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I would strongly urge you to create a white label version of this and sell it to consumer BK lawyers. I used to practice in this area and the biggest pain-point
by mark212 8y ago
I would strongly urge you to create a white label version of this and sell it to consumer BK lawyers. I used to practice in this area and the biggest pain-point by far was handling the documents from the clients and turning that into PDFs of the petition and schedules to upload to ECF.
Sounds like your tech stack is already worked out on that, so why not white label it to debtors firms? The typical SaaS billing levels (Starter / Pro / Enterprise) would work, and you could offer a paid-by-the-filing level, too. Roll in the pre-filing counseling and the electronic filing and you've got a really good and attractive solution.
Especially as this is built for self-service. If a lawyer could have an in-person counseling session with a prospective client, then point him/her at a webpage to fill out the details and upload docs, that would save an enormous amount of time.
It's been a couple of years since I look at the filing software, but the industry was dominated by a couple of big players and the client-facing solutions were minimal and sketchy. The big advantage was being able to file electronically. But it still needed a couple of dedicated paralegals / clerks to track down all the papers and enter all the details.
Good luck to you!
- jchung 8y ago@rpavuluri: If at any point you were to move forward with white labeling and selling that, I would recommend you consult a lawyer about whether the IRS would consider this unrelated business taxable income (UBTI). Too much UBTI can put your 501c3 status at risk. IANAL / IANYL / YMMV / etc.
- fanzhang 8y agoI think generally UBTI refers to income that is actually unrelated to the good the nonprofit purports to do. For example, Princeton a nonprofit can totally charge tuition and use it as a base of funding, and not pay taxes on that. They can even sell their students food in cafeteria and not pay income tax. [1] But they can't start a food franchise and not pay tax. This software seems clearly within their registration statement. Now if they started selling software consulting as their major source of funding... In any case, I agree checking with your accountant is the best. [1] https://fms.iu.edu/tax/ubit/ https://fms.iu.edu/tax/ubit/
- rpavuluri 8y agoThanks for the tips. We will definitely consult professionals for their advice.
- everdev 8y agoWhite label sounds interesting. Otherwise, better have great SEO or tons of cash for customer acquisition as I can't imagine there will be too many repeat customers.
- jcwayne 8y agoPotentially around 40% [0]. More than I would have expected. [0] https://www.uscourts.gov/sites/default/files/data_tables/bapcpa_7_1231.2017.pdf https://www.uscourts.gov/sites/default/files/data_tables/bap...