One aspect of starting and running a small business that’s often overlooked is the importance of good legal advice. Today’s guest, Jim Shafer, is an attorney who has been advising small businesses for decades. He also has an extensive background in real estate.
On this edition of the Clarity Advisors Show, Jim and host Ken Trupke discuss the benefits of having an attorney on your team.
Timestamps
(01:12): About Shafer Legal.
(01:58): Jim’s career path to business law.
(03:32): Why have an attorney your the team?
(04:32): Mistakes a lawyer can prevent and fix.
(07:11): Setting up a new business.
(10:46): Is an LLC necessary?
(11:55): Buying investment properties.
(16:33): Structuring your company.
(18:25): Jim’s real estate background.
(25:55): Contracts and agreements.
(32:31): Recommended listening.
(34:40): Connecting with Jim Shafer.
Episode Quotes
“Having an attorney on the team is not for when things go wrong, but to help them keep from going wrong in the first place.”
“Any time you start a new business, it takes a good two to five years to even out those highs and lows of getting things going. And every step of the way can involve pitfalls.”
“I recommended every single time to get your business into some kind of a box, so it protects the bigger pool of the rest of your assets.”
“If you have 10 pieces of property, keep them in 10 separate “boxes”. If something goes bad with one, you’ve isolated it down to that one piece of property.
“Don’t let the tax “tail” wag the transaction “dog” because sometimes the tax savings that you’re trying to achieve may cost you more in the long run.”
Recommended reading and listening
- Not Another D&D Podcast (NSFW)
- #SistersInLaw Podcast
- Up First, an NPR podcast
Follow/Connect with Jim Shafer
- Phone: 616-558-1098
- jim@shaferlegal.net
- ShaferLegal.net
- Jim Shafer on LinkedIn
