In this episode of the Hello Blink Show, Harris and Shawn interview legal expert and attorney, Mark Tyson. Mark shares his knowledge and how he advises his clients into incorporating their business while minimizing liability.
Specifically, Marks discusses how he helps entrepreneurs and creators as Shawn and Harris weigh in on the importance of legal counseling. The two give their insights as well as ask questions from listeners on recommended steps.
One Powerful Quotation:
- 26:29 — Mark: “What I would encourage listeners to do is to shift your perspective to… see lawyers…really the value you’re going to find is 'okay let’s do some planning, let’s talk through these scenarios. You know, what am I trying to do with my business? Where are the threats coming from?'”
1:35: Shawn asks Mark about an appropriate time to consult for legal advice.
4:20: Harris asks Mark to share about Tyson Law and how he acquires clients from inbound marketing and flat fees.
7:03: Mark talks about seeking consultation and the benefits of having a lawyer.
11:23: Shawn inquires with Mark on intellectual property and the cost of having legal representation for filing trademarks or patents.
15:19: Mark is asked a question from Twitter on the patent filing process being costly and timely. Mark explains how it depends on the product and market.
18:42: Mark shares his thoughts on forming an LLC or corporation. He highlights the differences between them as well as S-Level/C-Level incorporation.
21:37: Mark addresses Shawn’s inquiry into the structure of LLCs and corporations having stock or owner interest in another company.
23:25: Mark further discusses the tax treatment of a single member LLC from the IRS.
24:38: Mark contrasts the legal perspective of how lawsuits are handled with sole proprietorships and LLCs.
25:47: Mark comments on the value of having a good business lawyer for mitigating risk.
27:05: Harris and Mark discuss how strategic conversations are essential, and Mark shares a personal experience when he tried to hire an accountant.
29:23: Mark explains the reasons why most corporations are filed in Delaware. He also notes some of the disadvantages that are associated with it.
33:29: Shawn asks Mark his thoughts on the legal barriers in misclassifying workers as employees or independent contractors for a business.
36:25: Harris and Mark discuss how treatment of workers and the culture of an organization is essential to any successful business operation. Shawn adds that a mission statement should serve to benefit customers, stake holders, and employees.
41:45: Mark delves into the technicality of contracted work including hours, lump-sum pay, and length of engagement that government agencies may clue in on.
44:27: Mark reminds listeners they have a responsibility in educating themselves on any legal engagements they participate in.
46:17: Shawn asks Mark a question from a friend on arbitration and neutral jurisdiction clauses for intrastate/international business and if legal counsel is needed.
50:17: Mark shares his views on interviewing lawyers based on their knowledge, personality, and communication.
53:33: Mark suggests the communication style of your attorney should best suit your needs.
55:22: Mark explains why legal guidance is the surest way for trademarking intellectual property instead of doing it on your own.
59:09: Mark comments why it is important and easier to copyright your medium.
1:01:38: Mark details what are trade secrets and safeguarding that information from the public.
1:03:26: Shawn and Harris wrap up the show with Mark, and he shares his contact information.