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.
Entrepreneur Weekly
Articles from the Chief Counsel's desk. Sign up for our newsletter to receive these in your email!
How to Bulletproof Your Business Against Economic Uncertainty
In today's market, business owners face unprecedented challenges from inflation, supply chain disruptions, and shifting consumer behaviors. The economic landscape can change rapidly, leaving unprepared businesses vulnerable to significant losses or even failure.
However, with strategic planning and robust systems in place, you can fortify your business to withstand financial storms and emerge stronger on the other side. Let's explore proven strategies to protect your business against economic uncertainty and ensure its long-term sustainability.
BUILDING A FINANCIAL FORTRESS
A solid financial structure is the foundation of any resilient business. Yet, many business owners make the mistake of focusing exclusively on growth before they have a solid financial system in place. To build this foundation properly, you must start with a clear picture of where you currently stand.
Start by conducting a thorough assessment of your current financial position. This includes understanding your cash flow patterns, identifying your most profitable products or services, and recognizing which expenses are truly essential. With this knowledge, you can develop a realistic budget that allows for both growth opportunities and necessary safety measures.
How to Safeguard Your Business from Your Business Partner’s Divorce
Most business partnerships begin with shared goals and optimism. But life happens, and personal matters—especially divorce—can create ripple effects that threaten your company’s financial stability, leadership continuity, and future. If you’re in business with a partner, their divorce isn’t just their personal issue; it could become your business’s problem, too.
What types of problems could be lurking around the corner? Some may include disruptions to your daily operations, ownership disputes, and even financial loss. But by taking proactive steps, you can shield your business from these risks and ensure that personal life changes don’t derail your company’s success.
THE HIDDEN BUSINESS RISKS OF A PARTNER’S DIVORCE
A partner’s divorce can have serious consequences for your company, many of which business owners don’t anticipate until it’s too late.
Here’s how:
Ownership Disputes & Forced Buyouts. In many states, business interests are considered marital property, which means a divorcing spouse may be entitled to part of your partner’s ownership stake. This could force the sale of company shares or require a buyout that could strain financial resources.
A Female Founder's Guide to Business Success
Women are launching businesses at an unprecedented rate, yet the road to success is rarely smooth. While female founders are proving their resilience and innovation daily, they still face unique challenges—from securing funding to balancing leadership with personal life demands.
But let’s be clear: female entrepreneurs aren’t just keeping up; they’re redefining success on their own terms.
This Women’s History Month, let’s explore what it takes to build and scale a thriving business as a female founder.
RETHINKING THE FUNDING GAME
Access to capital remains one of the biggest roadblocks for women in business. Despite running some of the fastest-growing companies, female founders receive a disproportionately small share of venture capital funding. The good news? Women are rewriting the rules of business financing.
Crowdfunding has emerged as a game-changer, with women consistently outperforming men in campaign success rates. This isn't just about raising money—it’s about proving demand, building a loyal customer base, and demonstrating market viability from day one.
What All Business Owners Can Learn From Blake Lively’s Harassment Lawsuit
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.
As a business owner, understanding how to prevent and address sexual harassment is crucial for protecting both your employees and your company.
RECOGNIZING SEXUAL HARASSMENT
Workplace sexual harassment includes any behavior that creates an uncomfortable, intimidating, or hostile environment. It can involve unwanted physical contact, inappropriate conversations, or the abuse of power to manipulate or pressure employees. In the Lively case, allegations ranged from forced intimate scenes to repeated personal invasions of space, illustrating how misconduct often escalates when left unchecked.
Harassment is not limited to overt actions. It can start with offhand remarks or seemingly minor invasions of privacy, gradually leading to more serious violations. A single inappropriate joke or comment may seem harmless to some, but over time, these behaviors contribute to a culture where misconduct is tolerated. Recognizing these patterns early is crucial to preventing a toxic work environment.
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: