As a new entrepreneur, saving money however we can is imperative!!! There are so many aspects in business where we can ‘cut corners’ and many innovative ways to do just that without suffering quality in the desired action. While the temptation is to ‘cut corners’ in as many places as possible, there are some key areas where taking short cuts will often delay arrival to your end goal, and in some drastic cases, sabotage it all together. Of course, you know the area I am talking about is the Legal aspect of your business!
One such shortcut is using a service such as Legal Zoom, MyCorporation.com, or LLC.com to form your legal entity. Now, I am not saying anything bad (per se) about these services, but while they provide ‘documents’ at a low-cost, saving you money (which new entrepreneurs need), where you truly miss out is in the knowledge, skill and expertise a licensed attorney will give you as they walk you through the entity formation process. Let’s face it, there nothing like an attorney who knows you, your business and what you need!
If you are starting a business with one or more business partners, talking to a live attorney is my hands down, ultimate recommendation. Start up may be easy when compared to splitting a company, selling a company, or dissolving a company, but what about the protection you need in case those things happen? 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? Can you force her to sell? What happens if your partner becomes incapacitated or dies? Does her interest pass to his spouse? Children? Can he designate an heir? Can it go to you? There are so many questions that you won’t think of and neither will a website.
All of these questions, and more, should be considered in advance of creating a company and using an attorney to help you make these kinds of decisions can save you headaches and thousands of dollars in the future. Basically, you can see an Attorney now or later on when it could cost you more money. 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 (you’ll like me) and make them a part of your business and its plans. The relationship you create in the beginning has the power to last you for years to come through good times and bad, and ultimately save you time and headaches in the long run.
More about Crystal:
Crystal is a legal consultant for purposeful female entrepreneurs and empowers her clients to actually understand the advice she gives them instead of leaving them more confused than when they started. She ensures entrepreneurs have access to common sense documents, including contract templates, that will both protect their business and provide clarity.
After serving in the administration of the City of Buffalo Mayor for over a decade (and teetering on the edge of burning out), Crystal left her career in public service behind to pursue the glittery badassery that’s all her own – well kinda…she currently serves as the Chief of Staff for the President at a local college (a job that brings a new set of less stressful challenges).
She has helped many female entrepreneurs protect their assets and create the business structure they need to succeed. Crystal is an effective, compassionate speaker and advocate for the proverbial underdog, those underrepresented and (wrongly) considered unlikely success stories in the area of business. She empowers entrepreneurs through her legal expertise, and they appreciate her blunt, no-nonsense, get-shit-done approach that is wrapped in love and support. Kombucha, Journals & Reeses Pieces are her ‘Love Languages’ and she is committed arming entrepreneurs with the legal knowledge they need in order to build their companies like a real boss!
Crystal is also the creator of “Business in a (IN)Box” the premier course for the DIY Entrepreneur who wants to get business done legal…and right. Female Entrepreneurs can’t fully embrace their role as CEO without understanding what that role entails and the necessity to be intentional about running a business legitimately. In this informational course, she covers the legal ‘stuff’ entrepreneurs need to be aware of, as well as the practical details they need to cover to maximize their business from Copyrights, Structure and Contract templates.
For more information about Crystal and her products, including one-on-one coaching, visit www.CrystalRodriguezEsq.com, or @CrystalClearEsq on Instagram, Twitter & Facebook.