Today we will discuss how to manage your time with your attorney for the biggest bang for the bucks…

At Big Bucks per Hour, you need to plan ahead…

You need to plan ahead before meeting with your corporate lawyer so that you do not waste money, and remember it can add up fast.  Business lawyers usually charge by the hour, so waiting till the meeting to gather your thoughts is a bad idea. As the Boy Scouts say, Be Prepared!  And this is true for those of us that own S corps and LLCs as well.

For the first meeting, ask if there is any pre-questionnaire to complete and fill it out and send it in advance of the meeting.  Sometimes they will ask for a few supporting documents- have these ready.
 

What is the Major Purpose for the Meeting?

You need to put together an adenda and a list of questions.  This will help you to focus and get back on track if you start going off on tangential discussions. 

I personally like to write out about a page or two that outlines the situation I want to discuss mainly for my own use to crystallize my thinking.  It can also be put into a letter form and sent to the lawyer ahead of time so that he can be prepared with any relevant answers or documents.

During the Meeting, Be Focused… (Avoid Tangents and Goosechases)

In our “regular” conversations with people, we might be the sort of person who likes to have deep interesting conversations and really learn a lot about people and their topics.  When dealing with a lawyer we need to suppress that urge and remain on topic.  A well-planned agenda will go a long way towards keeping the meeting flowing.

Effective Advice Requires you to Be 100% Honest…

I assume that you’ve heard about Garbage In, Garbage Out? 

Assuming that you are looking to get relevant, solid advice, it is important that you are totally honest with your attorney about your concerns and situation.  In some cases, they can minimize or dismiss your worries by putting them into the proper legal context.  In all cases, they need to know the truth so that they can take all factors into account.

I am a huge believer in the concept of Accurate Thinking (click for PDF chapter).  I first heard it mentioned in Napoleon Hill’s work.  (You have read Think and Grow Rich haven’t you? If not, you can get a free copy online here: Think and Grow Rich e-book)   In order to make great decisions, they must be based on accurate facts.  But that is a topic for another day…

Thanks for reading,

Rob

In my survey that many of you so kindly filled out while back, I learned a lot about how long you have been in business, and what types of things you are involved in.  In addition to this data, I asked a simple open-ended question,

“What’s your single most important question about Personal Asset Protection?” 

I have found that when one person has a question, that usually means that there are at least 100 others with the same question.  So this is a good way to find out what needs to be explained better.

I answered the first three questions back here… and here are the next three…

Do I really need it Asset Protection?  (I’m just a little one girl show)

You develop asset protection strategies both for what you have now, and for what you are trying to build for the future.  If you are in a business that interacts with the public then you are always going to take the risk that you will harm them in some way which leads to a lawsuit.  And your lifestyle and savings are much safer if you are properly conducting that business from inside a limited liability company.  The other thing to keep in mind is that many of these records are just documenting good solid business management principles.., 

Even if they didn’t do a thing to protect your assets, they would still help you better run your business affairs and create more wealth.

What’s absolutely necessary?  

Great question, and it varies for each person.  The basic idea of compartmentalization is I think one of the most important things you must understand.  You should not have all your assets in one place, ready for one huge wave to capsize the whole boat.   The second big idea is multiple lines of defense, where each time one wall of defense is breached, there is another standing right there to continue the protection.  In my opinion, corporations are one of the most vital tools that we have available to help us with both of these things.

If you have a Corporation, then the only way to keep it working for you is to do all the required record-keeping.  There are five major areas that need to be up to date and clean: 

1. Incorporation documents and bylaws
2. Stock ownership records
3. Shareholder and Director meetings and records
4. Corporate Resolutions used to document important decisions
5. Proper financial documentation with no co-mingling

If you do all these things right as I demonstrate in the clear, concise, step-by-step system Cover Your Corporate Assets (aka Corporate Veil Pro) then you should have a properly functioning business.

Do I need a lawyer?

I think everyone in business should have a lawyer (and an accountant, and an insurance professional, and a banker, and a mentor).  The lawyer is there to answer specific questions but I believe that you should be up-to-speed on the basics of why you have a corporation and what is expected of you regarding record keeping and management.   You shouldn’t have to pay a lawyer big bucks to teach you these basics.  In a few recent blog posts, I gave some instructions on choosing and  working with a lawyer that you might find useful.

Have a great day,

Rob