July 17 Nuts & Bolts: Legal Issues of Business by Noi Sabal
So, how much fun was our world-travelin’ surfer lawyer, Nick?! Knowledgeable, friendly, and full of invaluable tips, Nick Obolensky made a myriad of complex legal topics approachable for us last night. We learned SO many things:
• All companies need an EIN (federal tax Employer Identification Number)
• Which type of corporation is right for your business (S-Corp, C-Corp, LLC or the new B-Corp)
• LLCs are the simplest to set up, but if you’re going to have 2+ partners, consider a corp.
• If you’re going to look for Investors, a Corporation is more attractive than an LLC
• All LLCs must have an Operating Agreement (even if there is only one owner!!)
• Be sure to put your corporate designation (like “LLC”) on all important documents (including biz cards and letterhead)
• Always get insurance and as a rule of thumb, save about 1/3 of your $$ for taxes at end of year
And remember: Don’t use Legal Zoom. Hire a lawyer that will get to know your business. And never trust a lawyer who says they have all the answers! They’re ALL going to be willing to charge you that hourly rate; you just have to be sure you’ve found the right lawyer for the job first. Thanks for all the info, Nick!
Unfortunately, the threatening storm squelched our opportunity to learn about IP law as our second speaker, Daniel Holmander, was unable to attend our class. Personally, as someone with a lot of IP I’m trying to figure out how to protect, I was very disappointed. I know several of us need to learn how to safeguard our Intellectual Property, so we can only hope they’re able to reschedule this part of class.
Ending the evening with our potluck was a great way to not only share some fab food but also become better acquainted with our fellow cohorts. After enjoying some super tasty dishes, many of us fell into conversations prompted by both our businesses and personal lives. It was a great way to spend an evening: comfy and safe inside, pleasantly chatting and eating while a “Wicked Big Stawm” passed.
Hey…! Staying in for our potluck during the storm is kind of perfect analogy for the EforAll program: we stick together in the nurturing safety of the program and come out the other side, happy (because we know what we’re doing now), well-fed (full of all the information we need for our business) and ready to take on the world. Because, just like the title of the book Keri recommended last night says, we’re all on our way to becoming Baddasses at Making Money!
Woohoo!
