You may spend years dreaming and working hard before your business becomes successful. Along the way, you may have found innovative methods of reducing costs that include using DIY business law websites. But is this cost-effective way of doing business? In this article, we will examine the high price of DIY business law by looking at some situations where hiring a business lawyer could have saved money and time.
Forming Your Business
It’s relatively easy to find business formation forms online. In fact, online legal sites offer them, as well as the Florida Division of Corporations. However, completing a few forms and paying filing fees may not protect you from the following costly problems.
Choosing the wrong business structure can lead to adverse tax consequences in the form of higher taxes. You may lose out on tax deductions and pay higher administration costs. Even worse, your personal assets may be vulnerable to lawsuits. Using DIY business law could cost you thousands of dollars.
Discuss your business plans with an attorney before choosing a business entity.
Drafting and Signing Contracts
Contracts should contain the terms and conditions you have negotiated and be legally binding. Using a contract from an online website could lead to some unintended, unpleasant, and expensive consequences.
For example, a poorly drawn contract could leave you with no way to be compensated for a breach of contract. You may find your company is liable for unexpected fees and expenses that were listed in the contract’s fine print.
Having an experienced business lawyer draft and review your contracts could prevent expensive mistakes.
Settling Legal Disputes
Handling a dispute on your own can be costly to your company. Disagreements could lead to litigation, which can be very expensive. Lawsuits also distract you and your employees from daily business operations. It’s also easy to make mistakes while negotiating, especially if you don’t know your rights.
An attorney with business experience can’t guarantee that you will never be sued. However, your attorney may be able to negotiate a settlement or otherwise minimize your exposure.
DIY Business Law Treats Your Business Like a Weekend DIY Project
Why trust something as important as your business to anyone other than a skilled professional? Using an online company or dealing with legal issues yourself may seem to save money right now, but actually cost more long-term.
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed tm. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. we represent clients throughout South Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, and surrounding communities.