SIMPLE TIP NUMBER ELEVEN: LEGAL RELATIONSHIPS

SIMPLE TIP NUMBER ELEVEN:        

LEGAL RELATIONSHIPS

The one sentence question:  What is my legal relationship with ____?

I believe that if you take the time to think about every legal relationship you have; seek to understand each legal relationship, place as many legal relationships as possible in writing (with dynamics, not all can be simply placed in writing), and from there understand the processes (see previous Tip Number 2) involved in each legal relationship, you will more easily be able to keep your hated lawyer away, you will keep your legal disputes to a minimum and sleep better at night.

Think up, down, sideways and basically 360 degrees.

On a per transaction basis, walk with me through this process of at least some of the legal relationships you want to seek to identify and carefully define:

1.         What is your company’s legal relationship with yourself? 

2.         What is your legal relationship with your spouse? 

3.         What is your company’s legal relationship with your spouse?

4.         Can you identify all the legal relationships with your company’s co-owners?

5.         What is your legal relationship with your landlord/realtor?

6.         What is your exact legal relationship with your lenders, accountants, lawyer(s), computer/internet providers, telephone company(ies), insurance companies;  all your service providers?

7.         What is your legal relationship with your governmental regulatory agencies, from taxation/ employee, to safety to zoning?

8.         What is your legal relationship with your employees?

9.         What is your legal relationship with your independent contractors?

10.       What is your legal relationship with your suppliers?

11.       What is your legal relationship with your vendors?

12.       What is your legal relationship with your customers?

13.       At what point have you created a legal relationship with a prospect?

14.       When does the legal relationship involve interstate transactions?

15.       When does the legal relationship involve inter-country transactions?

I believe that you will easier rest if you can answer the above questions. The more you can keep these understandings (agreements) in writing, the safer you will be and the better you may be able to sleep at night.

NEXT TIME, TWELVE BACK TO ONE; BRINGING IT ALL BACK AROUND; WHEN DO I KNOW IF I NEED TO TALK TO  MY “HATED” LAWER?