3 Legal Obstacles Entrepreneurs Have to Worry About

Being an entrepreneur can open up a lot of freedom and opportunities to make money. An entrepreneur also has many opportunities to get into legal trouble as well. Some of these legal issues can be anything from hiring the wrong legal counsel, not having their business structure properly in place, and issues with intellectual property. Some of these issues are easy to avoid while others are a bit more complex. With the right plan in place, a lot of these issues can be avoided. Let’s take a closer look at some of these issues.

1. Intellectual property

Intellectual property rights can get a person in a lot of trouble. These cases often can run-up massive legal bills. An example of IP rights is copyright, trade secrets, and trademark.

A lot of these issues come from new entrepreneurs trying to get their brand in place. They might make a brand or symbol and it might look similar to another brand or symbol. This could be a potential IP legal issue. A lot of these issues don’t come from someone doing something bad. A lot of the time it’s just a simple mistake.

Some ways that a young entrepreneur can prevent this is by hiring a good IP lawyer and seeing if their brand or anything else conflicts with someone else’s IP rights. No one wants to have their work copied, even by mistake, by someone else. A good IP lawyer can also protect young entrepreneurs from their IP issues in the future.

2. The right business structure

Having the right structure can affect a lot of things. The wrong structure can limit an entrepreneur’s options. If they want to be publicly traded int he future or remain private this is something to consider. An example would be partnerships. A partnership comes in two types. A limited partnership means one partner would have unlimited liability and other partners would have limited. A limited liability partnership offers limited liability to everyone.

Knowing these differences can prevent a lot of issues that may come up in the future. Liability is a big deal in the business world. The goal is to keep what the business is liable for as low as possible. Having a lot of liability is not a good thing. A business would not want to have unlimited liability if they can avoid it.

The business structure also effects how a business is taxed. A young entrepreneur who plans wrong and doesn’t set aside enough for taxes will run into a big problem. Problems with the IRS can range from being set up on a payment plan to even being held liable for certain legal issues. It’s always best to keep taxes as accurately as possible to avoid these problems.

3. Legal counsel

This can be a big problem for people in general. Not every lawyer is a good lawyer and even good ones may not be a specialist in the issue you are facing. It’s best to look at a number of legal professionals and vet them as closely as possible. Look up things like reviews of their work, their bar license, and what cases they recently took on. It’s important to check if the lawyer you want is well trained and educated.

An example would be hiring an IP lawyer that has good reviews, a prominent law office, and has cases that relate to IP issues that are recent. There are multiple ways to do checks on a lawyer. One of the best is to do a sit down at their office and get a feel for them.

An example of a good lawyer would be Douglas Healy. It is best to look for legal counsel like Douglas because vetting can be pretty hard sometimes.

4. Conclusion

Legal issues can quickly ruin an entrepreneur’s business. Some of these issues relate to IP rights, appropriate legal counsel, and business structure. These issues are common ones for new entrepreneurs to face. IP issues are often innocent in nature but can still turn into big, expensive issues if left unchecked. Business structure has an effect on everything from taxes to liability. Good lawyers like, Douglas Healy, should be used as an example when looking for legal counsel. As long as an entrepreneur has a proper plan in place, then a lot of these issues can be avoided

Who Really Wins in a Personal Injury Lawsuit?

Have you ever found yourself in a personal injury lawsuit? What was the outcome of the suit? Well, for some the outcome was bright for others not so much. One of the biggest questions many ask their personal injury attorneys when starting a personal injury claim is, who really wins in a personal injury case? Well, that’s not an easy question to answer that question, you have to look at several aspects of the case in question. 

When we think about winning and losing, we have to think about whether we are winning for monetary standpoint or we’re winning because we got a judgment and someone stood up and said hey what happened to you isn’t right and this person is to blame and these are the reasons why.

Whilst in Utopia we wouldn’t have to have personal injury claims, a personal injury attorney or need a Tampa personal injury attorney, but in the real world we do. Moreover, in the real world we have to accept reality. The biggest dose of reality comes when it’s time for the other party to pay, and they don’t. Judges can order the person in the wrong to pay, but reduce or suspend the payment due to mitigating factors. As these are civil cases the defendant can weasel their way out of not paying. With a smart defense attorney, you may never see the money that was ordered because of loopholes in the law whereby a doctor might put all of his money into a trust fund for his family or he is an LLC. Moreover, you may not see a payout of the medical malpractice insurance because the doctor didn’t pay the insurance premiums, or he did not have adequate coverage.

But winning is more about the emotional aspects. Sure, maybe you get $1000000 because you lost a foot but think about what you’re going to lose in the long term? Your quality of life diminishes and everything you’ve missed out on or we’ll miss out on is not worth $1000000 at all. Not to mention the insurance companies who are able to raise insurance premiums on doctors who have to pay out on the malpractice insurance. They get more money from your suffering when sometimes you get no money or even a third of what you should have got from a summary judgment order. Furthermore, many lawyers work on contingency so a large chunk of whatever you were ordered is going to go to your lawyer at least 30% of your summary judgment order would be going to your lawyer, so they win and you lose.

When it comes to medical malpractice sometimes you’re the only one who loses out, and the doctor wins. This is because doctors and nurses belong to a fraternity of sorts and they sully your name behind closed doors. There is a stigma attached to a patient who makes a complaint or ends up in a personal injury suit with a doctor or other health care professional. And that stigma tends to follow them from one office to the next. It is comparable to a doctor making a note on your file that you are suffering mental illness, thus you a prejudged by the next doctor you see.

If you are lucky enough to receive a summary judgment order and they have awarded you money, you may never see that money, due in part to, the doctor appealing the decision or refusing to pay the money that was ordered by the courts. If you find yourself in such a predicament, then you may have to look for new personal injury attorney to help you fight the case and get the money you deserve. If you need the services of aTampa personal injury attorney there is help out there for you, they are only a click or call away.

The Takeaway

There are no real winners when it comes to personal injury cases everybody loses out in some fashion, but it’s important to remember that you still have to take a stand and see your personal injury claim through to the end, if you do not someone else’s life may be at risk and they may die at the hands of medical malpractice

5 Financial Challenges Self-Employed People Face

Being self-employed is awesome, and comes with a lot of advantages that people working “real” jobs don’t get. However, it also comes with its own challenges as well, particularly financial challenges. Knowing these challenges, and planning for how you will deal with them, is a must for anyone who’s considering becoming self-employed. The good news is that a little knowledge goes a long way, and overcoming these challenges isn’t as hard as you may think. Let’s go over five financial challenges that self-employed people face, and how to beat them.

1. Buying Your Own Equipment

When you work a normal job, all the equipment that you need to do it is provided for you in most cases. But, when you’re self-employed you’ll be buying all your equipment on your own. This could be anything from a new computer to word processing software, or even something like a lawnmower if you’re in the landscaping business. As you can imagine, the upfront costs for this can be a pain.

One way of dealing with this problem is self employed loans. This will allow you the money you need to purchase all the equipment you need to get your business started. Also, don’t forget that business expenses are tax-deductible, so use that to your advantage when tax time comes.

2. Paying Taxes

Speaking of taxes, unlike people who work normal jobs who get a tax refund at the beginning of each, you’ll be expected to pay taxes instead. You can also pay quarterly as well if you wish, but either way, you will have to pay your taxes.

The best way to overcome this challenge is to deduct as much as you can when you file your taxes. For example, you can deduct all of your office equipment that is used solely for your business, and even the cost of your office space itself.

3. Health Insurance

If you live in the US this is probably one of the biggest challenges you’ll face as someone who’s self-employed. While many people get their health insurance through their employer, you’ll be expected to get it on your own. This can leave you with limited options, many of which are overpriced.

The only real way to deal with these issues is to budget your income wisely and make health insurance a top priority. In a way, you should think of it as an expense, since you can’t really go without it, so make it one of the first things that you subtract that from your income when writing your budget.

4. Work Will Be Inconsistent

When you’re self-employed, you don’t get a steady income. Instead, it tends to come in waves: at some points, you get tons of work and make a lot of money, at other times you won’t get much at all, and it can be worrisome. This feast and famine cycle is just a fact of life when you’re self-employed, so get used to it.

Beating this challenge isn’t hard though. Just save up plenty of money when you’re getting lots of work. Sure, it can be tempting to go on a spending spree, but remember that a dry spell is always just around the corner, so save up.

Also, if you’re having trouble finding work and really need some extra cash to hold you over until the next job, self-employed loans can help. Just don’t become too reliant upon them, going into debt isn’t going to help you in the long run.

5. Retirement Accounts

Another thing that gets handled automatically when you work a normal job but not when you’re self-employed is your retirement savings. What this means is that you’re going to have to take it upon yourself to make sure that you have enough money in savings to last throughout your retirement because no one is going to do it for you.

Fortunately even as someone who is self-employed, you have several options. You can open an IRA (SEP, Simple, Traditional, or Roth), create a solo 401k, or get a defined benefits plan. This may sound complicated, and it can be, but there are services out there that can help you set it all up.

Be Smart About Self-Employment

How well being self-employed works out for you is in large part due to how well you plan on tackling the challenges that will come your way. If you stay smart and prepare for these challenges properly, then you can achieve your dream, and live the life of freedom that you’ve always wanted

4 Steps to Managing Your Money in 2020

There’s never a bad time to get serious about your personal finances. Let 202 be the year you commit to keeping a budget. If you already have one, take some time to reassess and determine any areas for improvement.

According to Rex Burgdorfer Crunchbase, money management is a life skill that will do so much more than give you extra money in the bank; it helps you prepare for the rest of your life, and these tips will help you get your financial skills on the right track.

Use a Money Management App

There are dozens of free apps that give you an easy way to track your spending, plan savings and learn where you’re wasting the most money. Aside from keeping all of your financial details in one place, these apps present data in easy-to-understand visual displays, as explained Rex Burgdorfer Twitter.

Rex Burgdorfer Crunchbase profile shows how hard work pays off; Burgdorfer is a specialized investment banker from Chicago who helps non-profits build from the ground-up.

Your personal checking account can be a lot easier to break down when you have a pie-chart detailing how your money is divided among bills, debt and living expenses.

In 2020, you have more access to personal financing help than ever before. Take full advantage of what smartphones have to offer. Just make sure that the app you choose is run by a legitimate company and has good reviews; never provide your personal banking information to a source you can’t verify.

Put Away Something From Every Paycheck

Even if you’re earning minimum wage, it’s possible to save something each paycheck. Many people with low incomes fall into the misguided belief that it’s not worth saving if you don’t earn enough to get by; if anything, people with smaller earnings need savings more than those with higher incomes.

You may only have $5 to put into a savings account, but that’s still better than nothing. Start where you are; financial responsibility doesn’t come with more money.

Make a Budget for Non-Essential Expenses

Your daily coffee habit might be costing you hundreds of dollars a year. Living on a budget doesn’t mean you should cut out everything that doesn’t contribute to your survival, but you do need to develop structure and be honest about how you’re wasting your own income.

Some people argue that cutting down on their expenses deprives them of a social life and memories, but is this true? You can have just as good of an experience eating bagels you make at home as you can spending $25 for less food at a diner.

Break Up Your Savings Goals

Rather than putting all of your money into a single savings account, differentiate your goals for the year. Have some money allocated for your vacation, money put away for a new car and money for medical expenses, retirement, etc.

It’s beneficial to use SMART goals when you plan your savings. SMART stands for specific, measurable, attainable, relevant and timely. Rex Burgdorfer Twitter gives plenty of inspiration for money management and personal financing; it’s far more motivating to watch your savings account increase toward a goal than it is to save indefinitely.

With these tips in mind, you can start enjoying greater financial freedom in 2020 regardless of how much you earn. If you’re going through a rough patch, know that the discipline and skills you acquire today will continue to serve you well as you star to earn more in the future

Daniel Doyle Pleasantville NY Shares The Benefits of Being a Mentor

Mentorship is an enriching experience for both partners involved. While many people only consider the impact mentorship has on the mentee, the fact is that mentors can reap the benefits of this fulfilling relationship as well. The following are key benefits of you can glean from a mentoring relationship:

1. You’ll Learn New Things

Daniel Doyle Pleasantville NY shares that one of life’s greatest lessons is to never stop learning new things. While this is an ambitious endeavor, few people are able to make time for it in their regular lives. As a mentor, you’ll have to constantly read up on various topics that aren’t quite in your wheelhouse. Since mentees will look to you for your guidance and knowledge, you’ll have to familiarize yourself with these topics to the point that you can speak on them with some level of expertise.

2. You Can Share Your Experiences and Knowledge

There’s no feeling that is quite as rewarding as being able to share your knowledge with others. Even if you’ve never considered yourself to be a teacher, Dan Doyle reminds others that sharing their knowledge through a mentor-mentee relationship can be truly empowering. Armed with your knowledge and experiences, you’ll be able to help others avoid any of the pitfalls that you’ve experienced in your own career, choose projects and job prospects more intentionally, and prepare for a successful career in your chosen field.

3. You’ll Hone Your Management and Leadership Skills

Management and leadership skills are essential elements for anyone hoping to advance in their careers. Regardless of your job title, if you hope to be considered for a higher position, you’ll need to refine these skills. Daniel Doyle Pleasantville NY suggests that ambitious employees consider becoming a mentor to hone their management and leadership skills.

According to Dan Doyle, acting as a mentor will help you refine these skills as you guide and oversee your mentee. As you share your sage wisdom with your mentee, you’ll automatically tap into all your leadership qualities and grow your management skills.

4. You’ll Grow Your Professional Network

Networking in Queens is an important way for an individual to develop their own professional relationships. However, mentors themselves are able to expand their own professional networks in this mentor-mentee relationship. Just as you’ll introduce your mentee to others that they can add to their network, you will be able to benefit from their contacts as well. While a mentee may be in another stage in their career, never underestimate the people in their circle. The more your professional relationship grows, the wider your reach will be.

5. You Can Give Back to Your Industry

As you help other young professionals hone their skills and grow in their understanding of their career path, you’ll be doing more than contributing to your mentee’s professional development. By choosing to have a mentoring relationship with others in Queens, you’ll be able to give back to your industry as well. As your mentee transforms into a better version of their professional self, your industry will gain an even more competent worker. Moreover, should your mentee work with your organization in the future, you’ll reap the rewards directly of this mentorship.

Mentoring is a powerful experience for both the mentee and the mentor. Keep this information in mind as you consider enriching your life with this type of professional relationship