This was exactly the case for my mentor, Ali Katz, who went from losing $1 million to running a company that earns over $5 million a year. Indeed, Ali was able to not only learn from her early missteps as a lawyer and businesswoman, but she capitalized on those lessons by creating New Law Business Model, which trains lawyers like me to help families and business owners not repeat the same expensive mistakes she made.

Here, we share four of the most important lessons Ali learned on her way to success, which have been adapted from a recent Grow By Acorns article Ali was featured in.

The CTA is an update to the federal government’s anti-money laundering laws and is designed to crack down on shell companies created for illicit financial activities, such as money laundering and funding terrorist organizations.

While the CTA is aimed at providing greater transparency into who owns and controls small businesses in the U.S., it stands to impact many legitimate small companies by requiring them to provide reports on the identities of their owners. At the same time, the new law may also affect future business transactions, such as mergers and acquisitions, by making the process more logistically complex, with less privacy for certain organizational structures like limited liability companies (LLCs), which have historically been used to avoid disclosing detailed ownership information.

As the founder of a nonprofit, you will still be “in business,” and you’ll have to deal with many of the same things for-profit business owners face when running their companies. The main difference is, when running a nonprofit, you’ll be working in service to your mission, rather than in service to yourself or to the other owners of your business—and that’s because there are no “owners” of nonprofits!

Ownership is just one of many unique aspects involved with starting a nonprofit, and there are several other important factors you should consider before launching your own organization. Last week, in part one of this series, we outlined a few of the most critical things you should know about nonprofit startups, and here we’ll finish our discussion.

As the founder of a nonprofit, you will still be “in business,” and you’ll have to deal with many of the same things for-profit business owners face when running their companies. The main difference is, when running a nonprofit, you’ll be working in service to your mission, rather than in service to yourself or to the other owners of your business—and that’s because there are no “owners” of nonprofits!

Ownership is just one of many unique aspects involved with starting a nonprofit, and there are several other important factors you should consider before launching your own organization. Here we’ve outlined some of the most critical things you should know about nonprofit startups.

Among the very first IP elements you’ll want to protect is your company’s brand name and logo. This is done by registering for trademarks with the U.S. Patent and Trademark Office (USPTO).

Since you’re just getting your company up and running, you probably won’t have a huge budget to spend on protecting your IP, so you’ll most likely want to find a reasonably priced trademark registration service. But with so many different trademark services out there, it can be challenging to tell the legit operations from the not-so-legit. And as with all types of DIY legal services you find online, you should approach web-based trademark registration services with extreme caution. 

In this two-part series, we’ll discuss four warning signs to watch for when choosing a trademark registration service. Although we recommend that you always work with an experienced business lawyer like us to register your company’s trademarks and other IP protections, if you do choose to take the DIY route, this series outlines a few of the red flags you should watch for.

Among the very first IP elements you’ll want to protect is your company’s brand name and logo. This is done by registering for trademarks with the U.S. Patent and Trademark Office (USPTO).

Since you’re just getting your company up and running, you probably won’t have a huge budget to spend on protecting your IP, so you’ll most likely want to find a reasonably priced trademark registration service. But with so many different trademark services out there, it can be challenging to tell the legit operations from the not-so-legit. And as with all types of DIY legal services you find online, you should approach web-based trademark registration services with extreme caution. 

On that note, in this two-part series, we’ll discuss four warning signs to watch for when choosing a trademark registration service. Although we recommend that you always work with an experienced business lawyer like us to register your company’s trademarks and other IP protections, if you do choose to take the DIY route, here are a few of the red flags you should watch for.

Relocating your residence from one state to another requires that you complete several tasks, such as changing your mailing address, utilities, insurance policies, and possibly banks. Moving a business is much more complicated, and it may be difficult to determine what to do first. The steps needed for a successful move vary depending on your business structure.  

Sole Proprietorships 

One of the main advantages of forming a business as a sole proprietorship is that you do not have to comply with the formalities and requirements necessary for most other business structures. What you need to do to move your business will depend on the requirements of both your old state and the new state; however, there are certain steps you must always take. First, notify your clients and vendors about the move. Depending on the terms of your contracts, you may be required to provide a certain number of days’ notice. In the absence of any contractual notice requirements, a conservative approach of providing three months’ notice will allow your vendors and clients to prepare and accommodate the new location. If you will no longer be working with certain clients or vendors, thank them for the relationship and stay in touch.  

Before selling a business, the owner is likely to spend many hours and even days worrying and considering the options: Is the market right? What price should I set for my business, and is that value the “right” value? How do I get started? While these maybe some of the most significant issues facing a small business owner who wants to exit, there are many factors that should be considered before putting up the proverbial for sale sign. 

The why. Thinking about selling your business—and exchanging the long hours and stress for a financial return—can be exciting. However, do you have a plan for what you will do once the business is sold? Will you retire or start a new business? Are you interested in staying on as a consultant for the new owner or even as an employee? You should reflect on your personal “why,” not only for yourself, but also because prospective buyers will want to know why you are selling. Some common reasons for selling include retirement, illness (or death), disputes among multiple owners, or a desire for a life change. Make sure you understand why you want to sell your business before you take too many steps forward. You do not want to realize too late that the one thing you are most passionate about is no longer yours. 

Large companies like Facebook, Expedia, and Dick’s Sporting Goods have been involved in litigation involving agreements that address these very issues. The questions on most business owners’ minds are “What are these agreements?” and “Do I need them on my website?” Privacy policies and terms of use serve different purposes, but both are essential for any business that engages with customers via a website. 

What Is a Privacy Policy?

A privacy policy is an agreement that outlines how a company collects, stores, handles, and protects the personal information it collects from customers and visitors to its websites or mobile applications. It may also cover interactions that involve personal information collected off-line. Regardless of how you collect customer data, the privacy policy is where consumers curious about your company’s data practices and procedures should find answers to their questions.

In my previous article, I gave you some ways in which you can prepare yourself and your business when served with a lawsuit.

But how do you choose the best lawyer for your situation? It helps to think ahead to what you want both the experience and the outcome to be, and what you DON’T want them to be. Do you want the whole thing to be over as quickly as possible or are you willing to settle in for the long haul to get your desired results? How willing are you to compromise?

Once you have that image in your head, you can use the following questions to evaluate the lawyers that you are considering hiring.