Know What You Don’t Know
Helps patrons “know what they don’t know” about legal issues
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This is a great new business to help entrepreneurs. Doing the right thing legally can be a quagmire. I was fortunate to have a great legal team but not everyone can afford it and quite frankly you don't even know what you need until you have spent the money on a lawyer. Legal GPS will be a huge help!
When I came across Legal GPS, a lightbulb went off. This tool can help my startups navigate those waters of business-formation types of questions and also how taxation plays into that. It was really helpful to play around with the tool, run through different scenarios but also do it in really bite-sized and digestible bits of workflow. That's really helpful. Rather than just handing somebody a book and saying: 'Here's everything you need to know about forming an LLC." That could be pretty daunting. So, count me as a fan! Legal GPS will serve our startup communities really well!
I use Legal GPS to help patrons seeking information on legal basics for business. I've heard from many patrons that "this is such an awesome tool, I can’t believe all this information is in one place.” I have also learned so much! My job’s become SO MUCH easier with regard to providing resources to patrons who are looking for foundational legal knowledge.
This is Will. Like most new entrepreneurs, he feels like he's "in the dark" and isn't sure where to start. He can't afford to hire attorney, much like the other 75% of business owners who don't hire one at first.
Will can figure out a few things, like how to file a document to form an LLC. But the problem is that that's only the tip of the iceberg. Will can't avoid future legal problems he never knew to solve.
But there are many legal pieces Will doesn't know he doesn't know. And if you don’t cover legal essentials before they become a problem, then it becomes too little too late.
Almost 1 in 10 of all businesses fail directly as a result of legal challenges. But a majority of other failures can occur because of indirect legal issues -- issues people don’t think of as “legal.”
It’s intellectual property issues where someone’s idea, if properly protected, could have prevented a competitor from profiting off their own idea or customer list.
It’s miscommunication issues when two partners have different expectations. Or a bad contract with a contractor or vendor.
These new companies are fragile. They can’t handle small setbacks in the beginning. And so many of them fail to realize their own passion because they had to operate at a disadvantage that couldn’t be overcome.
