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Category Archives: Legal Issues

Nuts and Bolts of Corporate Taxes

By | Business By The Book, Finance, Incorporating a Business, Legal Issues | No Comments
Form of Incorporation

When starting a business, many entrepreneurs wrestle with the question of what corporate structure is business best. Legal pros and cons aside, there are various tax and financial matters to consider when choosing.  (Note that these are general guidelines and in no way comprehensive). The limited liability company (LLC) is a very popular form of business structure and one most entrepreneurs have at least heard of.  It offers liability protection while being flexible in the taxation department. But what many budding business owners don’t realize is that choosing to operate as an LLC isn’t the only decision to make; you…

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Six Tips on How to Choose and Manage an Attorney

By | Business By The Book, Legal Issues, Planning | No Comments
Tips on Attorneys

Q: I am looking for an attorney in my area. Specialty does not matter. Do you have any recommendations? A: My attitude on choosing and managing lawyers is as follows: Specialty is Critical – I would argue that specialty DOES matter. I’d recommend that you use a specialist that knows the area of law that you need advice in very well (so you are not paying them to learn and to insure you are getting the best advice possible). Much like you wouldn’t go to a heart surgeon to deliver a baby, you would not want to use a collections attorney…

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Are Surety Bonds Biblical?

By | Business By The Book, Insurance and Risk Management, Legal Issues, Ownership & Purpose | No Comments
Surety Bonds

Q: I have a lawn care business and I would like to provide landscaping services as well, but in my state I have to get licensed, insured, and bonded in order to do that. When I called the insurance company they called the bond a surety bond. I wonder if that has anything to do with surety in Scripture that we are to avoid? Thank you for any help you can give. A: There are six references to the concept of “surety” in the book of Proverbs (Pr. 6:1, 11:15, 17:18, 20:16, 22:26, and 27:13 – see below), but none…

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Eight Ways to Prepare for a License and Royalty Agreement Negotiation

By | Business By The Book, Channels and Alliances, Intellectual Property, Legal Issues, Negotiations, Planning, Selling Your Idea or Invention | No Comments

Q: I am about to enter into a licensing/royalty negotiation with a company that is interested in taking my idea to market. I’ve read your Q&A post on Taking an Invention to Market and How to Negotiate a License and Royalty Agreement and they were very helpful, but I am looking for more specifics on how I should prepare for and approach the negotiation? A: The key is to do your homework. Here are a few specifics: Research – First of all, do your research on the potential value of your product or idea by looking at other deals that have been done in your industry with…

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