As an entrepreneur, the temptation is great to save money whenever and wherever it can be saved, but there are some key areas, like legal services, where taking short cuts will often delay arrival to your end goal.
One such shortcut is using a service such as Legal Zoom, MyCorporation.com, or LLC.com to form your legal entity. In and of themselves, the services aren’t bad, but what you truly miss out on is the knowledge, skill and expertise a licensed attorney will give you as they walk you through the entity formation process.
If you are starting a business with one or more business partners, talking to a live attorney is my hands down recommendation. Starting up is easy when compared to splitting a company, selling a company, or dissolving a company. An attorney will ask you questions to determine what the protocol will be if one partner wants out. Can she sell her interest? Can you decide who she sells to? What happens if your partner becomes incapacitated or dies? Does his interest pass to his spouse? Children? Can he designate an heir?
All of these questions should be considered in advance and using an attorney to help you make these kinds of decisions can save you headaches and thousands of dollars in the future. So while online services aren’t bad per se, they certainly cannot offer you the same kind of insight a business attorney can.
Find an attorney you like and make them a part of your business. The relationship you create in the beginning has the power to last you (and save you money) for years to come.
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