7 Legal Analysis Tips                                             by Sam Georges    THE SEVEN LEGAL QUESTIONS TO ALWAYS AS...
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Business Mastery Force 5: Financial and Legal Analysis


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Do you have blind spots? Of course, we all do. The key is to reduce your vulnerability by constantly learning AND by taking the right steps to protect yourself. For Force 5 peace of mind, implement these 7 Legal Analysis Tips from Robbins Research International CEO Sam Georges. Learn all 7 Forces of Business mastery at http://go.tonyrobbins.com/0000aSH0

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Transcript of "Business Mastery Force 5: Financial and Legal Analysis"

  1. 1. 7 Legal Analysis Tips by Sam Georges THE SEVEN LEGAL QUESTIONS TO ALWAYS ASK WHEN CREATING AND EXECUTING ANY NEW PRODUCT, SERVICE OR PROMOTION:1 In creating a new product, service, or promotion the inherent black ice shows up when suddenly you launch only to discover you forgot to see if the name/term is available. Trademark and copyright infringement will get your attention very fast because the penalties include losing your profits and paying attorney fees (theirs too!). You not only need to do registered searches, also common law use (people using the terms regionally and not registered can also bump you off!) solution is to spend the extra dollars and have a trademark law firm advise you on the matter BEFORE you go forward. Same applies to selecting URL’s!2 Are there any legal requirements to do this service? Financial advising, therapy of any sort, health related products, even pet grooming all require a license of some sort. A lot of well meaning people find themselves in a mess by missing this requirement and promoting something before finding this out—especially getting investors for a business. Another area is health services, vitamin products and the claims of the results expected. You need to have a law firm vet this in advance.3 Do you have copyright permissions for all of your quotes and releases for any pictures you are using? It is not sufficient that you quote someone and give them credit. This is copyright infringement and can cost you all your profits and more! Also, if you’re using photos of people or places you also need copyright releases from the photographer. If you are using music, you have to have releases for that. The Rolling Stones’ lawyers won’t tolerate them appearing in your jingle! You need to use needle drop music and you want to get perpetual rights of use. It is not expensive. Getting releases for published music is very expensive and time consuming. You have to have an IP law firm advise this and give clearance on your project before it hits the public4 If you are using an outside agency to create your content, you must get an independent contractor’s agreement work for hire insuring that you own all copyrights to the work they create, and they give up all claims to the same. Don’t settle either for terms that say they will turn those over upon payment, because you might get into a dispute over fees and they pull back your promotion. Remember: the person who creates the work owns the copyright! So if you hire people to do it, they need to turn it over to you. This includes camera operators. You have to have an attorney go over this in advance and prepare purchase order documents and contractor agreements to protect this for you5 Evaluate the need for insurance. Chances are you will be involved at some point in a lawsuit if you are in business. Your products could be alleged to have caused physical or mental harm. This can apply to things that can be ingested as well as simple advice that is claimed to have caused mental distress and damage. Consult a coverage lawyer before pulling the trigger on any product or promotion.6 Legal structure is important. You might want separate LLC’s for each project. For instance, touring rock stars set up separate LLC’s for each city they appear in normally. Lots of valid reasons for this. You may need to hold your projects in separate entities for ownership reasons, as well as liability issues. A corporate lawyer needs to look at this first before you open the barn door.7 An accounting structure that accurately keeps track of the revenue and metrics is a must!! This ties into the corporate structure and for tax purposes, allows you to push a button and know exactly where you stand. This, with strong data base software needs to be in place before venturing off into any project or promotion. Copyright © 2010 by Robbins Research International, Inc. (RRI). All rights reserved.