Is

Everything that happens in your business is impacted by legal. It can be complicated. But, it doesn’t have to happen all at once.

If you want to protect your business, you must take control of your legal. Otherwise, someone else will be in control. If you take the time to understand and implement legal strategies and protections, you will be one step further to building a business that is sustainable and won’t crumble at the first sign of trouble. You will have a business built on a firm foundation.

In this episode, we discuss what happens when you don’t take control of your legal. Legal matters in your business. You can either control it’s impact or see what happens. Entrepreneurs may be risk takers, but they are not gamblers. Understanding how legal impacts your business relationships is essential to developing a business with a firm foundation.

In this 17 minute episode, we discuss:

How not making legal decisions in your business is making legal decisions
How not choosing an entity before you start is
How not putting your contractual relationships in writing is making a choice to rely on what the law says about your relationship
Some of the legal issues you may want to consider with your legal relationships
How not taking control of your legal can cost you your business

Referenced and Useful Content:

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Legal to English Academy

Listen to Legal to English with Josh Andrews below:

Legal to English Dictionary: Limited Partnership

Legal A partnership composed of one or more persons who control the business and are personally liable for the partnership’s debts (general partners), and one or more persons who contribute capital and share profits but who cannot manage the business and are liable only for the amount of their contributions (called limited partners). English A limited partnership is one step past […]

Legal to English Dictionary: Operating Agreement

Legal The agreement between members of a Limited Liability Company that governs the affairs of the business. English Much like a partnership agreement, the operating agreement for a Limited Liability Company controls how the owners relate to one another. The operating agreement can outline how decisions are made, who is in charge of the business, […]

Litigation in Business

We work hard to make sure you have agreements and are protected from liability as much as we can. No matter what protections we have put in place for you, the trust is: anyone can sue you for any reason. Lawsuits don’t require a lot of effort to begin. Sometimes they can quickly go away. […]

Conversion

This week’s podcast episode with Tony Summerville was all about the why of converting an LLC to a Corporation. Tony gives us a behind-the-scenes look of his process of making the decision of conversion. As an exclusive for you, I wanted to make our conversation this week about the how of that conversion. I would […]

Contract Amendments and Addenda

As we have discussed before, you should have contract for every type of relationship you have in your business. And, you should have a contract for every instance of a particular type of relationship in your business. That is why the Corporate Counsel Program is about reviewing contracts and making sure they continue to work […]

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Listen to Legal to English with Josh Andrews below:

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