Based on our experience, some of the best uses of resources on legal advice and assistance for businesses and entrepreneurs (from a “bang for your buck” perspective) are:
- Forming an LLC, Corporation or other limited liability entity. This can protect personal assets from business debts, judgment, and lawsuits.
- USPTO / Federal US Trademark Registration. This can grant you potentially permanent rights to your brands, logos, and other marks throughout the entire U.S.
- Succession Planning. This includes buy-sell and similar provisions in company documents to deal with death, divorces, and other departures of co-owners, and also includes an updated estate plan such as a will and advance directives to ensure your legacy.
The benefits one can obtain from these legal mechanisms and protections, which generally cost less than $2,000, can pay for themselves many times over.