Planning for the Business You Count On
We plan for your business far differently than other lawyers and law firms.
Business guidance begins with either a LIFT Start-Up Session (if you are not quite off the ground yet) or a LIFT Audit to review the legal, insurance, financial and tax systems in your business (if you are already in operation).
We are the holistic business advisors you have been looking for, not just putting in place legal documents or acting reactively, but instead giving you the peace of mind of knowing you have not only set your business up right from the get go, but that your business systems continue to keep up with your growth trajectory.
We focus on the details so you can maintain your high level, creative focus on growing the company and serving the right clients and customers.
Business Entity Formation
When starting a business, you may choose from several types of business entities. Choosing the proper business entity for your business is vital to the success of your project.
One of the primary considerations in selecting a business organization is protection of the owners of the business from liability. Other considerations include tax treatment by the federal and state governments, management structure, future ownership, and capitalization.
State laws determine how particular entities should be set up and conduct their business. These laws are very specific and set out the legal responsibility of each business form. Taxing authorities and regulatory agencies also have laws that pertain to business. The most common business structures are described below:
- General Partnership
- Limited Liability Partnership
- Limited Partnership
- Limited Liability Limited Partnership
- Limited Liability Company
- S Corporation
A brief description of each of the types of entities is set forth below:
A general partnership is a partnership in which all partners participate fully in running the business and share equally in profits and losses. While forming a general partnership is easy (there are no filing fees or filing formalities), partners of a general partnership are typically jointly and severally liable for all debts and obligations of the general partnership.
A limited liability partnership (LLP) is like a general partnership. The LLP allows all the partners to take an active role in the management of the business while offering members some liability protection from actions of the other partners and the partnership and the partnership employees. LLPs are most often used by groups of professionals such as doctors, accountants or architects.
Limited partnerships are partnerships comprised of one or more persons who control the business as general partner(s), and one or more persons (limited partners) who contribute capital and share profits but who do not manage the business and are liable only for their amount of their contribution to the limited partnership.
A limited liability limited partnership (LLLP) is a limited partnership which registers with the Secretary of State as an LLLP. One effect of registration is to limit the vicarious liability of the general partners in the same fashion that registration as an LLP limits the liability of the general partners of a general partnership.
A limited liability company (LLC) is a statutorily created entity comprised of members with limited liability. Limited liability companies can be managed by either their members or managers. Other than the S-Corporation, this is the most likely form of entity formation for entrepreneurs and professionals.
A corporation is an entity that has the authority to act as a single person distinct from the shareholders that make up the corporation. Some of the advantages to operating a corporation include its limited liability for shareholders, centralization of management and status as a separate legal entity.
The S Corporation is a corporation that chooses to be taxed under Subchapter S of the Internal Revenue Tax Code. Being an S Corporation is a tax matter only. S Corporations are “tax pass through” business entities, meaning their profits and losses are reported by their owners on the owner’s’ personal tax returns. This is the most likely to be recommended (other than the LLC) form of incorporation.
You can file to incorporate as an LLC and be taxed as an S-Corporation and that’s one of our favorite ways to set things up because you can save money on self-employment taxes by paying yourself a reasonable salary through payroll and receiving all other profits as non self employment taxable distributions.
If you are an LLC not taxed as an S-Corporation, ALL of the profits are subject to self-employment tax PLUS you are more likely to be audited if the business tax return is filed on your personal tax return and not separately.
Call us to get a LIFT Start-Up Session scheduled, and we’ll meet with you privately to choose the right entity plus other legal, insurance, financial and tax systems for your next business.
Leaving a Real Legacy – Business Succession Planning
How We Guide You to Leave a Legacy That’s About Much More Than Just Your Money
After you are gone (or in the event of your incapacity), your loved ones (family, partner, clients, vendors, and others) will miss you deeply, and your business needs to be able to go on to support them.
You will either leave them with a legacy that is meaningful, easy to manage (or cash out), and keep supporting them or you will leave them with a big mess to deal with.
As an entrepreneur, this may be the most significant issue you can think about when it comes to the well- being of all of what matters most to you – your work and your family.
And yet, time and time again, this issue is overlooked by business owners and business lawyers serving their business owner clients.
Once your business entity is incorporated and online with agreements, insurance, intellectual property planned for and protected, and financial systems filling the coffers, we shift the conversation away from set up to the all important exit.
It’s not the first time we will have discussed it, as all of our business set ups are planned for based on your eventual exit plan (sell the business at a certain point or operate it for income until death then pass it on).
It will be an ongoing conversation throughout the life of your business – what can we do today to ensure your business can and will continue to serve up your particular brand of goodness whether you are on vacation, taking a health break, after its sold or when you pass it on to loved ones after you are gone.
In addition, through our unique legacy process, we will ensure you leave your loved ones a tangible expression of your love for them far beyond your money or even your business.
Imagine if you had a music album length message from your great, great grandfather talking about his life during the great depression and how he made his money, ran his business and capturing the most important lessons he learned along the way. Would that be valuable to you and your family today?
Of course it would. There’s no more valuable asset that we have than the lessons we have learned.
Most of these lessons are passed down (often in a somewhat twisted form) from one generation to the next via conditioning, not intentionally or consciously at all. Imagine the wealth your family would have if lessons could be passed down consciously.
As we shift into another time, we are learning that the lessons of the past hold a tremendous amount of value and those who can harness those lessons and build on that foundation are the most well off and have the easiest, most enjoyable lives – and because we want this for your family, we use a proprietary process for ensuring you pass on these most valuable lessons in the most conscious, direct, and clear way we know how.
If this interests you, please ask more about it when you come into meet with us for a LIFT Foundation Audit of your existing business or a LIFT Start-Up Session for a not yet started business. Contact our office for availability.
Making Agreements & Sealing Deals
Incorporating your business entity is just the very beginning – we help your business grow!
You probably haven’t thought of your business like this, but really it’s just a series of agreements. Agreements with investors or lenders, clients and vendors, employees and independent contractors, partners and customers; the success of your business depends on your ability to make agreements and seal the deal.
This is where most business owners struggle mightily, and we can help. We love to create clear agreements, help you set boundaries and manage expectations. We know that the future of your business hinges on it. That’s why we won’t simply incorporate your business and send you on your way. Nope, every engagement with us begins with either a review of your current agreements or, if you don’t have any, the creation of the core agreements that are vital to your business.
Then, we will proactively monitor your business activities to ensure we are helping you seal the deal on an ongoing basis. Plus, provide you with template agreements you can use to handle recurring agreements that come up consistently, such as those with your clients.
We use an innovative agreement process that gets all parties on the same page and leads only to triple win situations – that means that an agreement has to be a win for you, the other party and the situation as a whole. If it’s not, no deal.
You see, we understand that it’s your upfront agreements (and your/our ability to renegotiate those agreements) that will keep you in the flow of business and out of the crunch of conflict.
If you have undocumented agreements (or no agreements at all), consider asking us to conduct a LIFT Foundation Audit and support you to take your business to the next level with the agreements your work deserves. During the LIFT Foundation Audit we will review your existing contracts as well.
Your Ideas Are Valuable – Intellectual Property Into Profits
Like most business owners, we imagine you are frequently coming up with new ideas for product lines, businesses, programs and services. But, how do you know what to move forward with, what goes in the someday maybe pile and what should be acted upon immediately?
Having a trusted, objective advisor to run those questions by is a great idea. But who can you trust to give you unbiased, smart, thoughtful guidance? Us.
In fact, running your visionary plans by your business lawyer is the very best thing you could do – Warren Buffet’s no dummy and he runs every deal by his personal business lawyer, Charlie Munger, before saying yes to a new possibility. You see, as your personal business lawyer, we can help you make the decision about whether to move forward with a potential deal or new revenue stream within the context of your overall business objectives PLUS we can ensure that any new deal is properly documented and your intellectual property is protected.
From trademarks, to copyrights, and protection of your branding, systems, and processes, we will help you determine what really is protection-worthy with a full out registration with the United States Patent & Trademark Office (or other international jurisdictions) and what can benefit from a simple, easy and free stake of your claim.
When you participate in one of our Business Growth Membership Programs, we will regularly connect with you to discover any new websites you have registered, new ideas you have had crop up, or new content you have created so we can ensure it’s all been protected to the maximum that makes sense and your ideas are safe and sound so you can make the most of them in the world.
Plus, if and when one of your trademarks or copyrights are infringed upon (meaning someone else out there is using something you have staked a claim to), we’ll make contact on your behalf, not in a traditional crabby lawyer way, but in such a way that it opens up a dialogue and even the possibility for future collaboration.
That’s because we’re all about helping you do business in a new paradigm way that focuses a lot more on collaboration than competition while still allowing you to set clear boundaries and stake your claim to your brilliant ideas.
You like it? If so, you might want to contact us about our LIFT Foundation Audit or our LIFT Start-Up Session – there aren’t too many lawyers out here in the world like us and our calendars do fill up quickly.
Hiring & Firing
Hiring and firing team members is the single most expensive part of your business, bar none. And most entrepreneurs simply have no idea how to go about it, not just from a legal perspective, but from a how to run your business perspective.
We can help you hire right, train smart and fire when necessary so that you keep as much time and money in your business as possible.
You’ve heard the saying, “hire slow and fire fast”, right? Well that makes a whole lot of sense when you have the right legal processes for hiring and firing in place. If you don’t, well this can be a sticky, tricky area. In fact, hiring and firing could very well be the biggest risk area in your business.
What are some of the risks?
Well there’s a whole lot you need to know about when it comes to how you hire – what you can say and not say, what you can ask and must never ask, how to set up payroll, designate team members as independent contractors or employees, and of course, how to fire.
Hiring and firing team members is your greatest area of risk in your business. We mitigate that risk.
For a review of your employee handbook, contact us (702) 835-9212 or info@younglawNV.com for a LIFT Foundation Audit.
Insurance Says I Love You — – Really!
Yep, you read that right – insurance really does say I love you. You have insurance because you love your family, your partners, your clients, and ultimately yourself. Let me explain.
When you have the right type and amount of insurance, you can relax knowing that whatever comes up, is handled.
As a business owner, you need to consider general business insurance, professional liability insurance, employment practices insurance, special events insurance, and more. You also need to consider personal lines of insurance, such as insurance to care for your home, your vehicles, your income, and most importantly to insure your life, to care for your family and partner should anything happen to you.
It can be very easy to be persuaded to buy too much insurance or the wrong kind of insurance by high pressure insurance sales people who get paid big commissions or conversely to not get enough or overlook an important type of insurance because the insurance professional you are working with is more of an order taker than a consultant or advisor.
We will support you to get just the right amount and type of insurance in place by recommending a trusted insurance advisor if you do not already have one, reviewing what you already do have in place, and being the trusted counselor you can turn to for an objective, third party review of your coverage – we do not get paid a commission on your insurance, so you can trust our unbiased guidance.
During our LIFT Foundation Audit, we will review your insurance and either confirm you are set up right with the right amounts and types of insurance, or make recommendations if there are holes. During our LIFT Start-Up Session, we will discuss insurance so you know what you need and who to contact to get it all set up right.
When it comes to money, most business owners are dealing with it one of two ways – you either micro- manage your books and use your financial reports as a crystal ball that allows you to predict the future OR you manage your financials by going to the ATM and checking your balance.
How do you handle money in your business? Do you have a strong relationship with your CPA, bookkeeping team, your controller?
Do you have multiple entities and is the cash flowing between those entities properly?
Need financing for your business? Properly tracking loans you’ve made to the business? Capital contributions? Has the business loaned you money? Each of these situations has legal and tax impacts that we help you navigate.
These are the money matters we help you with.
Tax Strategy Saves You Big Bucks
Tax Strategy Saves You Big Bucks
When your tax situation is structured right, you could be paying less than 10% of your income in taxes. Yes, less than 10%. Or, you could pay as much as 50% of your income in taxes.
Strategic planning makes the difference.
While we are not tax advisors, this is another one of those things we will support you with by ensuring you are meeting regularly with your CPA (and even meet with your CPA with you on our higher level Business Growth Membership Programs), that you understand the tax strategies that are being recommended and you are able to make decisions about sometimes complex issues.
You can look to us to make saving money on taxes easy to understand and, most importantly, easy to take action on.