Do you like to procrastinate?
I know as I lawyer I am supposed to say YOU HAVE TO DO ALL OF THE LEGAL STUFF RIGHT NOW, and it is all important, but in reality some things are riskier than others to leave until later.
Here is a list of the legal things that should be on your to do list, in order of their urgency.
1. HIRING AN ATTORNEY TO DO A COMPREHENSIVE TRADEMARK SEARCH FOR YOUR BRAND NAME
Getting your business name wrong, by choosing one that is already taken, is one of the most expensive and easily avoided mistakes you can make when starting your business. At a recent business brunch I attended, the keynote speaker was asked what her number 1 business mistake was, and I bet you can guess her answer - not making sure her business name was available before she launched her media agency (and had to change it later).
You can avoid an expensive rebrand and a stressful cease and desist letter by hiring an attorney to do a comprehensive trademark search to make sure your name is available.
2. FORMING A BUSINESS ENTITY
Forming a business entity protects your personal assets. It’s not retroactive, so if you make a costly mistake in your business and get sued, you can’t then get a business entity and expect it to protect you from the prior act. You can form the LLC in the name that you just cleared with a trademark search.
3. TRADEMARKING YOUR BRAND NAME
Trademarking is the only way to make sure you have the exclusive right to use your business name in your industry. Whoever filed first has priority to the name in the eyes of the USPTO, so timing down to the day matters.
4. YOUR CLIENT CONTRACT AND/OR TERMS OF USE
Your CLIENT CONTRACT is what is going to protect your primary source of income. Ditto TERMS OF USE if your income comes from a course or digital product.
5. COPYRIGHTING ANY ORIGINAL WORKS OF AUTHORSHIP.
Copyrighting is the only way to be entitled to 25k in damages if someone steals your original works of authorship like pictures or course video content. It’s not retroactive, so timing matters.
6. CONTRACTS WITH YOUR INDEPENDENT CONTRACTORS
CONTRACTS WITH YOUR INDEPENDENT CONTRACTORS are important when your business expands. They outline the services provided, set out a timeline for payments, talk about how taxes will be paid, how out-of-pocket expenses are handled, protect intellectual property and confidential information, and prevent independent contractors from taking current employees or clients.
7. HAVING A PRIVACY POLICY, FOLLOWING FTC ADVERTISING & AFFILIATE RULES
Having a PRIVACY POLICY is legally required and you can get in trouble with the government and third parties if you don’t accurately state how you collect, store, and share user data. Chances of running into problems for not having a privacy policy are less likely than running into a competitor using a similar name. Ditto following FTC advertising and affiliate rules. The government has limited resources and is likely more concerned with Facebook and the Kardashians breaking the law. Not to say these things don’t matter or you won’t get in trouble - having a privacy policy is a simple step and the FTC has easy to follow GUIDES for affiliate and advertising rules.
Ready to get legally protected? Check out my CONTRACT TEMPLATES, or BOOK A CALL with me to chat about what legal protections your unique business needs.