‘The waters of the internet are infested with sharks!’

 

By virtue of having a website, online solopreneurs are vulnerable to lawsuits and scammers. Many of us stick our heads in the sand and hope it will never happen to us, but there are a number of protections we can put in place to minimize the risk. Today’s guest is prepared to arm you with the information you need to navigate those shark-infested waters and understand the fundamental legal aspects of online business ownership.

 

Internet business lawyer Lin Eleoff is the founder of Cover Your Assets Online, a service that teaches solopreneurs to cover their ‘assets’ without having to spend an arm and a leg on legal fees. She offers a DIY Legal Toolkit that allows online entrepreneurs to prepare key documents themselves, as well as done-for-you services and consulting.

 

Lin never wanted to be one of those ‘billable hours’ attorneys in the corner office; she was looking for a new way to practice law. She saw a huge need in the area of internet law for entrepreneurs, so she became an entrepreneur herself and created an online coaching venture to empower business owners with crucial legal information. Today she shares the common mistakes made by online solopreneurs, the legal documents you can prepare on your own, and her best legal advice for online business owners. Listen and learn why scammers target small business owners and how to protect yourself from a lawsuit!

 

Key Takeaways

The legal fundamentals of online business ownership

• Being sued is stressful, even if you win
• Having a website automatically makes you vulnerable
• Must protect yourself from liability and minimize risk

 

The common legal mistakes made by online business owners

• Lack three key documents – privacy policy, terms, and conditions, disclaimer
• Use of unauthorized images

 

Legal documents you can prepare yourself

• Privacy policy, terms, and conditions, disclaimer
• Copyright registration
• Legwork for contracts and trademark prep (have lawyer finalize)

 

How much it might cost to put legal protections in place

• Lin’s DIY Toolkit – $597
• Attorney’s hourly fee between $400-$600
• Much more expensive to secure lawyer for lawsuit

 

Why scammers target small business owners

• Looking for people who are exposed, less informed
• Online solopreneurs less likely to have lawyer

 

Lin’s best legal advice for online business owners

• Establish an LLC or S corp.
• Separate your personal and business assets

 

How to approach legal aspects of online business ownership

• Depends on personal preference
• If comfortable, can do much yourself
• Procure attorney for complex issues
• Educate yourself to work with lawyer

 

Resources

DIY Legal Toolkit

 

Connect with Lin Eleoff

Website