Gain an understanding of the most frequent oversights that solo entrepreneurs may come across.
Many solo entrepreneurs, and the lawyers hired to support them, often do not understand exactly what options are available to them. They often don't know how to decide which option is best. Perhaps most frustratingly of all, they don't know how to obtain or, in the case of lawyers supporting solo entrepreneurs, provide affordable, reliable legal services that meet their need for preventive legal services in the business formation context. For these reasons, many entrepreneurs turn to Do-It-Yourself (DIY) legal 'solutions,' which are not really solutions, at all. They get a template, maybe some document or form registration service, perhaps registered agent service, and carry on with their business, never realizing that the 'solution' they have adopted likely leaves them exposed to legal risk that could have been avoided, if they had hired a lawyer to provide necessary business formation legal services. This topic helps the lawyers assisting solo entrepreneurs considering the question of whether or not to form a single-member LLC to understand how first to determine whether a single-member LLC is the right fit for the client's needs and then how to understand the process required for addressing the client's business formation legal needs and support the fledgling enterprise in a preventive law context. The material also explains and dispels common misconceptions about the benefits of LLCs versus S-Corporations. Failing to adequately consider, reflect upon, and intentionally choose the correct business organizational structure is one of the most common errors solo entrepreneurs make, when starting a business. It often leads to easily avoidable and potentially costly legal liability and risk exposure. This information is critical for lawyers providing business formation legal services, so they can ensure their recommendations are as beneficial as possible for their clients and provide the right balance between the client's level of risk aversion and budget.
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Noel R. Bagwell, III, Esq.
- Operates ExecutiveLP®, a virtual law firm based in Nashville, Tennessee
- Has won numerous awards, including the Tennessee Supreme Court’s Attorney for Justice award for his pro bono work with veteran entrepreneurs, as well as the Clarksville, TN Mayor’s Certificate (2019) for his contributions to the business community in that city, which, in 2019, Money magazine named the Best Place to Live in America
- Exclusively works with business clients to transform their legal support from a cost center to a profit engine, through ExecutiveLP’s legal operations install service, Profit from Legal™, and ExecutiveLP’s Legal Lifeline and Signet™, outside general counsel services
- Author of How to Structure Your Business for Success, a book of legal guidance for startups interested in putting their new venture on a firm legal foundation; Profit from Legal, an upcoming book structuring legal operations around the use of legal key performance indicators to create the conditions necessary for legal support to generate positive ROI for businesses; and numerous print and electronic articles for the Nashville Bar Journal and various blogs
- The host of the Profit from Legal Podcast
- J.D. degree, Cumberland School of Law at Samford University; Scholar of Merit: Economic Analysis of Law; B.A. degree in Philosophy, minor in international studies, Austin Peay State University
- Can be contacted at 615-716-0606 (option 5) and [email protected], on LinkedIn: https://www.linkedin.com/company/2779139/; LinkedIn Group: https://www.linkedin.com/groups/13936380/; on Twitter: @ExecutiveLP; https://www.twitter.com/ExecutiveLP; Facebook: https://www.facebook.com/ExecutiveLP; or Facebook Group: https://www.facebook.com/groups/profitfromlegal
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