917-930-8684 ems@ericsarver.com

BUSINESS LAW BASICS FOR ENTREPRENEURS

WHAT WILL THE AUDIENCE LEARN?

– Our audience will learn to identify the necessary business law items they need as a solid foundation upon which to build their company.

EPISODE SUMMARY:

Many business owners and entrepreneurs become so heavily focused on creating their products, goods, or services that they lose sight of the “business law basics”, such as having the necessary agreements, contracts, and business entity formation documents in place as a foundation upon which to build their company’s brand, customer base, and corporate culture.

While it may be tempting to skip these business law steps or to use knock-off online templates and cookie-cutter programs for legal documents, doing so can result in vague, incomplete documents, incorrectly filed entities, and a weak foundation which can potentially leave your business more susceptible to litigation and long-term legal woes.

On tonight’s episode of Employment Law Today, my guest, corporate attorney and business advisor Mitchell Beinhaker, Esq., and I will discuss some of the necessary business law items that you, the business owner/entrepreneur, and/or employer ought to complete as you start or grow your business.

LinkedIn: www.linkedin.com/in/beinhakerlaw
Company Website: www.beinhakerlaw.com
(Linktree) www.linktr.ee/beinhakerlaw

Email: mitch@beinhakerlaw.com

Twitter: mcbesq

By Segment

SEGMENT 1

0:55 – 17:30 – Eric introduces his guest, corporate attorney and business advisor Mitchell Beinhaker. He runs a legal and consulting practice, Beinhaker Law LLC. Mitchell has a background experience with corporate governance, commercial transitions, real estate and estate planning. He also has a podcast called “The Accidental Entrepreneur.” Mitchell says that when he was in law school, he was very interested in estate and business planning. He was also fascinated by tax planning. Mitchell’s father was in the life insurance business and he grew up around his office. In his career, he has worked for different insurance companies like Nationwide. He used to travel around the country and speak to agents, brokers and clients about how to use financial products in the planning process like trust, charitable and business planning. Over the years his transactional business has grown in drafting agreements of different kinds. Eric and Micth talk about an issue where there may be a lack of formal documentation in situations like family owned businesses. It’s important to have things documented no matter what. Mitch mentions important agreements depending on the kind of business as well as the method whether electronic, clicked licensing, physical signatures, etc.

SEGMENT 2

19:45 – 36:04 – Eric and Mitch share a thought that if you’re a business and you are hiring employees, looking for vendors and doing a variety of things, it’s possible to have some issues and litigation. Mitch makes a point that you can’t run your business without proper documentation expecting to avoid certain problems. We are not always going to be neat and perfect. He mentions things you can prevent by having agreements that are drafted. Even if your proprietary information is safe, you can keep in mind about protecting your customers, employees, and records. Mitch discusses a second common mistake he sees business owners may be missing in “business law basics.” He mentions being a big fan of planning. A lot of business owners don’t always put things in writing and plan ahead. He says that successful business owners are always reworking their business ideas and it doesn’t have to be a ton of writing. It could be one page focusing on company, employees, marketing, and coverage (insurance, cybersecurity). Mitchell also answers a question from the Facebook livestream about whether there is a downside to setting up your business as a legal entity

SEGMENT 3

38:04 – 46:24 – Mitch talks about co-authoring a book called Ten Ways to Get Sued by Anyone and Everyone. He goes into how our memory works like with traumatic events. He relates this to his advice on putting things into writing as we don’t remember things the same ways as when they occurred and take things in differently. If two people disagree with something, they are both sure what the agreement was, but their memory of it can be different. It’s important to put these habits into practice and it shouldn’t be uncomfortable because it’s to make sure issues are resolved more smoothly compared to when there are no written agreements and records. Eric and Mitch point out that it’s standard business.

SEGMENT 4

48:15 – 57:53- Coming back from the final break, Mitch talks about what makes his work different from other attorneys and advisors. He says that he wants to make sure he is accessible and easy to work with. For small business wonders and younger businesses, he says that there is a section on his website that allows them to purchase basic documents for half of what he normally charges. You fill out a google form and that information merges with the documents which he reviews and sends them back to you with more instructions. At least in this case, an attorney reviewed them compared to getting a document randomly online. Mitch allows himself to get to know a business or clients better. Because of these basics put into practice, it can make their relationship better and allows him to better help them. He also mentions other services he offers. You can visit beinhakerlaw.com, or email Mitch at mitch@beinhakerlaw.com. On his website, you can also set up a free 20 minute consultation. You can also connect with Mitch through Linkedin at Beinhakerlaw and connect to his other social media platforms as well as his podcast.

About Employment Law Today

Helping Business With Employment Law Issues.

For many business owners, it can be overwhelming to keep up and comply with the federal and state labor and employment laws that govern how they run their business.  With the COVID-19 pandemic, there are new laws and regulations regarding hiring, firing, and workplace practices and protocols — all of which can increase business owners’ anxieties about regaining traction or thriving again.  On my weekly show, we will be discussing the most common employment law related questions and challenges that business owners have been facing in these uncertain times.

The show will have three main goals: (1) to inform businesses about employment law updates, (2) to inspire businesses by giving them the tools to move forward, and (3) to demonstrate how some business owners have overcome their employment law problems, walked through the challenges imposed by this pandemic, and have taken steps to regain traction during the reopening phases of this pandemic.

Our guests will include professionals who advise businesses from an H.R., legal, and financial perspective, along with thriving business owners who will share their experiences and insights into running a successful company while complying with labor and employment law mandates during COVID-19.

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