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.  

The Benefits of S-Corps

business attorney setting up an S-Corp from her desk

Anyone starting a new business is faced with a lot of decisions. Arguably the most important is choosing the business entity type and tax status. Entrepreneurs have many options to choose from, including S-Corps, LLCs, C-Corps, and sole proprietorships. 

Each type of business has its benefits and limitations. An S-Corp is unique because it is technically a tax designation, which can be used by LLCs and Corporations. This blog will discuss the benefits of an S-Corp.

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Don’t Call It A Partnership!

When two people agree to form a business together, what would you guess they call it? Naturally, many people use the term “Partnership.” In some instances, Partnership is technically correct, like when two or more attorneys share an office and referrals, or two accountants do the same. However, today the term “Partnership” is misused by many, and it could have an impact on their business.

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