Presentation by Laura Possessky, Esq. Gura & Possessky, PLLC Washington, DC (c) 2015 Gura & Possessky, PLLC1

About Me Business Owner, Gura & Possessky, PLLC Attorney Entrepreneurship Branding, Content and Licensing Media and Intellectual Property Law Public Interest DC Bar Leader Mom (c) 2015 Gura & Possessky, PLLC2

Overview: Legal Considerations Set up the business Use best practices Prepare for client interactions Learn about law and policies affecting your work Identify resources in your community (c) 2015 Gura & Possessky, PLLC3

Business Set Up Checklist: Putting it all together! Week 1: Clear your business name Week 2: Collect information on resources to help you set up and grow your business Week 3: Identify which government agencies you need to deal with in your locality Week 4: Identify steps and forms for forming your business and securing registrations and licenses. Week 5: Collect tax forms and do some tax planning Week 6: Make a checklist and filing timeline (c) 2015 Gura & Possessky, PLLC4

Business Set Up Clear Your Business Name Goal: Establishing your business identity. Considerations when selecting a name: Look and feel of your business Other businesses Legal considerations – likelihood of confusion Key Topic: To Register or not to Register U.S. trademark registration Other ways to protect your business name What is the difference? (besides cost) (c) 2015 Gura & Possessky, PLLC5

Business Set Up Identify Resources Goal: Build a team of advisers and resources to build your practice and assist you with challenges. Considerations for the “right” answer: Knowledge base of the adviser Compatibility Key Topics: State and local agencies Associations and Chamber of Commerce Lawyer Accountant Bookkeeper Assistant © 2015 Gura & Possessky, PLLC6

Business Set Up Government Agencies Goal: Identify requirements for registration, licenses and tax payments Considerations Business entity choice Scope of practice/geography/existing practice Key Topics: Agencies (Department of State, Taxation, Local) Business registration Licensing Zoning (c) 2015 Gura & Possessky, PLLC7

Business Set Up Select A Business Structure Goal: Limit legal liability and financial risk. Considerations for the “right” answer: Personal assets and tax scenario Risk of liability exposure – laws and damages Capacity for administrative overhead Key Topics: Sole Proprietorship/ Partnership Limited Liability Company (LLC) Corporation (S Corp) (c) 2015 Gura & Possessky, PLLC8

Business Set Up: Structure Sole Proprietorship/Partnership Business conducted in owner name(s) Business has no separate existence from its owner(s) Owner(s) personally pay(s) taxes on income earned All the debts are the owner’s personal debts Legal liability is carried personally by the owner No shareholders Investors, or “silent members,” possible (c) 2015 Gura & Possessky, PLLC9

Business Set Up: Structure Limited Liability Company A separate “person” recognized by the state that can engage in any lawful activities. An LLC may have multiple owners like a partnership. The owner may elect to be taxed as a separate entity, like a corporation or as a “disregarded entity” – paid through the owner’s personal return. Legal liability is restricted to the activities and assets of the company and only extend to personal assets of owners or managers when there is misconduct. (c) 2015 Gura & Possessky, PLLC10

Business Set Up: Structure Corporation A corporation is legally recognized as a separate “person” by the state and can engage in any lawful activities. A corporation may have owners with “shares” in the company, or shareholders, who are either active in management or, more often, simply financial owners. A corporation is recognized as a separate entity and is taxed separately from the people who manage/own the business. Legal liability is restricted to the activities and assets of the corporation and only extend to personal assets of owners or managers when there is misconduct. (c) 2015 Gura & Possessky, PLLC11

Business Set Up Taxation Goal: Identify tax issues and plan ahead. Considerations: Personal financial situation Business structure Scope of business/practice Key Topics Federal, State and local taxes Estimated payments Tax advisor (c) 2015 Gura & Possessky, PLLC12

Use Best Practices Goal: Develop procedures for business activities to improve profitability and minimize liability risk. Considerations for the “right” answer: Customary practices Personal work rhythm Key Topics: Intake and Scheduling Confidentiality Know your limits Contracts Insurance (c) 2015 Gura & Possessky, PLLC13

Prepare for Client Interactions Goal: Set expectations and work with integrity to limit liability risk. Considerations for the “right” answer: Client base Work parameters Key Topics: Client engagement letter or agreement Release Informational brochures and materials EXAMPLES: Contract and Release (c) 2015Gura & Possessky, PLLC14

Learn About Law & Policies Goal: Knowledge of external forces ensures you have the most effective legal solutions in place. Considerations for the “right” answer: Practice environment The way you communicate with clients What information you collect from clients Key Topics: HIPAA and information privacy Licensing requirements Intellectual Property HANDOUTS: HIPPA, Copyright Circular, Trademark Facts (c) 2015 Gura & Possessky, PLLC15

Questions? (c) 2015 Gura & Possessky, PLLC