Business Law & Growth
If you're the kind of entrepreneur who wants to make a real difference while you're in business and leave behind a body of work that continues to do good for your family, your customers, and the world after you're gone, you've come to the right place.
Business formation is a pivotal time in your new company's lifecycle. Your choice of entity impacts ownership, liability, taxes, profit sharing, ongoing management, eventual sale, and much, much more. Sky Unlimited can help you make the ideal choice.
The traditional law business model is flawed. It incentivizes lawyers to spend more time on matters (since they are billing for every hour in six-minute increments), increase conflict (the more conflict there is, the longer the engagement), and constantly focus on the next new client (one off transactions are the norm in most legal practices). Plus, the world has shifted and quite a lot of legal work has become commoditized into online legal drafting software, documents on demand and do-it-yourself lawyering.
Lawyers, not being entrepreneurs, tried to compete and became mere shadows themselves - document drafters, doing one-off transactions for clients, such as incorporating business, and then went on the hunt for the next new client.
Not us! We build lifetime relationships with our clients. Because a legal relationship not built upon a lifetime foundation is worthless. Really. If you want a transaction, go online and find a document drafting service. If you want someone great that will help you move your awesome idea into a revenue generating business, take your existing business to the next level of excellence, and prepare you and your business to leave behind a legacy of significance, you've come to the right place.
Sky Unlimited Legal Advisory will work with you to grow your business from day one. We support startups and small businesses through their exciting lifecycle, from business formation to sale - and every challenge and opportunity in between.
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When Banks Say No: Alternative Funding Solutions for Your Business
When you started your business, you probably didn't anticipate the challenges of securing financing for growth. Yet today's lending environment has made traditional bank loans particularly difficult to obtain, especially for small and medium-sized businesses.
In this blog article, I want to help you understand your options beyond conventional bank financing and guide you toward solutions that support your business goals while protecting your interests.
UNDERSTANDING TODAY'S LENDING LANDSCAPE
The traditional lending environment has shifted dramatically in recent years. Banks have become increasingly risk-averse, implementing stricter lending criteria that often disadvantage smaller businesses. This cautious approach means even profitable companies with solid business plans may be unable to secure traditional financing.
This shift isn't just about stricter credit requirements. Banks now require more extensive documentation, longer operating histories, and higher collateral requirements than ever before. These hurdles can seem insurmountable for many growing businesses, especially when you need capital quickly to seize time-sensitive opportunities.
Choosing the Right Business Structure: Beyond the Basic LLC
When starting a business, one of the most critical decisions you'll face is choosing your business structure. While many entrepreneurs automatically gravitate toward forming an LLC (Limited Liability Company), this one-size-fits-all approach might not be optimal for your specific situation.
Your choice of entity will affect everything from your tax obligations and personal liability to your ability to raise capital and plan for succession. Making the wrong choice could expose you to unnecessary risks or burden you with excessive taxes and administrative requirements.
UNDERSTANDING TAX IMPLICATIONS ACROSS DIFFERENT STRUCTURES
Each business structure comes with distinct tax treatment that can significantly impact your bottom line. As a sole proprietor, for instance, all business income passes through to your personal tax return, where you'll pay both income tax and self-employment taxes on your earnings. While this arrangement offers simplicity, it could come with an increased audit risk.
An LLC offers more flexibility in tax treatment than just defaulting to sole proprietorship/pass-through treatment. A single-member LLC can be taxed as a sole proprietorship, while multi-member LLCs can be taxed as partnerships. However, an often-overlooked option is electing to have your LLC taxed as an S Corporation, which can provide significant tax savings once your business reaches around $60,000 in annual revenue.
Single-Member LLCs: Are You Sure Your Assets Are Protected?
As a business owner, you've likely heard that forming a Limited Liability Company (“LLC”) is one of the best ways to protect your personal assets from business liabilities. While this can be true, the reality is more nuanced – especially if you’re the sole owner (generally called a “member” in an LLC).
This is called a single-member LLC (“SMLLC”). Many entrepreneurs form SMLLCs believing they've created an impenetrable wall between their personal and business assets, only to discover too late that this shield has significant vulnerabilities. Let's explore why your SMLLC might not provide the protection you think it does and what you can do about it.
KNOW THE BOUNDARIES BETWEEN YOU AND YOUR BUSINESS
The idea behind an LLC is that it creates a legal wall between your personal finances and your business. If someone sues your business or a creditor comes after it, your personal assets—like your home or savings—should, in theory, stay safe. But that wall, often called the “corporate veil,” can fail if you don’t maintain your LLC properly.
The Dangers of DIY Legal Documents for Your Business
As a business owner, you may seek ways to save money and streamline your operations. The temptation to use DIY legal documents may seem appealing because of their low cost and convenience. After all, you can find templates online or generate them from DIY services, some even using AI, that promise to handle everything from contracts to employment agreements, all for a fraction of the price of hiring a professional.
But here's the truth: cutting corners with DIY legal documents can lead to serious consequences that could cost you much more in the long run. DIY documents often fail to cover all the necessary bases, from missing crucial legal protections to exposing yourself to legal liabilities. And, when they fail, the cost is far higher than the cost of working with a lawyer who will counsel you, prepare documents for you that meet your specific needs, and be there for you when a conflict or dispute arises.
Let’s dive into why you should think twice before relying on these shortcuts for your business and why it’s a wise investment to work with a trusted advisor.
1 | OMITTING CRUCIAL LEGAL PROTECTIONS
When you use a DIY legal document, you’re relying on a generic template that might not consider your business's unique needs. Legal documents are not one-size-fits-all. Each business has specific risks and requirements that must be addressed, and using a standard template leaves you exposed.
The Entrepreneur's Guide to Sustainable Success: Why Self-Care Is Your Best Investment
As an entrepreneur, you're probably familiar with the concept of ROI (Return on Investment). But have you considered that the most valuable investment you can make might be in yourself? While focusing on business growth, financial metrics, and customer satisfaction is crucial, neglecting your own wellbeing can ultimately undermine everything you're working to build.
Let's explore why self-care isn't just a luxury - it's a fundamental business strategy for sustainable success.
THE HIDDEN COST OF NEGLECTING SELF-CARE
Many business owners wear their exhaustion like a badge of honor, believing that working longer hours and sacrificing personal time somehow equals greater success. However, this approach often leads to diminishing returns. When you're constantly running on empty, your decision-making suffers, your creativity wanes, and your ability to lead effectively declines.
Consider how fatigue affects your business operations. Are you making clear-headed decisions in your afternoon meetings? Can you truly innovate and problem-solve when you're running on four hours of sleep? The truth is, chronic stress and burnout don't just impact your health - they directly affect your bottom line through decreased productivity, poor choices, and missed opportunities.
Year-End Options for Giving to Charity
The desire to make a difference doesn't end when we're gone. For many people, incorporating charitable giving into their estate plan provides a way to support causes they care about while creating a lasting legacy.
Whether you want to establish a scholarship fund, support medical research, or help your local community, thoughtful charitable planning can maximize your impact while potentially providing tax benefits for your heirs.
Since this time of year invokes a desire to give to those less fortunate, and take advantage of tax benefits, let's explore how you can do that by including charitable giving in your Life & Legacy Plan.
UNDERSTANDING YOUR CHARITABLE GIVING OPTIONS
When it comes to charitable giving through your estate plan, you have several options to consider.
The key is finding the approach that best aligns with your values, goals, and overall estate planning strategy. Some common methods include:
Protect Your Life's Work With Smart Succession Planning
You've built something special with your business. Whether it's a small family enterprise or a growing company, you've poured your heart, soul, and countless hours into making it successful. But have you thought about what happens when you're no longer there to run it?
Many business owners put off succession planning, thinking they'll get to it eventually. Yet life has a way of surprising us, and tomorrow isn't guaranteed. One in four business transitions fails because the next leader wasn't properly prepared. You don't want your legacy to become part of that statistic, so read on to learn how to protect your life’s work.
START WITH TRUST, NOT JUST SKILLS
When you're thinking about who should take over your business, you might be tempted to look only at skills and experience. While these matter, trust should be your foundation. You need someone who shares your values and truly cares about your clients and employees.
Look for someone who shows sincerity in their communications, reliability in their actions, competence in their work, and genuine care for others. These four elements of trust will help ensure your successor can maintain the relationships you've built while moving the business forward.
Finding Your Perfect Match: New Rules for Business Hiring
Today's labor market presents unprecedented challenges for business owners. With unemployment at historic lows and skilled workers increasingly hard to find, you need a strategic approach to building your team.
Whether you're a startup founder or an established business owner, understanding modern hiring approaches can help you attract and retain the talent your company needs to thrive.
In this blog article, I’ll cover two proven hiring strategies that successful businesses use: the development-focused approach that emphasizes potential and cultural fit, and the high-performance model that prioritizes exceptional talent. Understanding these contrasting methods and knowing which one fits your business will help you build the team you need to thrive, even in challenging times. Let’s dive in.
MODERN HIRING CHALLENGES FOR BUSINESS OWNERS
If you’re struggling to find qualified workers, you’re not alone. According to the National Federation of Independent Business (“NFIB”) September jobs report, 34% of small businesses report having unfilled positions. Demographic shifts create additional pressure as experienced workers retire. The challenges multiply as baby boomers exit the workforce, taking decades of institutional knowledge with them.
Bouncing Back After Business Failure: What to Do Next
Starting a business is tough; sometimes, despite all your best efforts, things don’t go as planned. When your business fails, it can feel like the end of the road. But here’s the good news: failure isn’t the end.
It’s an opportunity to learn, grow, and come back stronger. Many successful entrepreneurs have failed before finding their winning formula.
If your last business didn’t work out, don’t lose hope. Here are 5 essential strategies to bounce back and set yourself up for success.
Strategy 1: Reflect and Learn From Your Mistakes
Understanding what went wrong is the first step to getting back on your feet. It’s easy to get caught up in the blame game, but this is the time to take a hard, honest look at your business.
What mistakes did you make?
Were there signs you ignored? Maybe the market wasn’t right, the timing wasn’t right, or perhaps you overspent on things that didn’t matter. Whatever the case, reflecting on what happened can help you avoid making the same mistakes in the future.
The Power of Business Systems to Boost Your Company’s Success
Running a business is like conducting an orchestra. Every section needs to play in harmony to create beautiful music. In the world of business, your systems are the sheet music that keeps everything in sync.
Whether you're managing a small startup or a growing enterprise, having effective business systems can be the difference between hitting a high note and falling flat. Let's explore how you can harness the power of business systems to boost your company's success.
STREAMLINE YOUR OPERATIONS FOR PEAK PERFORMANCE
Imagine trying to cook a gourmet meal without a recipe. You might eventually get there, but it would be chaotic, time-consuming, and the results would be inconsistent. That's what running a business without proper systems is like. By implementing well-designed business systems, you create a recipe for success that your team can follow every time.
Start by identifying the core processes in your business. These might include customer service protocols, production workflows, or financial reporting procedures. Once you've pinpointed these key areas, document each step clearly. Use flowcharts, checklists, or step-by-step guides to make the information easily digestible. Remember, the goal is to make these processes so clear that anyone could step in and complete the task with minimal training.