Prepaid Legal Business Opportunity Review

Before we begin, yes there are already numerous Prepaid Legal business opportunity reviews all over the Internet. This is the reason why I’ve decided to write this for you in order filter all biased opinions and give you a “balanced” review instead.

At least for your sake, it will be less confusing. Yet you will still be at a higher level of understanding about the Prepaid Legal business opportunity. As we continue on there are three section to this report. Each represents a unique overview numbered just for your convenience.

1) How Prepaid Legal Services Got Started?

We go back to 1972. A gentleman by the name of Harland Stonecipher (a life insurance salesperson), had a serious car accident that changed his life. Stonecipher found out that he was insured for his car and medical expenses but not for his legal expenses of several thousand dollars.

He thought why not have legal insurance and that marked the very beginning of the “seed” of the Prepaid Legal business opportunity. In 1979 Prepaid Legal became a public corporation when its stock was traded on the NASDAQ exchange. You now see a company which offers legal expense reimbursement services selling plans through independent associates.

2) Selling Legal Plans

As a matter of fact the Prepaid Legal business opportunity means you will be selling plans often described as legal insurance plans. A typical plan provides your customers with certain specific legal services at no cost. Plus, reduced rates for other services in exchange for a membership fee, premium, or some other sort of prepayment.

You have the chance to offer individual or family plans, employee benefits plans and business plans. Individuals and families join for a minimal monthly or annual fee, usually through a credit card company. If you take a look at their website (the official Prepaid Legal business opportunity page), you will see that a minimal fee of $49 is all it takes to be a prepaid legal independent associate.

3) Your Compensation Potential And Weakness

With your Prepaid Legal business opportunity you will get the chance to earn a direct, linear and leveraged income. You’re paid an advanced commission of $69 to over $250 every time you help enroll someone into the Prepaid Legal business opportunity. You initially start off as a Certified Field Trainee.

You should know by now that the Prepaid Legal compensation plan is focused on a network marketing concept. This is why your great wealth arrives when you have targeted prospects who are also willing to work the system with you. You will need to a good marketing strategy to do this.

Your Ultimate Strategy

If you are considering to save some money on legal expenses, the Prepaid Legal business opportunity is a nice fit to your interest. However, you still need a good marketing plan to do it successfully. Your first step is to invest in a good online marketing package for your income advancement.

An Overview of the Thai Legal Business

The sudden influx of expatriates in Thailand in the last decade had greatly revitalized the then almost moribund legal industry of the Kingdom. Today, the legal business in the country is very competitive yet a thriving one. This can explain the continuous proliferation of law firms or legal offices in Thailand.

Over the years, amid the intermittent threat of political instability and global economic crisis, foreigners have been coming to Thailand to engage in business, purchase properties, marry locals, and to retire or to settle down in the country for good. These activities have consequently triggered the growth and expansion of the legal business in the country as foreign residents and investors require legal advice and representation in carrying out their business activities and domestic affairs – a practice they are accustomed to back home. But not only foreigners who require legal service as local companies, entrepreneurs and individuals have started enlisting the services of law firms to protect their interests. With the burgeoning demands for legal services in the country, international law firms have started to conquer the Thai legal market by putting up their branch offices in the Kingdom. In effect, there has been a strong competition among international law firms, well-established local firms and newly established small firms.

Established law firms in the Kingdom have long been enjoying the cream of the legal business in Thailand. They usually handle the big and influential cases in the country mainly because of their good and long standing reputation and enduring business relationships with their clients. The same is true with international law firms which service foreigners and locals alike. Smaller firms, meanwhile, usually do the mainstream legal business – a mix of legal and other related services. They normally turn to costly marketing initiatives to introduce themselves and to start carving their names in the industry. But, despite their high marketing costs, their prices remain much lower than their established counterparts. The quality of their service isn’t necessarily lower especially with registered small firms that employ licensed Thai and foreign lawyers.

Choosing a legal office in Thailand to deal with your legal needs is sometimes tricky. Be wary about unscrupulous individuals or agencies who pose themselves as registered legal firms when in fact they aren’t. They usually offer lower prices than the standard prices and guarantee success in your legal endeavors. More often than not, these people may just want to take your money away or provide you a substandard service which could further complicate your situation in the end. The best thing to do is to enlist the services of a qualified law office to take care of your legal needs.

In Thailand, the legal business is not as strictly regulated as in the West so as a foreigner in Thailand, it’s thus suggested that you exercise caution when choosing a law office or a lawyer to represent your legal needs in the Kingdom. Whether you intend to purchase a property, set up a business, panning to get a Thai divorce or contemplating on staying in Thailand long term, always consult a registered lawyer to assist you with your concern. This way your interests will surely be protected.

Mr. Jirasak Taosiri is a licensed Thai lawyer. He currently works for G.A.M Legal Alliance, Thailand’s Provider of Five Star Legal Service, as the acting Legal manager. Prior to his employment with G.A.M, he has worked for international law firms in Thailand giving him enough exposures in the fields of Thai Property Law, Thai Immigration Law, Thai Family Law and Thai Corporate Law.

PrePaid Legal Business – Find Out How You Can to Grow a Solid PrePaid Business

Oftentimes, only the rich can afford the services of a lawyer. They need a lawyer for major life events such as a pre-nuptial agreement or a divorce. They also call their lawyer for many things that require their decision. But those in the lower to middle class income bracket may not be able to afford a lawyer for when they are overcharged for a certain service, returning a defective product, signed a contract, or purchased a property. This is where the Pre-Paid Legal business comes in.

For $26 a month or less, one can avail of the Pre-Paid Legal Life Events Legal Plan. The legal advice comes from quality law firms who will inform you of your rights in any event. With Pre-Paid Legal, a member can easily get in touch with a lawyer at any time. There’s no need to pay hundreds of dollars for a lawyer’s every hour. A member just calls their Provider Law Firm at the toll-free number on their membership card whenever they have a legal question.

The Pre-Paid Legal business also offers the Identity Theft Shield plan. This includes assistance in reviewing a member’s credit report, being notified of any account under the member’s name, and monitoring any dubious activity in any of the member’s accounts.

This service is promoted through direct selling. Anyone can become an Independent Sales Associate and enter the Pre-Paid Legal business regardless of background. Those who may not have the convincing skills of sales people can enjoy success in the Pre-Paid Legal business by just explaining to people they know what Pre-Paid Legal can do. A field training program is given to all associates in order to train them how to present the service and the Pre-Paid Legal business to others.

An Associate starts a Pre-Paid Legal business with $49 which covers sales aids and materials, the Certified Field Training, home office support, marketing materials, and necessary business documents.

Associates just need to sign up new members and send the enrollment to the Pre-Paid Legal office. Commissions are then deposited into your account after processing. An Associate may also enjoy a regular compensation from the Pre-Paid Legal business for all active members she has signed up. These can be on individual memberships such as Legal Plans and Identity Theft Shield, employee benefit memberships, and specialty plan memberships such as Home-Based Business Rider and Commercial Drivers Legal Plan.

The Pre-Paid Legal business also gives commissions to an Associate when the Associates she enrolled sign up new members and train new Associates. There is also residual compensation in the Pre-Paid Legal business for as long as the organization one started continues to sign up new members. This is why building one’s organization is very important in the Pre-Paid Legal business.

Learn the Differences Between Each Legal Business Entity Type

Your individual state will register your legal business entity, and it’s important to understand that not all states recognize every business entity type. The descriptions below are meant to give you a basic understanding of the differences between entities, but you should check with your local government to see which type of business designation is right for your new venture.

Sole Proprietorships

Most small businesses choose the legal business entity of a “sole proprietorship”, where one person is the only “owner” of the business. Legally, there is no difference between you and your business, and while this business entity type is preferred by some because of the ease in setting it up and registering it, there is a greater legal risk assumed by the owner of a sole proprietorship. For example, if someone sues your business for infringement or fraud, they will be suing you, and your personal assets will be on the line if the case is taken to court – a disadvantage to this kind of legal business entity. This type of situation is rare to be sure, but from a business standpoint, it has the potential to be a risky move.

An advantage of this entity is the fact that you’re the only owner! You can make your own business decisions without having to consider the opinions of a board of directors, or other stakeholders. You receive 100% of the income from your business, and are free to file your profit on your individual tax return at the end of the year – a huge advantage to choosing this legal business entity type.

Partnerships

As the name implies, a partnership is an entity in which two or more people own a business together. Just like a sole proprietorship, there is no legal difference between the owners / members of a partnership and the business itself. As previously stated, choosing this legal business entity can have potentially negative consequences if someone were to file a suit against you or your business. An entity type of this sort carries an additional risk because of the added element of another person. For example, let’s say your business partner did something illegal and the court has decided to penalize your business assets because of his or her mistake. Although you have done nothing wrong, the whole business may be at risk of going under because of the partnership liability. Again, although this is rare, it is important to consider when choosing this kind of legal business entity. Types of considerations like this can protect your investment in the long run.

Speaking of investment, an advantage to a partnership is the ability to raise more funds with the influence of more people. Instead of having to shoulder all of the capital upon startup yourself, a partnership can help business owners divide the cost of operational expenses. And of course, because you’re sharing costs, you and your partner(s) will have to share profits as well. A benefit of this kind of legal business entity is the financial ease achieved by being able to file your profits under your individual tax return at the end of the year.

When starting a partnership, it is important to draw up a legal agreement detailing how costs and profits will be shared, what to do in the event of a partner wanting to leave the business, how to settle disputes about business strategy, etc.

Corporations

Unlike sole proprietorships and partnerships, where the owners are legally the same as their business, corporations offer business owners a unique legal and tax benefit in the sense that corporations are granted their own legal status. Therefore, this business entity type is considered as a separate legal business entity from you, your partners, and your shareholders. If your business were to be sued, it would not put you or your personal assets at any risk. So wait…who are shareholders? Whereas you’re an owner / operator / member of your sole proprietorship or partnership, you become a shareholder in a corporation, because this type of business operates with stock, or partial ownership distributed amongst several people. As a shareholder, you “own” a part of the business, but you also have to routinely answer to a board of directors who steer the direction of the company.

The downside to the legal business entity of a corporation is that you have less individual freedom to make executive business decisions, and you are not in total ownership of your business. This business entity type is more difficult to begin and dissolve, and often must comply with a series of complex federal and state regulations and taxes. However, the obvious benefit to this type of legal business entity is that you have more individual legal protection with the separation of yourself from your business in the event of a lawsuit.

Limited Liability Company (LLC)

Finally, a Limited Liability Company (LLC) is a sort of combination of all of the above business structures. Like the “corporation” business entity type, an LLC offers a legal distinction between a person and their company, but like a sole proprietorship or partnership, it offers the owner or member (we’re back to being called members now) control over business decisions, tax breaks, and offers no stock option. There is no limit to how many members an LLC may have, and it is also possible to just have one member. The obvious upside to this type of legal business entity is that it provides the best parts of both worlds, corporation and non-corporation, but the downside is that it is more difficult to file than a partnership (but is still less difficult than forming a corporation). To date, the federal government does not recognize an LLC as a classification when you file your federal taxes, so you must file either as a sole proprietorship, partnership, or corporation.

So What do I do Now?

As with any kind of legal decision, deciding which business entity type is right for your business is a big decision that requires a lot of thought. This is just an overview of the primary differences between each major legal business entity, so before making a decision, check with your lawyer or accountant to decide which is best for your financial and business interests. It seems complicated at first, but once you get registered with the state, you’ll be on your way toward owning and operating your own business!