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📖 Running a Side Business (Richard Stim & Lisa Guerin)

··3 mins

Attorney Richard Stim

Lisa Guerin, J.D.

Takeaways #

  • Easy read, with lots of great references (even if some are a bit dated)
  • Covers everything from ideas, finding funding, getting insurance, stuff to include in your contracts, how to negotiate, how to protect your assets, and more
    • Key info I want to refer back to is below
  • Never heard of Nolo before – seems like they offer products (books, free e-learns, templates) along with services (find lawyers)

Tips & Resources #

Get money #

Collection #

  • Maintain sense of urgency in collecting past due payments; can insist on partial payment now
  • Can offer one-time deep discount (time-limited); will need legal doc for mutual release & settlement to terminate the debt

Insurance to consider #

Contracting #

  • Include Attorney Fees provision In any dispute arising under or related to this agreement, the prevailing party shall have the right to collect from the other party its reasonable costs and attorney fees.
  • Include Termination provision to have late payment be a material breach
  • Include Entire agreement provision to make the agreement final and any modification / new understandings must be made in writing
  • Include Force majeure provision to be allowed leeway in cases of being unable to perform due to some major external event
  • Can include Waiver provision so deviations from the agreement can not set precedent
  • Can include Severability provision to let a court sever parts of the agreement while keeping intact the rest
  • Can include Audit provision to have non-CPA accountant examine other party’s books

Legalese Test #

I got most of the time-based ones wrong 😔

Term Meaning
1. herein a. previously
2. hereinafter b. considered as
3. heretofore c. in spite of
4. notwithstanding d. from this point on
5. foregoing e. in this document
6. deemed f. preceding

Hover for Answers ➡️ 1e, 2d, 3a, 4c, 5f, 6b ⬅️

Negotiations #

You think You say
That’s ridiculous. I can’t believe they’re even offering that. That sounds a little low.
There’s no way I can do that work at that price. To make it worth my time, I would need at least ...
They’re being completely unrealistic. This offer doesn’t even include COGS. Considering the amount of __ required, can we agree to ...
They must be used to dealing with low-quality vendors … I'm expecting more for this work.
There’s absolutely no hope for this deal. Can we work on that?

Copyrights #

  • Lasts life of creator + 70 years
  • Can be protected for 120 years from date of creation / 90 years from first publication
  • Registration fee is $45; 6-month process (can be expedited)
    • Register most popular items

Patents #

  • Time consuming and pricy ($10k+), so start with provisional patent
  • See if already exists (USPTO)
  • Determine if it is marketable (WIN Innovation Institute)
  • Pay for professional patent search
  • File (should use lawyer)

Additional Education #