Small Talks features insider expertise from successful small business owners. This video series offers insider advice and highlights how real entrepreneurs overcame their most pressing challenges.
Wynne Reece understands better than most how important it is for small businesses to seek out legal counsel. Not only is she a partner at the Minneapolis-based Reece Law, L.L.C., but she also ran her own boutique event planning company before joining the firm. As the founder of The Creative’s Counsel, Reece’s goal is to make legal assistance accessible to creatives and small business owners. She helps these entrepreneurs navigate the often-complex legal matters that are an inescapable part of achieving their dreams.
To that end, Reece and The Creative’s Counsel host free legal educational seminars, covering topics ranging from trademarks to the unique benefits and challenges of operating a woman-owned business. If you’re thinking about starting a business or creative endeavor, or want to grow your current operation, Reece believes that it’s critical that you find an attorney you can trust.
Why it’s important to have legal counsel
1. Legal counsel can consult on all facets of starting your business. Reece says, right off the bat, you should talk to an attorney about your business’s name to make sure you aren’t infringing on someone else’s trademark. Your attorney will also help you set up your business as a legal entity and explain a lot of the legalities concerning hiring employees, contractors and interns. “It’s really important to find a lawyer that’s the right fit for you and that you can have a trusting relationship with,” she says.
2. Legal counsel helps protect you. Reece suggests that business owners immediately set up a limited liability company (LLC) to protect personal assets. “There is a misconception that it’s going to be really expensive to do that, but it isn’t,” she says. “Spending a few hundred dollars at the outset of a business isn’t always the easiest, but because it protects all of your personal property, you can’t afford not to do it.”
3. Legal counsel helps you navigate evolving regulations. “The law is always changing,” Reece says. “Having an attorney who you’re comfortable with, who you can be vulnerable with, who you can trust with anything is really important, so you can have the open line of communication and as things change, you’ll know that you can just call your attorney.” From there, you’ll be able to figure out how to adapt or get help with anything that needs to be updated.
As with everything, the law evolves and changes. This video was shot in 2017 and certain laws may have changed since the filming of it. This video is not intended as legal advice.
Watch the full video above for more insights.