Page 60 - Webinar workbook

Chapter 3

Business Attorney

In Forbes 2013 Article on “Top 5 reasons Small Businesses crash and Burn within First 18
months,” by Eric Wagner, Reason #5 is Inability to nail a profitable business model with proven
revenue streams.” In layman terms “They really don’t understand all that goes into running a

business for-profit, they just have a idea and THEY believe it will make lots of money!”

Having guidance from the start can save small businesses hundreds of thousands of costly
mistakes with employees, customers, or even worse “The LAW!”

Aside from the obvious reasons of having a business attorney on your team (protection from a
lawsuit), when pursuing contracts that are anywhere from $100k - $Million, an trained
professional such as an attorney that understands the small print of a contract, will afford you
the option of accepting the stipulations in the contract or for you to request addendum to the
contract. Requesting addendums to a contract is something that would need to be hashed out

BEFORE a project begins, as it is virtually impossible to request this after both business entities
have agreed to the terms.

Understanding your contractual obligations and being honest with yourself from the beginning
on rather or not you have the capacity to full all that’s stated in the contract, is your complete

and total responsibility.

A business attorney can be a critical part of your advisory team, no matter what stage your
business is in. When do you need a lawyer? Although the answer depends on your business and
your circumstances, it's generally worthwhile to consult one before making any decision that
could have legal ramifications. These include setting up a partnership or corporation, checking
for compliance with regulations, negotiating loans, obtaining trademarks or patents, preparing

buy-sell agreements, assisting with tax planning, drawing up pension plans, reviewing business
forms, negotiating and drawing up documents to buy or sell real estate, reviewing employee
contracts, exporting or selling products in other states, and collecting bad debts. If something
goes wrong, you may need an attorney to stand up for your trademark rights, go to court on an
employee dispute or defend you in a product liability lawsuit. Some entrepreneurs wait until

something goes wrong to consult an attorney, but in today's litigious society, that isn't the
smartest idea.

60
Email: truckitright2@gmail.com Website: www.truckitright.com Phone: (323) 301 6531