Ep 311: The Biggest LEGAL MISTAKES New Business Owners Make (w/ Attorney Sam Vander Wielen)

In this episode, I talk to Sam Vander Wielen, a lawyer turned entrepreneur and best-selling author, about legal essentials for new business owners.We delve into the often-overlooked legal frameworks necessary for safeguarding entrepreneurial ventures and share actionable advice to help you avoid costly mistakes.Key Takeaways:Foundational Legal Protections: Sam outlines three critical components: registering your business as an LLC, drafting robust contracts, and obtaining necessary business insurance to mitigate risks.Timelines in Legal Action: Many entrepreneurs delay securing legal protections. Sam stresses the importance of establishing these safeguards from day one, even before initial profits.Professional Business Management: Sam underscores the necessity of enforcing contracts and maintaining clear boundaries with clients to ensure smooth operations.Clarity in Contracts: Clear and comprehensive contracts are vital. Sam advocates for professional templates to avoid confusion and protect interests.Choosing the Right Business Insurance: Entrepreneurs should work with brokers for tailored coverage to safeguard all business aspects, especially in online ventures.Partnership Dynamics: Sam warns against 50-50 partnerships, advocating for clear roles to prevent disputes and enhance decision-making efficiency.Embracing Legal Literacy: Sam encourages entrepreneurs to become familiar with legal terms and evolve their contracts as their businesses grow.This episode is a crucial resource for entrepreneurs to confront the legal complexities of their businesses confidently. Tune in for insights that empower you to maintain legal safety while focusing on growth and sustainability!Chapters:0:00 Teaser Clips0:32 Intro from Gillian2:45 Sam's Book Journey4:11 Building a Sustainable Business8:06 Common Legal Mistakes11:43 Understanding LLC Protection15:46 The Pitfalls of Partnerships18:36 Contracts and Terms of Service24:53 The Role of AI in Legal Documents30:10 Navigating Business Insurance36:10 Beyond the Basics of Legal Protection37:51 Conclusion and ResourcesSam's links:Free Legal Workshop: https://samvanderwielen.samcart.com/referral/Legal-workshop/rOhbxf8KbgOnMbqqLegal Foundations Pack: https://samvanderwielen.samcart.com/referral/legal-foundations/rOhbxf8KbgOnMbqqSam's Instagram: https://www.instagram.com/samvanderwielen Sam's YouTube: https://www.youtube.com/@SamVanderWielenListen to our limited podcast series to how to build an automated sales funnel and scale it to $100K/year: https://www.gillianperkins.com/the-100k-methodMore FREE Resources to Grow Your Online Business:Grab our free course, Small Business 101: https://www.gillianperkins.com/small-business-101-free-opt-inWrite a Profit Plan for Your Business : http://gillianperkins.com/free-profit-plan Want to quit your job in the next 6-18 months with passive income from selling digital products online? Check out Startup Society.Have you already started your business, but it isn’t generating consistent income? Schedule a free, 30-minute strategy session with our team to get unstuck!Work with Gillian Perkins:Apply for $100K Mastermind: https://gillianperkins.com/100k-mastermind Get your online biz started with Startup Society: https://startupsociety.com Learn more about Gillian: https://gillianperkins.com Instagram: @GillianZPerkins