I usually provide the legal tips on this blog, since I am after all paying the hosting costs, I get to do the bloviating Once in awhile though I come across some legal material that I want to share. This is one of those times.
Inc. recently ran a story titled 14 Legal Tips for Starting Up in which it gathered a tip from 14 different entrepenuers. The tips are interesting and practical and most touch on some legal issue. You can see a few examples below and check out the whole article here.
When I first started speaking professionally and coaching individuals, I never thought that I needed special insurance. It is rare, but I have seen some people take advantage of well-intended “advice” by claiming it destroyed their life and then suing the communicator. If you are in the business of providing advice, look into getting some liability insurance.
—Kent Healy, The Uncommon Life
What happens when one of the partners wants to exit? What do they get, and under what terms? What happens if a partner gets hit by a bus? If their ownership interest goes to a spouse, does the spouse have a say in management decisions? Uncomfortable questions, but it’s much easier to address these up front than it is when you’re making lots of money. Get it on paper in the beginning. —Sean Johnson, Digital Intent