Got Biz Legal Questions?

You know what today is!? It’s Friday!! Another Got Biz Legal Questions?

This is a great question!

Yes! You can pass your business to your children in your will. However, there are some considerations. First, if you only have one child and that child predeceases you before you update your will, your business is passed to your estate and the courts will decide. If you have more than one child, the issue becomes who will run it and will the other children have a stake in the company, whether it is managerial or financial.

Now, here’s an issue that could come up and complicate things: someone could contest your will, and if they succeed, your will is no longer valid. That means your will is thrown out and your business goes to the estate and the judge decides. When I say the judge decides, I really mean the state law governs. I will not delve deep into estate and probate law right now. But for purposes of answering your question, some states require automatic dissolution of the company. Kiss your dreams of passing that business along to your children goodbye.

BUT, if you write your desires in your operating agreement for LLC’s, most likely, the operating agreement will trump the state law and bypass any contested will issues.

Short answer: Yes, you can. There are serious legal issues to work through and personal ones (impact on personal relationships by the choice you make) that you want to sit down with an attorney to resolve. The alternative is write it into your operating agreement (shareholder agreement for corporations).

I hope that helps and gives you more to think about.

Have a question? Ask it below.

Got Legal Questions?

This is a popular question and one that trademark attorneys will disagree on.

Here’s my answer:

No. You do not need to trademark your business, brand name, logo, or slogan when you register your business.

First, you are starting out and many entrepreneurs make changes and pivot from their original idea in business to see what is viable in the market.

Until you are sure that the brand, logo, slogan, or business name is the one you plan to build on, save your $200+ on trademarking.

Now, if you know that you don’t want anyone to steal your idea and you are sold on it. Trademark it. Trademarks afford you with broader protection to enforce exclusivity to the use of your trademark for the class you file in.

There are two ways to file: under Section 1(a) Use in Commerce or Section 1(b) Intent to Use.

The first, you must be actually using it in commerce (business) and the second, you intend to use it. If you file under the latter, you will have to pay more fees and file additional paperwork.

So short answer: No, you do not have to file for your trademark at the same time you register your business.

Truthfully, once you know you have gold worth protecting, protect it. This is where I recommend you get a trusted Intellectual Property lawyer to help you navigate the process and file correctly. There are no refunds with USPTO.

See you next Friday for Got Biz Legal Questions?

Got Legal Questions?

It’s Friday y’all!!! Time to answer a legal question. Check the photo for todays question.

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Ohhh websites. I look at so many and my legal eyes raises a flag at what’s missing.

ANSWER:

Here’s what your website needs:

1. Privacy Policy

2. Terms of Service/Use/Terms and Conditions (all the same)

3. Copyright © information

4. Your Policies specific to your business whether you offer a product/service or both

5. Copyright or Licensed Content (the words, graphics, and everything you use on your website should be your original work or work you have a license to use or hired someone to do for you which you have the license (Intellectual Property 101))

6. Disclaimers - Any Legal disclaimers or warranties that you need

7. GDPR notice and all the legal requirements for collecting emails if you plan to have a pop up box or email subscription

That’s the gist of it. If you want to learn what goes into your privacy policy, terms of use, the email marketing legalities, and get the website checklist- invest in Build A Legit Business™ and it will walk you through it all. Get the book at www.buildalegitbiz.com

Got Legal Questions?

An entrepreneur submitted a legal question and I answered. See photo for question.

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Thanks for your question.

ANSWER: Yes, you can learn what licenses you need without an attorney.

How?

The state you plan to open and run your business in will have a website that lists the licenses you need. Simply search business licenses and put your state.

There are different licenses of course and then there are state and federal regulations for your business.

You can also purchase my book which is a legal guide through the startup and life of your business with a link specifically to state specific licenses and permits as well as federal regulations that may govern your products & services. You can purchase the book at: www.buildalegitbiz.com

Also, here is the link I included in my book from SBA for all federal and state licenses and permits. https://www.sba.gov/business-guide/launch-your-business/apply-licenses-permits

Happy Friday! Thanks again for asking your question!

- Chayla

Got Legal Questions? Get exclusive access to ask your question when you purchase the book and receive continued support.

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