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.
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.
It tells your clients, customers, and community who you are and what your business stands for. Protecting your business name through trademark registration can be a crucial step in securing your brand identity and preventing others from using a name you’ve invested in without your permission.
In this blog, we'll walk you through the essential steps to trademark your business name – ensuring it remains uniquely yours and legally protected from others who may want to copy or imitate it.
Step 1: Conduct a Trademark Search
The first step in trademarking your business name is to ensure it's not already trademarked by someone else. This involves conducting a comprehensive trademark search. To do this, go to the United States Patent and Trademark Office (USPTO) website and run a search for existing trademarks that may conflict with your business name. If your business name is already registered as a trademark, consider a different name or consult with our office to assess the issue further.
Click here if you haven't read part 1 of this article series.
This week, I share more ways end-of-year tax planning can lower your business tax bill while helping your team members and community as a whole.
If you aren’t sure if your company needs to lower its tax liability this year, don’t worry. We can help organize your business assets and profit and loss statements so you can make smart, educated decisions for your business’s financial future. Let’s begin.
5 | Make Charitable Contributions
Giving back to your community or supporting causes you care about is not only rewarding but can also provide tax benefits for your business. If it looks like your business will owe taxes this year and doesn’t have an immediate need for new equipment or materials, this may be a great time to contribute to a charitable organization that is important to you.
Year-end tax planning for your business isn't something you do at the last minute; it's a series of thoughtful steps you start taking right now. In this two-part blog series, we’ll explain eight key actions your business can take during this last quarter of the year to save money on its 2023 taxes.
And, most importantly, note that these opportunities are only available if you have already begun to determine how much net profit you will have for the year, so if you haven’t reconciled your books, or been looking at your profit and loss statement on a monthly basis, that’s the place to start.
Let’s get started.
1 | Make Large Purchases Before December 31
One effective way to reduce your business’s taxable income is by making substantial business-related purchases before the end of the year. That’s because any expenses that are considered “ordinary and necessary” to run your business can be deducted from your business’s income, like office supplies, software, or licensing fees.
In this blog, we'll explore how diverse hiring can elevate your business, from fostering innovation to improving customer relations and beyond.
Amplified Innovation and Creativity
When we’re with a group of people from similar backgrounds, it can be hard to see the limits of our own creativity. For example, if you’ve ever invited family over for a holiday meal, you’ve probably noticed that different members of your extended family will bring the same (or very similar) dishes that your own immediate family is familiar with.
You may notice that the dish your uncle brings is slightly different from how you prepare it in your home, but generally, the two dishes are more alike than different because the recipe comes from the same family origins.
But if you include in-laws or friends in the meal planning, you’ll quickly notice that their recipes and dishes differ greatly from those of your own extended family. You may even want to try your mother-in-law’s version of potato salad for your next gathering.
But finding effective ways to organize your schedule and manage your team can feel like a time-consuming task in itself.
If you feel overwhelmed by your calendar or like there is no room in your day to take care of your personal needs, it’s time to revisit your time management methods. To help you reclaim control over your schedule, boost productivity, and reduce stress, consider these life-changing time management strategies.
1 | Leverage The Art of Time-Blocking
If you enjoy making lists or scheduling meetings to organize your day, time-blocking takes these strategies to the next level. Time blocking means allocating specific periods of your day to dedicated tasks, projects, or activities. The process is simple yet incredibly effective, providing structure and focus to your workday.
But how do you protect your business’s income from outside forces that affect your productivity, supply, and revenue?
Picture this: You've built your dream business from the ground up. It's thriving, and you're enjoying the fruits of your labor. But then, disaster strikes. Whether it's a natural calamity like a hurricane, a fire, or a global pandemic that forces you to shut your doors temporarily, your income takes a nosedive. That's where Business Interruption Insurance comes in.
What is Business Interruption Insurance?
Business Interruption Insurance, also known as Business Income Insurance, is like a safety net for you and your business. It's an insurance policy that provides financial support when your business operations are disrupted due to unforeseen circumstances, such as natural disasters, accidents, or other covered perils.
But most entrepreneurs struggle to find the time to review their systems and most don’t know where to even start or what to do with the information they find when putting their company under the magnifying glass.
That's where the 20-point LIFT Business Assessment comes in. After you take it, I’ll take you and your business through a LIFT Business Breakthrough Session to walk you through a detailed survey of your business systems, plans, and structures so we can consider whether those systems are supporting or hurting your business goals and objectives.
The LIFT Business Assessment guides our discussion by looking at your Legal, Insurance, Financial and Tax foundations -- both from a place of whether you understand the systems and whether you have implemented them --and supporting you to get in the know every aspect of your business within the Legal, Insurance, Financial, and Tax structures that your company depends on.
From boosting your bottom line and expanding your business to hiring the most talented team and improving every relationship you enter into, this series offers a comprehensive look at how effective legal agreements can enhance just about every aspect of your operation.
If you are like most business owners, you've likely presented with legal documents that contained terms you didn't fully understand. You may have even signed documents that you didn't completely read because you were intimidated by the confusing legalese. Surely there were times when a client or team member signed a legal document that you presented to them even without fully read or comprehending the documents they were signing.
Unfortunately, such scenarios are far too common. But it doesn't have to be, rather than creating confusion and anxiety, the agreement process should do the exact opposite.
However, breaking ties with such problematic clients can be a tough decision, especially if your business is still finding its footing or you're strapped for funds.
Nonetheless, there are instances where parting ways with a client is the most prudent course of action. To grow your business and increase efficiency, it's crucial to acknowledge that not every client is an ideal fit for your business. In the worst-case scenarios, you would have been better off never engaging with these clients in the first place.
If any of your clients are exhibiting these red flags, it may be time to consider ending that client relationship and learning to avoid potential clients that exhibit any of these behaviors.
It's common to opt for group legal insurance offered through your workplace benefits. These group insurance plans provide free legal assistance for a variety of needs from law firms that have contracted with the insurance company to perform the legal work.
While group legal insurance might seem like an easy option to save on your startup’s legal documents, it’s likely inadequate to serve the specific needs of your business and provide the ongoing legal support you need to turn your side hustle into a successful business.
Here are the reasons why your startup needs the kind of legal expertise and attorney-client relationship that goes beyond the scope of group legal insurance coverage. I’ll explore the potential pitfalls of using group legal insurance for your startup and share suitable alternatives to ensure your young business is protected and prepared for every stage of its growth.