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.
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!
Business Owner Burnout: Legal and Financial Strategies to Protect Your Company When You Need a Break
Many entrepreneurs pride themselves on their resilience and drive, often working tirelessly to build their businesses from the ground up. However, this relentless pace can lead to burnout, a state of emotional, physical, and mental exhaustion that can jeopardize both your health and your business.
Business owner burnout is a common yet often overlooked risk to business continuity that affects entrepreneurs across all industries and company sizes.
In this blog article, I'll explore how business burnout manifests, the legal and financial strategies you can implement to protect your company when you need to step back, and how to create systems that allow your business to thrive even during your absence.
RECOGNIZING THE SIGNS
Business owner burnout doesn't happen overnight. It creeps in gradually, often disguised as dedication or a necessary sacrifice for success. The first step in protecting your business from the effects of burnout is recognizing when you're approaching your limits.
Common signs include persistent fatigue even after rest, increasing cynicism about your business, difficulty concentrating on tasks, decreased productivity despite working longer hours, and withdrawal from responsibilities. You might also notice physical symptoms like headaches, changes in sleep patterns, or frequent illness.
Creating Compliant HR Systems and Avoiding Costly Employment Law Mistakes
As a business owner, you're juggling countless responsibilities daily. Between managing operations, driving sales, and planning for growth, HR compliance might fall to the bottom of your priority list. However, neglecting your HR systems can lead to expensive legal issues that could derail your business success.
In this blog article, I'll explore how implementing compliant HR systems can protect your company from costly mistakes while creating a positive work environment.
THE HIDDEN COSTS OF HR COMPLIANCE FAILURES
Many business owners don't realize the significant financial risks associated with poor HR practices until it's too late. According to the U.S. Equal Employment Opportunity Commission’s 2023 Performance Report, the agency secured more than $665 million in monetary relief for more than 22,000 victims of employment discrimination. For small and medium-sized businesses, a single lawsuit can threaten your company's financial stability.
Beyond direct legal costs, non-compliance creates other expenses that impact your bottom line. On average, turnover costs represent 39.6 percent of a position’s annual wage. Additionally, productivity losses and damage to your company's reputation can have lasting effects on your business success.
Succession Planning for Small Business Owners: Starting the Conversation You've Been Avoiding
Most business owners spend years building their companies with dedication, sacrifice, and endless hours of hard work. You've likely poured your heart and soul into creating something meaningful that provides for your family and contributes to your community.
But there's an important question many business owners avoid: what happens to your business when you're no longer able to run it?
Succession planning is often the conversation business owners postpone until tomorrow – a tomorrow that sometimes never comes. Whether due to unexpected illness, retirement, or other life circumstances, having a clear succession plan isn't just good business practice; it's essential protection for everything you've built. In this article, I'll explore why succession planning matters, the costs of avoidance, and practical steps to begin this critical conversation.
WHY SUCCESSION PLANNING GETS PUSHED TO THE BACK BURNER
Before diving into the how-to, let's acknowledge why succession planning often gets delayed. Understanding these psychological barriers can help you overcome them.
How to Bulletproof Your Business Against Economic Uncertainty
In today's market, business owners face unprecedented challenges from inflation, supply chain disruptions, and shifting consumer behaviors. The economic landscape can change rapidly, leaving unprepared businesses vulnerable to significant losses or even failure.
However, with strategic planning and robust systems in place, you can fortify your business to withstand financial storms and emerge stronger on the other side. Let's explore proven strategies to protect your business against economic uncertainty and ensure its long-term sustainability.
BUILDING A FINANCIAL FORTRESS
A solid financial structure is the foundation of any resilient business. Yet, many business owners make the mistake of focusing exclusively on growth before they have a solid financial system in place. To build this foundation properly, you must start with a clear picture of where you currently stand.
Start by conducting a thorough assessment of your current financial position. This includes understanding your cash flow patterns, identifying your most profitable products or services, and recognizing which expenses are truly essential. With this knowledge, you can develop a realistic budget that allows for both growth opportunities and necessary safety measures.
How to Safeguard Your Business from Your Business Partner’s Divorce
Most business partnerships begin with shared goals and optimism. But life happens, and personal matters—especially divorce—can create ripple effects that threaten your company’s financial stability, leadership continuity, and future. If you’re in business with a partner, their divorce isn’t just their personal issue; it could become your business’s problem, too.
What types of problems could be lurking around the corner? Some may include disruptions to your daily operations, ownership disputes, and even financial loss. But by taking proactive steps, you can shield your business from these risks and ensure that personal life changes don’t derail your company’s success.
THE HIDDEN BUSINESS RISKS OF A PARTNER’S DIVORCE
A partner’s divorce can have serious consequences for your company, many of which business owners don’t anticipate until it’s too late.
Here’s how:
Ownership Disputes & Forced Buyouts. In many states, business interests are considered marital property, which means a divorcing spouse may be entitled to part of your partner’s ownership stake. This could force the sale of company shares or require a buyout that could strain financial resources.
A Female Founder's Guide to Business Success
Women are launching businesses at an unprecedented rate, yet the road to success is rarely smooth. While female founders are proving their resilience and innovation daily, they still face unique challenges—from securing funding to balancing leadership with personal life demands.
But let’s be clear: female entrepreneurs aren’t just keeping up; they’re redefining success on their own terms.
This Women’s History Month, let’s explore what it takes to build and scale a thriving business as a female founder.
RETHINKING THE FUNDING GAME
Access to capital remains one of the biggest roadblocks for women in business. Despite running some of the fastest-growing companies, female founders receive a disproportionately small share of venture capital funding. The good news? Women are rewriting the rules of business financing.
Crowdfunding has emerged as a game-changer, with women consistently outperforming men in campaign success rates. This isn't just about raising money—it’s about proving demand, building a loyal customer base, and demonstrating market viability from day one.
What All Business Owners Can Learn From Blake Lively’s Harassment Lawsuit
When you started your business, you probably didn't anticipate the challenges of securing financing for growth. Yet today's lending environment has made traditional bank loans particularly difficult to obtain, especially for small and medium-sized businesses.
As a business owner, understanding how to prevent and address sexual harassment is crucial for protecting both your employees and your company.
RECOGNIZING SEXUAL HARASSMENT
Workplace sexual harassment includes any behavior that creates an uncomfortable, intimidating, or hostile environment. It can involve unwanted physical contact, inappropriate conversations, or the abuse of power to manipulate or pressure employees. In the Lively case, allegations ranged from forced intimate scenes to repeated personal invasions of space, illustrating how misconduct often escalates when left unchecked.
Harassment is not limited to overt actions. It can start with offhand remarks or seemingly minor invasions of privacy, gradually leading to more serious violations. A single inappropriate joke or comment may seem harmless to some, but over time, these behaviors contribute to a culture where misconduct is tolerated. Recognizing these patterns early is crucial to preventing a toxic work environment.
When Banks Say No: Alternative Funding Solutions for Your Business
When you started your business, you probably didn't anticipate the challenges of securing financing for growth. Yet today's lending environment has made traditional bank loans particularly difficult to obtain, especially for small and medium-sized businesses.
In this blog article, I want to help you understand your options beyond conventional bank financing and guide you toward solutions that support your business goals while protecting your interests.
UNDERSTANDING TODAY'S LENDING LANDSCAPE
The traditional lending environment has shifted dramatically in recent years. Banks have become increasingly risk-averse, implementing stricter lending criteria that often disadvantage smaller businesses. This cautious approach means even profitable companies with solid business plans may be unable to secure traditional financing.
This shift isn't just about stricter credit requirements. Banks now require more extensive documentation, longer operating histories, and higher collateral requirements than ever before. These hurdles can seem insurmountable for many growing businesses, especially when you need capital quickly to seize time-sensitive opportunities.
Choosing the Right Business Structure: Beyond the Basic LLC
When starting a business, one of the most critical decisions you'll face is choosing your business structure. While many entrepreneurs automatically gravitate toward forming an LLC (Limited Liability Company), this one-size-fits-all approach might not be optimal for your specific situation.
Your choice of entity will affect everything from your tax obligations and personal liability to your ability to raise capital and plan for succession. Making the wrong choice could expose you to unnecessary risks or burden you with excessive taxes and administrative requirements.
UNDERSTANDING TAX IMPLICATIONS ACROSS DIFFERENT STRUCTURES
Each business structure comes with distinct tax treatment that can significantly impact your bottom line. As a sole proprietor, for instance, all business income passes through to your personal tax return, where you'll pay both income tax and self-employment taxes on your earnings. While this arrangement offers simplicity, it could come with an increased audit risk.
An LLC offers more flexibility in tax treatment than just defaulting to sole proprietorship/pass-through treatment. A single-member LLC can be taxed as a sole proprietorship, while multi-member LLCs can be taxed as partnerships. However, an often-overlooked option is electing to have your LLC taxed as an S Corporation, which can provide significant tax savings once your business reaches around $60,000 in annual revenue.
Single-Member LLCs: Are You Sure Your Assets Are Protected?
As a business owner, you've likely heard that forming a Limited Liability Company (“LLC”) is one of the best ways to protect your personal assets from business liabilities. While this can be true, the reality is more nuanced – especially if you’re the sole owner (generally called a “member” in an LLC).
This is called a single-member LLC (“SMLLC”). Many entrepreneurs form SMLLCs believing they've created an impenetrable wall between their personal and business assets, only to discover too late that this shield has significant vulnerabilities. Let's explore why your SMLLC might not provide the protection you think it does and what you can do about it.
KNOW THE BOUNDARIES BETWEEN YOU AND YOUR BUSINESS
The idea behind an LLC is that it creates a legal wall between your personal finances and your business. If someone sues your business or a creditor comes after it, your personal assets—like your home or savings—should, in theory, stay safe. But that wall, often called the “corporate veil,” can fail if you don’t maintain your LLC properly.