Launch Or Operate Your Business The Right Way!

In a Nutshell: Over half a million new small businesses pop up around America each year. While cash flow issues keep many of these businesses from celebrating their first anniversary, many others fail due to legal matters — issues with paperwork or litigation that deplete business cash reserves. Monthly legal plans through LegalShield give businesses from 10 to 100 employees regular access to lawyers in their state who can counsel them on paperwork and document reviews, debt collection, civil litigation, and other dispute resolution. Plans start at around $39 per month and offer various perks based on the number of employees the business has. Launch By LegalShield is a separate service that provides guided assistance with filing for an LLC, Corporation (S or C) or Sole Proprietorship and includes three months of LegalShield services for a flat fee that starts at $145 plus state filing fees.

Around 627,000 new small businesses begin operating each year. Some are small side hustles like selling t-shirts at a flea market, and others are impromptu ideas that never make it past the first month of business. The best of the bunch become prime examples of the American dream — a small operation that grows organically over time to become a large entity.

What separates these businesses over the long run isn’t always readily apparent. Many small businesses succeed or fail based on cash flow; and the quality of a business’ product or service is certainly a large factor in its success.

But preparation, and a little luck, is a big part of what makes or breaks a business. We live in a litigious society where frivolous lawsuits are commonplace. The cost of retaining an attorney to defend against any litigation can deplete cash reserves and put a startup out of business before it has a chance to succeed. Even if a company isn’t named in a lawsuit, the legal paperwork needed to start a new venture can be confusing and costly if not completed correctly on the first attempt.

Thousands of small businesses that make it past the initial development stages do so because they have the proper legal counsel. While some may be fortunate enough to have connections to a lawyer, many others supplement their legal needs through an account with LegalShield.

For one monthly fee, businesses up to 100 employees and anywhere in the US can be assigned an attorney in their state to perform contract and document reviews, provide debt collection assistance, and execute letters or phone calls on the business owner’s behalf.

“We think of ourselves as acting as general counsel for small businesses,” said Tolbert Wyatt, a LegalShield independent associate. “They need an attorney from the start of the business all the way through running it, for everything from reviewing of contracts to debt collection.”

LegalShield’s more than 70,000 business clients have unlimited access to their provider attorney and can call them as often as they need for counsel on any issues they face. The access alone adds value to the plan, but the real savings takes place when it comes time to sign contracts or other documents vital to everyday business.

“You don’t know what you don’t know,” Wyatt said. “While a lot of forms and inquiry questions are designed as well as they can be to help guide you through the process, they aren’t always crystal clear. A lawyer can ask you questions and get you past some of those nuances that you may have otherwise misinterpreted.”

Law firms are heavily vetted before joining the LegalShield network, with lawyers at partner firms averaging 22 years of experience. LegalShield clients not only have access to that expertise but also get a 25% discount from the provider attorney’s standard corporate hourly rate.

Wyatt said that most of a member’s needs are normally addressed without having to utilize the discounted rate (25% discount) benefit.

“We always tell people to find the things they can be proactive about so they don’t have to be reactive,” he said. “Being reactive always costs you more money.”