Katherine Taylor – Taylor Legal
In this episode of The Millionaire’s Lawyer, JP and Katherine Taylor discuss:
JP and Katherine both agree that when tuning into American media outlets you need to be aware of the outlet you are observing because of how misleading/one sided they can be.
Stick with your goals, yes you will have your ups and downs but take a breath and push forward.
Stay Nimble, don’t do the work that you can get someone else to do
Outsource what you can so that you can focus on where you add value.
Look at more than just the surface information when incorporating and make sure to consult your lawyer and accountants.
Just because you incorporate somewhere with low tax rates doesn’t mean that you get those rates, it could depend on the location in which you’re bringing the money in.
Layout and build a good foundation; when the business is ready incorporate it and then do the reinforcements.
Prepare for a sale before the sale is happening. Have all the proper agreements in place so that the process can be easier; like Ownership agreements.
Sometimes it could be better to have no agreement rather than an agreement that was poorly done and not tailored to your needs correctly.
Paper your transaction
Hire the right people for the transaction, there is a lot to think of outside of just the transaction like employees, their retirement plans, and even corporate leases.
Before you pick your lawyer date around and pick the lawyer that best suits you. It needs to be a good and trusting relationship.
From this episode of The Millionaires Lawyer with Katherine Taylor:
- Go have a meet and greet with a few different lawyers before picking the one you would like to use.
- Most relations with your lawyer should be trusting, communicative, and long-lasting.
- Lawyers should focus more on value-added rather than billable hours.