Business Law & Growth

If you're the kind of entrepreneur who wants to make a real difference while you're in business and leave behind a body of work that continues to do good for your family, your customers, and the world after you're gone, you've come to the right place.

Business formation is a pivotal time in your new company's lifecycle. Your choice of entity impacts ownership, liability, taxes, profit sharing, ongoing management, eventual sale, and much, much more. Sky Unlimited can help you make the ideal choice.  

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We help our clients leverage their IP, establish a competitive position for the future, and achieve important milestones for growth.  Our chief goal is to identify key areas in which IP protection is the most critical for achieving the company's business objectives, determine the most effective methods of protection, and create strategies to avoid issues with third-party patents.  

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The traditional law business model is flawed. It incentivizes lawyers to spend more time on matters (since they are billing for every hour in six-minute increments), increase conflict (the more conflict there is, the longer the engagement), and constantly focus on the next new client (one off transactions are the norm in most legal practices). Plus, the world has shifted and quite a lot of legal work has become commoditized into online legal drafting software, documents on demand and do-it-yourself lawyering. 

 

Lawyers, not being entrepreneurs, tried to compete and became mere shadows themselves - document drafters, doing one-off transactions for clients, such as incorporating business, and then went on the hunt for the next new client.

 

Not us! We build lifetime relationships with our clients. Because a legal relationship not built upon a lifetime foundation is worthless. Really. If you want a transaction, go online and find a document drafting service. If you want someone great that will help you move your awesome idea into a revenue generating business, take your existing business to the next level of excellence, and prepare you and your business to leave behind a legacy of significance, you've come to the right place.

 

Sky Unlimited Legal Advisory will work with you to grow your business from day one. We support startups and small businesses through their exciting lifecycle, from business formation to sale - and every challenge and opportunity in between.


Entrepreneur Weekly

Articles from the Chief Counsel's desk.  Sign up for our newsletter to receive these in your email!

5 Tips From A Lawyer For Keeping Your LLC Compliant

Many entrepreneurs structure their business as a limited liability company (LLC) because, like corporations, LLCs offer personal liability protection for their owners. But unlike corporations, LLCs are not legally required to adhere to many of the same corporate formalities required of corporations.

Given that LLCs offer the liability protection of a corporation, without all of the administrative hassles, this business entity might seem like the best of both worlds—and in many ways it can be. However, things aren’t nearly as cut and dry as they might seem when it comes to abiding by an LLC’s administrative formalities.

 

Although the administrative requirements for an LLC are far less strict than for a corporation, you’ll still need to abide by some operational formalities if you want to maintain your personal liability protection. If you fail to adhere to such formalities, a court could remove the protective barrier shielding your personal assets, known as “piercing the veil,” leaving you personally liable to creditors, in the event of a judgment.   

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Legal Advice When Settling Business Disputes

A large part of being a successful business owner is knowing how to consciously manage relationships and facilitate conflict when it arises in a healthy and productive way.

When business owners and managers find themselves in a disagreement or misalignment of expectations, the potential costs are endless. For starters, the energetic drain from the conflict, possible loss of personnel, and of course your reputation as a trustworthy business. 

 

First and foremost, remember that conflict most often arises because an agreement or process was not properly handled at the start.  It’s important as a business owner that at the beginning of any professional relationship you are creating clear boundaries and expectations. The best way to begin your business relationships is by using an agreement process, and we can support you with that.

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10 Reasons Why Your Business Needs A Family Business Lawyer™

As a small business owner, you may be wondering why you need to hire a lawyer to help you run your company. This is especially true today when you can access just about every conceivable legal document online for cheap from the countless online do-it-yourself document services like LegalZoom and Rocket Lawyer.

But here’s the thing: Without the guidance and support of trusted legal counsel, you are likely not aware of all the ways your business is leaking money, putting yourself and your family at risk, and possibly limiting the positive impact you have on the lives of your clients.

 

Beyond those potential issues, if you are handling all of your company’s legal, insurance, financial, and tax decisions yourself, you’ll likely get overwhelmed by all the necessary pieces required to run a business on a daily basis—crunching numbers, negotiating contracts, dealing with insurance, and preparing your taxes—and something will suffer.

 

Either you won’t be able to focus on the parts of your business that you truly love—the products, client services, or the sales and marketing—or you will overlook the key legal, insurance, financial, and tax matters affecting your company and this will negatively impact your operation.

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5 Mistakes Start-Ups Make When Forming Their Business

It seems that everywhere you look, a new start-up is trying to make it big with a game-changing idea. But it’s only the ones that can turn that idea into reality that reach business success.

Too many start-ups fail to make the transition from idea to execution or encounter major setbacks along the way. In the midst of developing your growing start-up, don’t make the common mistake of disregarding tedious, but vital tasks such as making sure all your legal, insurance, financial, and tax ducks are in a row. 

 

Establishing a solid legal system can help you avoid costly mistakes and save time and stress down the road. Many entrepreneurs struggle with developing such systems because they don’t foresee the most common mistakes start-ups make. Avoiding these only takes a little self-awareness and planning, so read on to learn how to sidestep the five biggest legal mistakes a start-up can make.

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Why Operation Agreements Are A Must For Business Owners

As with so many things in life, some of the same qualities that help small businesses succeed can also lead to their demise. Fortunately, much of that risk can be lessened through operational excellence.

For example, the owners and managers of small businesses often know each other before they go into business together.

Sometimes, they’re even related. Preexisting relationships can help propel small businesses forward, especially when there are high levels of trust and competence.

 

Unfortunately, however, familiarity is sometimes accompanied by a lax attitude toward operational formalities. Owners and managers may skimp in critical areas such as:

  • Governing documents such as articles of incorporation, partnership agreements, and bylaws;
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With Tax Laws in Flux: What Should Business Owners Do Now?

As we wrote last week, on September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws.

Specifically, the Democrats proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on qualified business income (QBI) deductions.

 

While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact these changes stand to have, we strongly encourage you to contact us now if you would be affected by the proposed legislation should it eventually pass. With the exception of the capital gains rate increase, which could go into effect on transactions that occur on or after September 13, 2021, most of the proposed changes would be effective after December 31, 2021, meaning that you do have time to plan now. 

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House Democrats Propose Sweeping New Changes To Tax Laws That Stand To Have Major Impact On Business Taxation and Estate Planning—Part 1

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws.

Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on qualified business income (QBI) deductions.

 

While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact these changes stand to have, we strongly encourage you to take action now if you would be affected by the proposed legislation if it does pass. With the exception of the capital gains rate increase, which could  go into effect on transactions that occur on or after Sept. 13, 2021, most of the proposed changes would be effective after December 31, 2021, meaning that you have time to plan now. 

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3 Pitfalls To Avoid When Buying An Existing Business

Whether it’s your very first or your fifth company, if you’re looking to start a new business venture, you have two options: 1) build your own from scratch or 2) buy an existing one. And while many entrepreneurs dream of building their own company from the ground up, the reality is, launching a brand-new business can be incredibly difficult.

Building a business from scratch can involve years of working long hours for little to no financial reward. In fact, whether your company is ever able to generate a profit or not, starting your own business can consume your life like few other activities. What’s more, no matter how much you sacrifice, there’s no guarantee the venture still won’t fail miserably.

 

On the other hand, buying an existing business and successfully making it your own can be somewhat less stressful. After all, you’re buying an operation that has already proven successful, with an existing customer base, brand recognition, and cash flow.

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The Big-Time Benefits Of Hiring Your Kids

One of the biggest benefits of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and support them to save for their future.

In return, you get employees who have a built-in sense of commitment, teamwork, and loyalty that can’t be found anywhere else. This sense of loyalty and dedication is why so many business owners like to claim that their team is “just like family.”

 

On top of that, employing your minor children also comes with some substantial tax-saving benefits. And with the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, those benefits are now better than ever.

 

Earn Up to $12,000 Tax Free

Starting in 2018, the TCJA practically doubled the standard deduction, which increased from $6,300 to $12,000. This means your children will pay zero federal income tax on anything they earn up to $12,000. This alone can save you thousands each year.

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Business Owners Beware: New Wave of Phishing Scams Target Employee Payroll

Employers should be on the lookout for a new email phishing scam that targets employee paychecks. The latest wave of attacks is a new version of wire fraud scams, which have recently hit businesses across the country.

Known as “business email compromise” or “business email spoofing” (BEC/BES), these scams target businesses of all industry types and sizes, according to the IRS. And the fraud is growing quickly, as it bypasses many existing security protocols, and the amount of funds stolen are often small enough that many companies chalk the loss up to the cost of doing business, which allows the scammers to stay under the radar of the authorities. 

 

How The Scam Works

The emails typically impersonate a high-level company employee, like the CFO or CEO, and the messages are sent to payroll or human resources (HR) staff. The email from the scammer asks the payroll or HR staff to change his or her direct deposit information for payroll. The scammer then provides a new bank account and routing number used to have paychecks direct-deposited, but the scammer actually controls the account.

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