While the company offers consumer-facing products, such as living wills, estate trust planning, divorce, wills, and property deed transfers, it's primary customers are small business owners, and the company divides its revenue into three categories. LegalZoom empowers small business owners to apply their energy and passion to their businesses instead of the legal and regulatory complexity required to operate them." "Once a small business is formed, we offer subscription services to protect the business, its ideas, and the families that create them.
Our platform helps new businesses form," the company wrote in its SEC filing. We believe every business deserves the full protection of the legal system and a simple way to stay compliant with it. Those problems are what spurred the creation of LegalZoom. They also have to figure out legal requirements on their own, and often face regulatory problems as a result.
Yet, they face innumerable challenges, including personal liability if they register as the sole proprietor of their business, and taxes, and they have very little help or guidance to avoid these pitfalls. Small businesses are often called the lifeblood of America and for good reason: according to a report from the Small Business Administration in 2019, small businesses create two-thirds of net new jobs and account for nearly 44% of the GDP of the United States. The company makes money by selling subscriptions and from collecting transaction fees
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