“Let’s be honest, if you want to know about the legal issues in your business, it can feel like drinking from a firehose.
And, there is a reason for that.
Everything that happens in your business is impacted by legal. It can be complicated. But, so is running a business. And, all of your legal issues don’t happen all at once. You can build a legal foundation, just like you build everything else in your business. You can’t ignore it, but you can take it slowly. Build a foundation that is sustainable and continue to improve your legal protections over time.”
These are wise words from Josh Andrews who led our first Lunch & Learn focused on the legal world of small businesses.
Josh Andrews of Gray Jenkins works with entrepreneurs and small businesses every day. He is a business lawyer. He helps small business owners and entrepreneurs develop a clear legal plan to protect their business as it grows with an education first approach to legal advice and service. Their firm focuses on giving entrepreneurs a clear path to legal protection. Growing your business can only happen if you have a firm foundation. Every entrepreneur should have access to quality information about the legal that impacts their business every day. Every business needs legal, but not every business is ready for a lawyer.
Josh also has a podcast called Legal to English and he suggested listening to Episode 1, 38 and 49 if you are a small business owner.
Entrepreneur Myths about Legal:
- Legal can wait
- Legal doesn’t affect my small business
- I know a lawyer…
- I’ll just get a template online
Here are Josh’s 4 Legal Essentials:
- Legal Entity– Limited liability protects you in so many different ways. If you’re company doesn’t flourish like you expected, without limited liability you can’t exactly just walk away from it.
- Separation of Assets– You have to set up different accounts. You have to have your own personal bank account and treat the business as something separate from yourself. Document how you pay yourself. Pay attention to what you spend on the business vs. what you spend on yourself. You can’t pay for personal things with your business account!
- Documenting Relationships– You should have a written contract for every relationship in your business. You need that roadmap to protect your business! Properly document relationships with vendors, customers, employees, even lawyers and graphic designers.
- Access to Legal Information– You really need a lawyer who specializes in the small business industry and who knows what hurdles startups face. You need someone who can answer your questions and be available for you.
Make sure you find someone you can truly trust! This person should help you build a foundation for your business, answer all of your questions and help you grow your company.
Thank you Josh Andrews for teaching our first Lunch & Learn focusing on legal. Josh will be leading monthly lunch events at Forge. Check Forge’s Facebook page to stay up to date on all of our events! We would love for you to join us.