Today I am talking about being too legit to quit with Rachel Brenke, The LawTog. We’re going to talk all about the legal aspects of owning a business and why it shouldn’t be the scariest thing on your to-do list.
Before you tune in to the episode, download her legal checklist below!
Rachel always had a heart for business and law, and after getting her MBA she decided she wanted to go to law school. It was while attending law school that she started up her photography business. (1:54)
“When I graduated I basically took my MBA, my Law degree and my photography business and they all had a baby and that is TheLawTog!” (2:47)
Rachel says as your business grows your legal needs are going to change as well, so it is important to stay in tune with the legal side of things and make sure that you are protected. (7:42)
Being a sole proprietor can be dangerous to you personally and leaves you vulnerable when it comes to protecting yourself against clients, if needed. (9:22)
“I see these creatives stumbling when they could have simply created an LLC or Corporation and put a business structure formation in place.” (9:41)
Having the proper insurance, liability insurance and equipment insurance as well as proper lawyer-drafted contracts is crucial. (11:10)
Protect your intellectual property! Copyright infringement is the number one issue lawyers deal with when it comes to entrepreneurs in the online space. (15:56)
“People are assessable to your intellectual property, so they think they can use it.” (16:32)
All these steps can be overwhelming, but maintaining them is a must according to Rachel. She recommends putting efficiency measures in to place and having routine evaluations of contracts and other aspects of your business. (18:29)
Contracts can be a protector of relationships, whether it is an employee, an independent contractor such as an assistant, or a second shooter for example. (29:05)
“(Contracts) allow this piece of paper to be the enforcer and I still get to be the friend or the service provider to my client.” (29:56)
Contracts aren’t supposed to be these scary, and they come out of your desires for what you want for your business. (35:42)