PITFALL: No business plan- substandard business plan
The old adage “failing to plan is planning to fail” is so relevant when it comes to business. And how would you know if you are succeeding if you don’t [...]
MYTH: Tax laws are my enemy
The tax code, as with all statutes, is full of opportunities for businesses and individuals to save money and increase revenues. Tax planning goes hand in hand with business and [...]
PITFALL: Un-researched or un-protected name
Trademarks and tradenames can be the most valuable asset of a business. The goodwill, or reputation, associated with a name or mark often determines the value at the time of [...]
MYTH: If I do everything legally, I cannot be sued
An audience member at a talk I was giving once remarked that you can be sued by a ham sandwich. Well this is not necessarily true, but you can be [...]
PITFALL: Starting with the wrong business structure or entity
Each business structure or entity, whether a sole proprietor, general partnership, limited partnership, limited liability partnership, limited liability company, and corporation (c-corp or s-corp), has advantages and disadvantages. There are [...]
MYTH: There is only one answer to legal questions
Often the most exasperating answer to clients’ legal questions is “it depends”. This is the answer to almost every question we analyze in law school and it takes a while [...]
MYTH: The Myth of Justice
Many people believe that justice reigns supreme; in other words, that if you are in the right, have followed the law to the letter, a legal dispute will be resolved [...]