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ladies and gentlemen welcome back welcome back welcome back to the internet my name is nicholas coriano i'm going to publish this on my uh channels um i'm sure that becky's going to publish this on this if you guys haven't met uh albecchio you haven't followed me long enough then because yeah i've definitely introduced you guys to this guy before um but dalvecchio parks is a great friend of mine a former uh law classmate so um i put them on i want to i want to introduce him and have him introduce himself in his practice and what he's doing man what's up belvedere not too much man like doing today nick um glad to be on uh like you said we've been rocking for a minute now um i think you know obviously in law school and then we started doing business together a couple of years ago um for servitude you know while i was touring around africa trying to find some new territory for us to you know go and be advisors to things of that nature but you know since since then i've been back in the states uh back in here in atlanta um started my practice back in november last year and basically what i've been doing is working with small business owners you know trying to turn small business owners into big business owners you know how we do it um we basically uh with last year the pandemic everybody was out you know losing jobs unfortunately um unemployment rate spiked so you had a lot of entrepreneurs trying to become business owners so we started with helping people to form their businesses so whether you were trying to get an l court i mean l uh llc uh s corp or corporation we were trying to put you on and get you in the game and then we were actually trying to help you figure out how to move your business and protect your business assets so like owning everything that is associated with your business yeah and a lot of people a lot of people don't know right that a business is not just the llc document formation most people say well i got my business set up but really to have your business straight there's a lot of components right um yeah after the llc you know there's documents that we put in place or the corporation right whether it's the operating agreement or bylaws can you speak a little bit more on you know what what that does for a business owner because what's the theme today the theme is really all about protecting the business owner establishing them and then making sure they're good making sure they have the rights and the assets the rights in their assets to be sustainable no you're definitely correct so you know when i talk to people who are you know trying to become a business owner first thing they say you know i want to get my llc that's the new trend these days so you get your llc um they don't really know the engines out in and out of exactly what they need to be doing once they get that llc and so i i try to educate people that you need to have an operating agreement an operating agreement is essentially that it's how you're going to operate your business so you know in in the business world they have what we call formalities the whole purpose of getting the llc is to protect yourself protect your assets right um keep you safe from if your company gets in trouble gets any debts any judgments against it you don't want anybody coming from your house or your car or your personal assets your bank account case may be so what the operating agreement does is basically just lay out all the things that um you would need to follow according to business law called formalities so people can't pierce the veil and come after your personal assets so we talk about you know who owns the business because your llc document is not going to say that it doesn't say you know it shows the incorporator it shows the incorporator of the business that's the same nicholas coryana is the owner of the business plan google.com it doesn't say that it just shows who incorporated it and what's the name of the business so when you get an operating agreement it's going to list out every member of who owns that business and what percentage they own and then it starts breaking things down like whosoever agent how much voting rights does a member have so you know you have to hold meetings have to keep minutes of business decisions that you're making for your business where you're going to open your bank account who you're going to do business with all these things have to be voted on if you're going to add new members to your business these are things that people don't necessarily think about when they're starting a business you got to actually hold a meeting that's required by you know an extreme example i'm not thinking about this are guys like steve jobs who got kicked out of their company because you know they either took on investment or brought on members or shareholders that didn't have their best interests in mind and they knew the operating agreement better than them and it's not that that off right i was just finishing a story atlanta native ted turner yeah who owned the braves and the you know a bunch of cnn and a bunch of projects this guy did but at the end he ended up getting fired from aol time warner because you know he deluded his uh ownership rights and he wasn't really thinking about his voting rights and his operating agreement so and that kind of is a good transition right because this guy owned a ton of intellectual property like through cnn and uh through cnn tnt he owned a bunch of you know trademarks under cartoons and and movies and that's another asset right trademarks no that's definitely another avenue that business owners need to be thinking about i tell business owners or people who are going to be business owners you actually need to be thinking about your intellectual property from the moment you start writing your business plan from the moment before you even go out and file your paperwork with the secretary of state to have a business yeah your trademarks your patents your copyrights those things are extremely important and like you said ted turner i mean apple all these companies google they have oh their asset portfolio and intellectual property is huge exactly they have tons of interest electrical properties they protect everything from their business name to their brand names to their products to the design of their packaging to you know agreements and other copyrights and trademarks right like i in the story that i was listening to you know wasn't some some of the trademarks he developed like tnt or cnn um but then there was other trademarks that were licensed through mgm like a movie right yeah these licensing deals were worth hundreds of millions of dollars and it was thin air it was a trademark it was a copyright it was an agreement it was a contract right going back to um which is a good segue to the next section on how to protect the business and contract but you know the operating agreement even the the trademark in some senses um all end up on paper and i think one of the most important pieces of paper that a business owner can talk about is contracts i mean when you take a step back i mean business law is nothing but contracts yeah i mean contracts you can speak to file a business and contracts with your partners to make sure that you're getting your bread exactly actually contracts for your suppliers to make sure your prices don't go up right exactly you're placing contracts all over the place and these are things that you know everyone needs to be thinking about before you go into business however before we dig too deep into contracts i love what you just said because it reminded me of something i see all the time get your paper right get your paper right like entrepreneurs they always talk about paper they're talking about cash they think it's 50 100 bills no get your paper right get your trademarks right get your contracts right get your operating agreement right get your purchase of being right get your employment contracts right like that's what i that's what i talk about when i say get your paper right right there's a lot of different kinds of paper you got stock that's paper you got cash that's people who got boxes paper there's a lot of paper out there man no and i don't think a lot of people are thinking of those things man we're talking about big picture you're talking about the picture how are you getting your paper right how are you leaving your legacy um and i i want to give a little credence to you know what he's saying here uh for the audience right specifically because when we talk about big picture here's a guy how many countries did you go to in africa um i stayed in about 10 11 countries 11 countries listen when this guy was in africa we were on zoom cars trying to figure out how to dominate continents right and it didn't stop there we were talking about we're talking about asia i took a trip to india right and um we're still in in in veins of how do you think bigger how do we contract this how do we get the our organization's bigger that's what we're here to help you guys do right is get that paper right so let's talk a little bit about contracts man let's talk a little bit about contracts um what what what is some of the first things you're thinking about when you're thinking about content and then i'll share what i i guess some of the things i think about when i'm talking to a client about contracts so when i'm talking to a client about a contract the first thing you need to talk about you need to know what you're doing like what is it that you're trying to accomplish with your with your contract is this a product that you're trying to sell are you a buyer your seller are you you know if we're talking about business rights if it's a corporation are we talking about a shareholders agreement are you buying something to get more equity in something like i need to know what it is that we're talking about so we can get a framework for what kind of contract that we are going to need in order to make sure that you're legally protected because at the end of the day i think the person that shows up with the contract is the person that runs the deal once you show up with the contract you're negotiating from a second place so we need to make sure that we're putting everything in that contract that's going to be beneficial for you and let them start to negotiate down and i always want to know what are your must-haves and what are the things that you can live without because once we get into negotiation of this contract then we need to know where we can give a little bit of leverage yeah i um you know i always found interesting one of the things i you know i remember learning when i was sitting next to you at the john marshall law school was um you know contracts didn't have to be written this was so interesting to me right because here we are future lawyers and attorneys and you know you're going to write this contract and then they tell you it doesn't have to be written there just has to be an offer and an acceptance and consideration right a legal little legal jargon for all our paralegals and lawyers and attorneys out there right but it doesn't have to be written but then you realize why it should be written right i'm a fandom no no oral deals no moral deals no handshake deals man because that gets you in so much trouble people start changing up stuff talking about what they didn't say or what they didn't do that's how you exactly exactly now question can an email act as a contract if i'm digitally signing contracts can an email communication back and forth act as a contract of course i mean um logically if you think about it it's just a if you can have an oral contract yeah a digital contract will be just a version of putting it in writing and in the technology age that we're living in those type of contracts you can write a contract on the napkin it'll be fine so if i'm signing it over the internet and you know sending it off it has the same validity that it would have if we put it on a piece of paper and find it physically yeah i want you know a lot of the startup entrepreneurs to be conscious of this because you know sometimes we're blasting off emails like it's no big deal but you know what we just explained to you guys is that a contract can be oral it should it be oral no it should not be oral i'm without becky on this no handshake deals no oral deals get it in writing um but when you're sending communication back and forth on email you know that writing could potentially end up being a contract even though you guys didn't go to a lawyer and put bullet points and have signatures at the end and so the thing is you need to be very careful with that because think about it for a second you're blasting off these emails you're not really thinking twice about it you're putting in there hey i'll do xyz you need to make sure at the end of that if that's not what you guys really came to an agreement about then you need to get another contract to actually show this is you know this is our entire agreement right here everything before that doesn't matter it doesn't matter that way people can't get you to court and be like um you know you said this on you know march 2nd but now we have a contract you know in may that may contract me to make sure you either include everything or exclude everything exactly that's a great great tip man because you know i was actually i did an instagram video yesterday or the day before talking about how being uh i forget what the name of the clause is um put it in the comment section if you guys remember but the clause where they talk about the entire agreement right it's an entire agreement clause so basically this is the entire agreement this is there's no prior prior agreements are part of this right you disclaim everything prior to that and that's even more important now in the digital age like you said right where you're blasting off emails to each other back and forth and you might have negotiated something for 30 days and then you need to contract you want to make sure that they can't go back into those emails and print out you know your 100 email chain and be like hey look look what you said i'm out january 3rd here you know no no i mean i've seen some business owners get caught up in that time you know had to deal with a couple of uh very successful people down here that you know they were in a relationship or whatever that keep it you know very vague in a relationship they blew up the person came back with an email saying hey you know we agreed you know this is our communication going back and forth about the idea that you put out there into the atmosphere i deserve 50 of it yeah hey listen it's a it's a powerful thing it's a powerful thing what you put out into the into the world and especially in exchange in legal terms right in the business world when you're negotiating something no and that's why i say you got to come to the you got to come to the table with the contract because i think that puts you in the position of power i think that gives you an edge i think whatever you put in that contract if you have an attorney or if i advise you to get an attorney exactly i advise you to call del vecchio if you need an attorney if you don't have an attorney you need to make sure you're expert in what you're putting in there in your industry because you want to make sure that you're locking people into things that are going to be beneficial to bring you the money so you can get the bag exactly and i you know we said it before there's tons of contracts right even the operating agreement is a contract there's thousands and thousands of different contracts um but i want to i want to just kind of point out one and maybe put this into the ether of people that um otherwise wouldn't know right as we said paper we were talking about this earlier right get your paper right get your paper right um i'm a firm believer i've said this in my vlogs and podcasts before cash is trash there's way better paper out there than cash i'm talking about deeds to real estate i'm talking about stocks i'm talking about bonds but one of the most powerful i think is contracts with your customers so you know if you're starting a service business or you're starting a products business even and you can contract the client or a customer out for three months six months 12 months and the payables now are due you know every 30 days 60 days 90 days whatever it is that contract is worth money man that paper is real paper sometimes that paper that eight and a half by eleven piece of paper is worth more than a five hundred dollar bill thousand dollar bill right sometimes you talk about hundreds of thousands millions of dollars on that that contract so i encourage a lot of my entrepreneurs to be thinking about that how do you contract wealth right so sometimes it's just contracting for example if you're a single member llc and you form an llc is there an intrinsic value in having the llc yeah there's an intrinsic value but i'm talking about real wealth i'm talking about how do we we get this paper we can trade this paper for more money and i think there's a lot to be said there when you talk about contracts with customers and clients exactly and i mean when you start talking about those contracts with customers and clients that's where we start getting back into what are your business assets obviously you might sell services or you might sell a product but are you utilizing every business asset that you have and when i say that you got these copyrights you got these business names you got these products can you license them out can you get a contract can you get a licensing agreement to get that paper to run that contract now you got however much that might be worth somebody might be willing to pay for what you have outside of just the product that you sell exactly and the way you tie that in legally is get that contract get that contract done guys hey uh listen if you guys need del vecchios don't like you let them know where to find you man uh if you guys want to find me you can find me on instagram at 5 star esquire or you can find me on my website www.parkscri.com or you can find me on facebook under devecchio parks um i haven't set that page up yet but i'm gonna get a group on facebook private community where we're talking about legal ownership and talking about um how you get the contracts contract vlogs things of that nature so you guys can not have to pay the the fees that necessarily come with an attorney but you can get the legal advice and keep them pushing to own your business every aspect of it hey guys we're super surprisingly affordable you know i know there's a stigma when it comes to attorneys and lawyers that you know i've i've heard it from plenty of my clients they're scared to call an attorney they're scared to call a lawyer you know feel free to call del vecchio man he's a great guy you know i call him constantly to you know bounce ideas off of him definitely grow my companies um he's definitely in my inner circle so i appreciate you man i appreciate this time man i appreciate you nick and uh more power to you man all the business that you're doing and all the people out there hey you guys got a good one right there so listen to that i appreciate it man this is the first of many let's uh let's set up where let's think as a matter of fact if you're watching this and you have an idea for another video that we can do put it in the comments section or uh add us at bell becky on instagram or at me on any of my profiles i'll put his profile links underneath the video um but let us know what you think you know maybe a weekly or a monthly series on uh something that you guys want to learn more about but i love the idea of you know getting your paper right getting that legal getting that legal contract right getting your legal rights in order to make sure that you can monetize and grow wealth man yes definitely that's what it's all about leaving that legacy feeling well hey man happy new years guys i hope you guys are great we'll talk soon guys