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The Business Legal Lifecycle is apodcast for existing and new business owners. It provides a practical pathway to build a successful business. What we have seen from many business owners is that they: Do not understand basic legal concepts; Do not know where their business is going; and Do not have a clear path for the future of their business. The Business Legal Lifecycle is a book that is designed to: Explain basic legal concepts in plain English; Help you identify where your business is g ...
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Everyone always tells you to set goals for your business. That’s an easy thing to say. But actually doing it can be much harder. It’s easy to come up with generic goals like being “successful”. But it’s critically important to develop well thought-out, detailed goals, along with the steps needed to achieve them.A Grand VisionThere's many different …
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Picking a name is hard. When you’re starting a new business One of the hardest things simply how you can go about working out what you're going to call yourself. It’s a deceptively difficult task. And one you need to take seriously. Your name should be memorable and it has to be unique. That said, it isn’t something that you shouldn get hung up on.…
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It’s time to set some goals for your business. But why even bother? Today, we’re going to reveal why setting goals is so cricual. Those goals are going to be different depending on what kind of business you’re in. But the most important thing is that you sit down and actually think about it. If you don't know where you're going…How are you going to…
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Today, we want to talk about the key members of your initial team. This is not your initial employee team. Instead, this is your team of consultants that everyone should have. Especially during your start-up phase. You need to get great advice from your consultants to make sure that everyone's on the same page going forwardAccountantThe first one i…
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It’s time to get your procedures and processes in place! It does take time to put these sorts of things together. But we consider them to be a vitally important for your business. And it's a good idea to get them done right at the start. One big part of this process is bringing on new clients and staff. Building a processBefore you bring on a new c…
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We're talking about intellectual property today which is a pretty big topic in any business. But specifically, what we want to talk about today is the concept of having a separate legal entity for your IP. When is that a good idea?Your business can be structured any number of ways. You could be a sole trader or be a company. The problem with those …
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Today we're talking about processes. The processes you’ve developed are a huge part of your value. Here are three ways you can document your processes. This is part of Phase Five of the Business Legal Lifecycle. Phase 5 is all about protecting intellectual property. There are few things about your IP more important that a carefully documented proce…
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We're talking about trademarks. They are an incredibly part of your business. Here are the five things you need to consider before having your trademark registered. Have a unique nameYou have to make sure the name of your business is really unique. Todo that that you have to do multiple searches to ensure someone else hasn’t already claimed that na…
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Today's show is about trusts. A trust is another way to structure your business that has some unique benefits. Here are the 5 things you need to know about trusts. Separate entityA trust is a separate legal entity. That means that the people involved in the trust can’t be sued for the debt the trust incurs. So the separation is very important from …
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Today we want to talk about things you need to look out for when you're starting a new business. It’s an incredibly exciting time but you have to make sure everything is in order.What structure will you use?You could be as a sole trader, or form a company or a trust. If you don't make a clear choice that's when you’ll fall into into problems. You r…
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Today we just wanted to go through some of the benefits of setting up a company for your business. Separate legal entity This is a concept that a lot of people struggle to get their heads around. But once understood it, it's really a game changer A company is a separate legal entity from the people behind it. That means that if you get sued it prot…
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What is the best structure for your business? Today we talk about three main structures that you'll come across when setting up a business.Sole TraderThis is by far and away the most common structure that people use, it's also the most dangerous as a couple of reasons for that. When you're a sole trader the money generated by the business all comes…
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Today we're talking about the difference between an enduring power of attorney and an advanced health directive. So you would have probably heard these terms before. At the moment on the show with where we're talking about estate planning. And these two documents fall into that category.Door Business Legal Lifecycle
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Today we're talking about wills. And specifically, the difference between a simple will and a complex will. So you might have heard those terms thrown around. There are many ways to define simple and complex wealth. When you pass away your will appoints executives, beneficiaries, etc. A simple will passes your accumulated wealth onto your children,…
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You’ve worked hard to build a business and now you’re ready to sell. But the potential buyer wants you to stay on. What should you do? Today on the show we’re talking about five things you should consider in any buyer plan. What do you want?One of the reasons a potential buyer would want you to stay on is to ensure that the business hits certain re…
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Today we continue our conversation about estate and succession planning. What we want to talk about is three things you need to consider for your business succession plan. You’ve built up a business. Now you need to think about how the businesses will go forward after you’re gone. Who has control?Often what happens after someone passes is the busin…
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Planning your will is everyone’s least favourite subject. But it is incredibly important. Today on the show we talk about 5 keys elements every will should have.Door Business Legal Lifecycle
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You know that litigation is expensive. But it’s actually worse than you realize. Hiring an expensive lawyer is just the beginning of the financial pain. The emotional toll of being in court can be tremendous.This is the most expensive hidden cost. There’s a huge personal and emotional cost that comes with a prolonged court case.We once had a client…
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Today we're talking about commercial litigation, and particularly three reasons why you should be commercial in resolving any disputes in your business.CostLitigation costs can be huge and can be way more than what you actually are recovering. So in any large commercial dispute, you really need to consider what are the costs that you're going to in…
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Today, we're talking about disputes and litigation. We've come up with these tips to solve a problem early. Any litigation is a costly and emotionally draining process. So if you can avoid it early that's a great thing for you and your business.Stay calm When you get into a dispute with someone we start to get stressed, and the hormones start flowi…
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Nobody wants to get sued. It’s time consuming, stressful and incredibly expensive. Today, we're talking about litigation in your business. Specifically, we are discussing five ways to avoid litigation. Put it in writingThat might sound simple, but any agreement must be put it in writing. Because when two people talk, they often misunderstand certai…
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What’s the difference between an employee or a contractor? The answer to that question can have far-reaching consequences for your business. Today on the show we’re going to talk about the differences.SubcontractingOne of the main ways to distinguish an employment contract is the ability to subcontract and delegate. An employee generally can't subc…
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Today we're talking about employment agreements. We’re going to discuss the top 7 features of a great EA. This is something that can seem like an afterthought but a good employment agreement is really important.Door Business Legal Lifecycle
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It's an exciting time in your business. You’re bringing on someone new. But there's a number of things you need to consider. We've come up with three that we're going to talk about today. Create an onboarding processIt's really important to have a process or procedure that actually takes them through what your business is about. If you have a busin…
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Today we're talking about being a prospective employee. We've come up with five questions that we suggest you ask in the interview.Door Business Legal Lifecycle
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Bankruptcy is not the most uplifting, topic. But it’s something every business owner has to think about. Today on the show we discuss 5 ways you can avoid the worst. Sell some assetsIf your business is drowning in debt their may be some ways to lessen that load. If you own property, cars or stocks you can use those to pay down some of that debt. Th…
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Last week we talked briefly about the different ways to wind-up a business. One of those options is to de-register the company. Today, we want to go into more detail about how to actually do that.Door Business Legal Lifecycle
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Today we're talking about the winding up of your company. Sometimes it's good sometimes it's bad. Here are three ways you can wind-up up your company. Voluntary winding-upYou've decided that you want to wind up your company because you don't want to use it anymore. So there you can actually go to ASIC and voluntarily wind-up the company. 2. Deregis…
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When the worst happens in your business you need to get the best help possible. Today on the show we’re talking about 3 ways to deal with an insolvency practitioner. This is someone you go an see if you’re worried about becoming insolvent or if you have already declared bankruptcy. This is one of the most difficult things a business person will hav…
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Nobody wants to think about it. But insolvency is always a possibility for any business. Today on the show we discuss the top 7 things your need to do to prevent the worst from happening.Door Business Legal Lifecycle
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