News & Insights

Should I Incorporate Myself Or Use A Lawyer?

With the rise of DIY legal services, many entrepreneurs and small business owners may find themselves pondering the following questions, “should I incorporate myself or use a lawyer?” or “Should I hire a lawyer for opening up a small business?” If you find yourself asking these questions, you should consider a few things before making a decision.

Time

One thing to consider is whether you have the time to do the research. At the same time, do you want to rush through something that seems mundane, which could make or break your business? An experienced business lawyer has probably incorporated dozens of companies in multiple states. The time you’ll spend finding the right state website alone could be used for other tasks.

Knowledge

Another factor to consider is whether you have sufficient knowledge to perform the task at hand. For example, how comfortable are you discussing the differences between a Sole-proprietorship, LLC, C-Corp, S-Corp, or Partnership? An experienced business lawyer will ask you the important and nuanced questions to make sure you’re starting the business on the right foot.

Resources

Lastly, do you have the resources to lay the proper foundation for your entity? Do you know which governing documents are needed to establish the proper ownership structure, distribute shares, or the like? While DIY resources offer templates, and you could certainly find templates online, do you fully understand them? An experienced business lawyer has templates for dozens of industries, which would allow them to tailor the document to your needs. DIY sites typically offer one template for everyone, and templates from random websites are unreliable.

In Sum

If you’re one of the many entrepreneurs or small business owners asking yourself if you should incorporate your entity yourself or use a lawyer, consider whether you have the time, knowledge, and resources to properly form your entity. The long-term gain of hiring an experienced business lawyer day one will most likely outweigh the short-term pain of spending money to do so.  

Protecting Your Business in the Tri-State Area

business being done in tri-state area

To the surprise of many entrepreneurs and small business owners, you can’t just go out and start doing business wherever you want. You have to register your business, follow labor laws, and obey local licensing requirements. If your business is expanding into other states, mazel tov, your company is growing! Now for the bad part, things just got a whole lot more complicated. Instead of trying to comply with one state’s laws, now you have to figure out the laws of other states as well. But what exactly does this mean for your business? Do you have to comply with the laws of every state you are in? In this blog, we’ll discuss how you protect your company if you do business in New York, New Jersey, and Connecticut (the “Tri-state area”).

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How to Protect Your Company When Relying on Investors

business lawyers in a corporate board room talking to investors

Capital for your startup typically comes from one of three places: self-funding, debt financing, or equity financing. If you’ve chosen to raise capital through equity financing that means you are most likely relying on investors. Money is never free; even Uncle Sam gets his share if you win the lottery. Investors expect a certain amount of return and/or equity in your company when they invest. Yet, you still need to protect your interests and not give away the farm. Protecting your stake in your startup requires clear and formal documentation to solidify any agreement you make with investors.

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