Jim Chester is a managing partner at Chester & Jeter LLP who represents entrepreneurs and knowledge-based companies. He identifies three critical and cost-effective legal solutions for entrepreneurs: 1) Forming an LLC, corporation or other legal entity to protect personal assets, 2) Obtaining USPTO trademark registration to prevent copycats and preserve new markets, and 3) Doing business succession and estate planning through documents like buy-sell agreements and wills to ensure a business's legacy. These solutions typically cost under $1,000 but can provide large returns on investment by protecting a business.

1. PRESENTED BY
Jim Chester, J.D./LL.M
Chester & Jeter LLP
Dallas, Texas
Critical and Cost-Effective
Legal Solutions For
Entrepreneurs

3. © J. F. Chester 2014
Jim Chester
CAREER HIGHLIGHTS
Managing Partner, Chester & Jeter LLP, located in Lakewood.
Represent entrepreneurs and knowledge-based companies operating in US, the world, and on the web.
Also an adjunct professor of law at Baylor University Law School.
Former adjunct professor of Business Law at the University of Dallas.
Chair, EDCC Entrepreneur & Innovation Committee
EDUCATION
LL.M., International Economic Law, University of Houston School of Law
J.D., South Texas College of Law (Law Journal, Varsity Mock trial)
B.S., Economics/Political Science (Double major), magna cum laude, Texas A&M University, Commerce
HONORS
“Rising Stars Under 40,” Law & Politics Magazine published in Texas Monthly & Texas Rising Stars (2008-09, 2011).
“Super Lawyer” Law & Politics Magazine published in Texas Monthly & Texas Super Lawyers (2013, 2014).
“Best Lawyers in Dallas,” D Magazine (2014).
“AV® Preeminent,” Peer Review Rating by Martindale Hubbell® (2011-present).
“I help people and solve problems for a living.”

4. © J. F. Chester 2014
Based on our experience, some of the best uses of resources on
legal advice and assistance for businesses and entrepreneurs
(from a “bang for your buck” perspective) are:
1. Forming an LLC, Corporation or other legal entity.
2. USPTO / Federal US Trademark Registration.
3. Business Succession and Estate Planning.
The benefits one can obtain from these, which can cost less than
$1,000, can pay for themselves many times over.

5. © J. F. Chester 2014
Big 3: Entity Formation

6. © J. F. Chester 2014
About & Benefits
a. Can protect personal assets from business
debts, judgment, and lawsuits.
b. Can choose type of entity to get most flexibility, tax
benefits, etc.
c. Entity formation in Texas is cheap and fast
Big 3: Entity Formation

7. © J. F. Chester 2014
About & Benefits
Entity Choices:
• Corporation (“C” or “Sub S”)
• Limited Partnership (“LP”)
• Limited Liability Partnership (“LLP”)
• Limited Liability Company (“LLC”)
• Professional Entities (PC, PLLC, PA, etc.)
Big 3: Entity Formation

8. © J. F. Chester 2014
Cost and Process
a. Texas State Filing Fees range from $300 for
LLCs/Inc, $200 per LLP partner, $750 for LPs)
b. Other costs from $0 (DIY) to $1k-$2k for law firm
c. File Certificate with state, other docs are internal but
generally need to be signed
Big 3: Entity Formation

9. © J. F. Chester 2014
Typical Situations:
a. New company
b. Spin-off new line/products
c. Add partner/owner/investor
d. Growth of company
Adding employees
Bigger projects/risks/clients
Big 3: Entity Formation

10. © J. F. Chester 2014
®
Big 3: Registered Trademarks

11. © J. F. Chester 2014
About & Benefits
a. This can grant you potentially permanent rights to your
brands, logos, and other marks throughout the entire U.S.
b. TM law allows owners to prevent “Confusingly similar marks”
c. Can also register in other countries based on USPTO mark.
d. Ability to use “®” is a powerful deterrent to copycats.
e. Can preserve new markets for expansion.
Big 3: Registered Trademarks

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About & Benefits
Any name, symbol, figure, letter, word, or mark adopted and
used by a business to designate its goods/services and to
distinguish them from those of others
Includes service marks, certification marks
Also Trade Dress - Identifies the source or good by:
• Packaging
• Total image of a product
• Look and feel of business
Big 3: Registered Trademarks

13. © J. F. Chester 2014
Cost & Process
a. The pre-filing and filing process typically cost as little as $275
in USPTO fees for DIY, to a $1k-$2k for an IP lawyer
b. Filing is not the end, but the beginning of admin process, so
sometime additional work is needed
c. Process can take years (typically 9-10 months), but “priority
date” reverts back to filing date.
Big 3: Registered Trademarks

14. © J. F. Chester 2014
Typical Situations:
• Formation of new company or spin-off
• New products/marketing campaign
• Enter new markets (including overseas)
• Notice a similar mark used by other company
• Merger/Acquisition or Financing
Big 3: Registered Trademarks

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• Registered TM Owners Can Get Some Help at the Border
• Because of its border control responsibilities, the U.S.
Customs & Border Protection (“Customs”) is uniquely
positioned to prevent illegal importations.
• Although IP owners must typically self-police against
infringement, US Customs will seize potential infringements
of US IP rights, provided the rights are recorded with
Customs
Big 3: Registered Trademarks

16. © J. F. Chester 2014
Big 3: Legacy Planning

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About & Benefits
a. This includes buy-sell and similar provisions in company
documents to deal with death, divorces, and other departures
of co-owners.
b. Also includes an updated estate plan such as a wills, and
advance directives, powers of attorney & guardianship
appointments to protect your interests and ensure your
legacy.
Big 3: Legacy Planning

18. © J. F. Chester 2014
Cost & Process
a. Business docs –
a. Often integrated into company agreements
b. Generally simple buy-sells can be created for less than $1k
b. Will/Estate docs
a. Simple DIY “Holographic” is enforceable in Texas
b. Full estate plan docs (wills, PoA, living will, etc.) range from $500
-$1,500 for simple plans with no trust/tax
Big 3: Legacy Planning

19. © J. F. Chester 2014
Typical Situations:
a. New business
b. New partners
c. Life changes (marry/divorce/kids, etc.)
d. Transition plan for retirement
e. Employee incentives
Big 3: Legacy Planning

20. © J. F. Chester 2014
Based on our experience, some of the legal projects that product
the best return on investment (ROI):
1. Forming a Legal entity.
2. USPTO Trademark Registration.
3. Business Succession and Estate Planning.
The benefits can pay for themselves many times over.
Take-Aways

21. © J. F. Chester 2014
Email jim@chester-law.com
214.382.0755
www.innov8law.com
Questions?