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Time To Sell Some Online Business Assets?

By Internet Lawyer

Like a brick-and-mortar company, an online business accumulates assets that it rarely or never uses.

If you’ve been online for more than a couple of years, chances are your e-commerce company is sitting on these types of assets.

Now’s a good time to take an inventory of what your Internet business owns and decide what you don’t and won’t need in the future.

Of course, these assets can be sold piecemeal (e.g., domain name registrations).

However, you’ll often discover a part of your company can that be spun off and sold as its own microbusiness. Sold together as a revenue generator, you can typically get more from a single buyer than selling off the parts separately to multiple purchasers.

Need help? Set up a phone consultation with Internet Business Lawyer Mike Young.

Attendee Release: 7 Important Issues To Cover In Your Event Releases

By Business Contracts, Business Lawyer

attendee release for seminars, webinars, and teleseminarsWhether you’re hosting a live seminar, a webinar, or a teleseminar, to reduce your potential legal liability, you will want an attendee release signed by those who show up.

Of course, the legal content of these releases will depend upon what you’re doing, including the type of content you’re covering.

For example, a release covering a live financial seminar will have different legal terms than a webinar addressing health-related issues. Similarly, a workshop that involves physical activity will have different legal risks than a teleseminar that discusses abuse issues.

When having your business lawyer draw up the attendee release you will use, it’s a good idea to discuss these seven key issues…

1. Will your event cover financial, mental health, or physical health matters?

2. Will you host it online or offline?

3. When and how will your attendees sign the release? Will it be on paper or electronically via the Web? If electronically, how will you authenticate the signatures?

4. Will your attendees be business owners or consumers? Did you know that consumers have additional legal protections that are unavailable to businesses?

5. What type of testimonials, case studies, and examples will you be using in your presentation?

6. If an attendee becomes disruptive, how do you plan to handle it? Will the attendee be ejected? If there is a fee to attend, will there be a refund to the misbehaving attendee upon ejection?

7. How will ownership of event materials be handled? Will the attendee own these materials and be able to sell them to others who did not attend? Will you use a licensing system to protect your intellectual property from misuse by attendees?

Note that an experienced business attorney can help you create a customized attendee release and related business contracts you can use for similar events you hold rather than reinvent the wheel each time.

However, it’s important to address changes to your event in your release so that you’re protected at all times.

Sell Your Internet Business – Why You Should Do It Now

By Internet Lawyer, Website Lawyer, Website Legal Documents

sell your internet businessIt may make sense to sell your Internet business this year.

Why?

The stock market, housing market, and other economic bubbles appear to be on the verge of popping. In addition, federal, state, and local governments are either deep in debt or completely insolvent (bankrupt). They’re borrowing money that cannot be fully repaid even with massive tax increases.

Throw in an uncertain economy, rising healthcare costs, and growing Internet competition for even the smallest niches, and now may be the perfect time to sell your Internet company, retire, or even start over by building a new business after salting away your gains from your current company.

Related Article – 3 Things You Must Do To Sell An Internet Business Quickly

If you want to sell your Internet business, where do you find potential buyers?

  • Your competition may be looking to become larger by acquiring your online company.
  • Many downsized white collar service workers with tech skills are hunting for Internet businesses to buy using their 401k and IRA funds.
  • Internet business brokers can help you find a qualified purchaser.
  • You can do your own marketing and advertising online and offline to sell your company.

Related Article: Sell An Internet Business – 5 Expensive Mistakes To Avoid

How do you close the deal?

Like brick-and-mortar companies, there are many ways to structure the sale of an ecommerce company. Issues to discuss with your Internet lawyer include…

  1. Will you sell your online company’s assets or your equity?
  2. Do you want a lump sum at closing or multiple payments over time?
  3. Are you willing to sign a non-compete agreement if required by the purchaser?
  4. How will you keep information confidential during and after the sale process?
  5. Are you willing to stick around as a consultant to the new owner for a period of time?

Related Article: Are You Ready To Sell An Internet Business?

A experienced Internet lawyer can paper the deal for you while your accountant can work with your attorney to ensure that you get favorable tax treatment in the process.

So, what if you don’t want to sell now?

Keep plugging away.

Related Article: Buy Out Your Competition To Grow Your Internet Company

However, recognize that because of economic storm clouds on the horizon, you may have to work a lot longer just to take home the same amount of money you’d get today by selling your Internet venture and paying less taxes.

FTC shuts down Internet marketer

By Website Lawyer

Web lawyer closed businessNo Web lawyer specializing in Federal Trade Commission (FTC) cases could have saved Daniel Greenberg of Classic Closeouts because of the misconduct involved. This Internet marketer has been put out of business by the FTC.

Because of deceptive billing practices, Greenberg has been banned from…

“any Internet-related business that handles consumers’ credit card or debit card accounts.  He also is prohibited from making unauthorized charges to consumers’ accounts, making false or misleading statements while selling any goods or services, and using any false or assumed name, including an unregistered, fictitious company name, in his business dealings.”

Facing a $2 million judgment, Greenberg is bankrupt and has to surrender some personal and household possessions as part of his settlement with the FTC. What’s intriguing here is that the settlement essentially circumvents the entity shield that would typically be in place for a limited liability company. If this was the best deal his Web lawyer could get him, Greenberg was obviously in a deep hole from a liability standpoint.

This is an example of why it’s very important to use accurate billing and have an easy to follow returns/refund policy that you honor in your Internet business.

To your online success!

-Mike the Web lawyer

How to fix your email signature

By Internet Lawyer

Internet attorney emailAs an Internet attorney, I spot online entrepreneurs making some common mistakes that can be quickly fixed. For example, when you send out individual or autoresponder emails for your Internet business, do you sign your messages as…

Your First Name (e.g. Jim)

OR

Your First Name and Your Last Name (e.g. Jim Smith)?

If your business is a corporation, a limited liability company, or similar entity, you’re creating unnecessary legal risks for yourself. Your Internet attorney can explain what these risks are based on your particular circumstances.

When someone reads your email, they can reasonably assume that you’re doing it as an individual…and that can mean liability without a business shield to protect your personal assets.

You want to make clear that you’re sending the email for your business instead and your position within the company.

Here are two good examples…

Example 1:

Christina Aguirre, Managing Member
Aguirre Widgets LLC

Example 2:

Mark Franks, President
Frankly Widgets Inc.

Notice how both Mark and Christina not only (1) identify themselves by name but they also (2) list their company titles and (3) the full names of their businesses.

If you’ve set up a business entity to shield yourself from personal liability, maximize your use out of that protection.

To your online success!

-Mike the Internet attorney