Ep 311: The Biggest LEGAL MISTAKES New Business Owners Make (w/ Attorney Sam Vander Wielen)

In this episode, I talk to Sam Vander Wielen, a lawyer turned entrepreneur and best-selling author, about legal essentials for new business owners.

We delve into the often-overlooked legal frameworks necessary for safeguarding entrepreneurial ventures and share actionable advice to help you avoid costly mistakes.

Key Takeaways:

• Foundational Legal Protections: Sam outlines three critical components: registering your business as an LLC, drafting robust contracts, and obtaining necessary business insurance to mitigate risks.
• Timelines in Legal Action: Many entrepreneurs delay securing legal protections. Sam stresses the importance of establishing these safeguards from day one, even before initial profits.
• Professional Business Management: Sam underscores the necessity of enforcing contracts and maintaining clear boundaries with clients to ensure smooth operations.
• Clarity in Contracts: Clear and comprehensive contracts are vital. Sam advocates for professional templates to avoid confusion and protect interests.
• Choosing the Right Business Insurance: Entrepreneurs should work with brokers for tailored coverage to safeguard all business aspects, especially in online ventures.
• Partnership Dynamics: Sam warns against 50-50 partnerships, advocating for clear roles to prevent disputes and enhance decision-making efficiency.
• Embracing Legal Literacy: Sam encourages entrepreneurs to become familiar with legal terms and evolve their contracts as their businesses grow.

This episode is a crucial resource for entrepreneurs to confront the legal complexities of their businesses confidently. Tune in for insights that empower you to maintain legal safety while focusing on growth and sustainability!

Chapters:0:00 Teaser Clips0:32 Intro from Gillian2:45 Sam's Book Journey4:11 Building a Sustainable Business8:06 Common Legal Mistakes11:43 Understanding LLC Protection15:46 The Pitfalls of Partnerships18:36 Contracts and Terms of Service24:53 The Role of AI in Legal Documents30:10 Navigating Business Insurance36:10 Beyond the Basics of Legal Protection37:51 Conclusion and Resources

Sam's links:Free Legal Workshop: https://samvanderwielen.samcart.com/referral/Legal-workshop/rOhbxf8KbgOnMbqqLegal Foundations Pack: https://samvanderwielen.samcart.com/referral/legal-foundations/rOhbxf8KbgOnMbqqSam's Instagram: https://www.instagram.com/samvanderwielen Sam's YouTube: https://www.youtube.com/@SamVanderWielen

Listen to our limited podcast series to how to build an automated sales funnel and scale it to $100K/year: https://www.gillianperkins.com/the-100k-method

More FREE Resources to Grow Your Online Business:

• Grab our free course, Small Business 101: https://www.gillianperkins.com/small-business-101-free-opt-in
• Write a Profit Plan for Your Business : http://gillianperkins.com/free-profit-plan 

Want to quit your job in the next 6-18 months with passive income from selling digital products online? Check out Startup Society.

Have you already started your business, but it isn’t generating consistent income?