A Legal Matter — Some Good Legal Tips for Information Marketing

Dear Info Marketers,

Well, I just found out that a friend just got his M.A. in education. We were happy for him as he had been at it a while. With two B.A.'s and now an M.A., this is a pivotal moment in his life. Or at least it was supposed to be. After not turning up for a party in his name, I tracked him down for a beer and he finally admitted it. He doesn’t want to teach. And he’s in debt. And his relationship to his girlfriend is on the skids. And…and…and…you get the idea.

I always feel bad for a guy like this. They get to certain point, accomplish a goal, and then realize they don’t like it or don’t want to do it for life. It’s costly, time consuming, and frustrating. Count yourself lucky that you are information marketing. You can be your own boss and the dollars you make are your own. You can be successful on your own terms.

Well, almost all. You can always be sure of two things in life, right? Death and taxes. The first is unavoidable and pretty morbid. Let’s leave it and digress into taxes. You can deal with them. In fact, you can deal with all the government/legal matters of your business on your own. Here are some things you should be aware of to ensure that you stay in control:

--Copyright: Your company is your own. Your name is on it and it represents you. The good news is that once you declare this, you officially own the name of your company. You don’t have to go through any legal channels to declare otherwise. The bad news is that once your company name gets social prominence, you have to watch who is using your name. If people are using your name to make money, make sure they get permission from you beforehand. To be safe, consider trade-marking your name at your local government patent office. Keep tabs on who is using your name.

--Expense/Revenue Record: Since you are self employed, you aren’t getting the deductions you did at the desk job. That said, you should keep a receipt record of all the expenses you make and what revenue you bring in for your business. I mean everything. Tax time always comes and if you want to sit right with the government, make sure you note everything. This could be beneficial as you might be entitled to deductions or rebates later on.

--Disclaimer: I was watching television at a friend’s house a year back and I remember one of those zany commercials coming on with some man doing a gonzo stunt. It was a hoot to watch, but I noticed the little white subtitle at the screen’s bottom: “Stunt performed by professionals. Do not attempt at home.” This looked unnecessary, but according to some research I did, it’s actually smart and prevents future lawsuits. This is something you can adapt. Don’t make huge claims with your business as if you don’t deliver, you might get in trouble. Be careful on how you express thoughts and ideas in your writing too. Speak your mind, but keep it professional. If what you are writing is entertainment, put it in a disclaimer at the end.

--Consult Pros: Not sure about taxes? How much you are paying for supplies? There’s no shame. Just find out. Search the net for local private or government pros you can give you consultation. It’s often free and can save a hassle. Even with a lawyer if you want intellectual property advice and you might have to pay a fee it is still worth it in the end.

When I said that “death and taxes” quote was pretty morbid, I meant it. It gives the same feeling as I had with my friend and his long education. You want to spend your time living life. Part of living is being prepared for tomorrow. If you take the right precautions and work towards a common goal, you will be prepared.

More to come. Have a great week.

J.