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This can be an intimidating experience, but I strongly suggest that you retain a lawyer. This
is for help now and in the long run, albeit it is an expensive part of the business. This will
certainly be necessary if you identify more than one owner for the business, more specific-
ally to say that if you plan to have a partner, because setting up the proper paperwork now
can save each of you in the long run.
Your lawyer can also set up the legal business name and establish the articles of incorpor-
ation for you if you'd like. However, these items can also be done by you to save money,
and we'll talk about that later.
Generally your attorney will give you good, sound legal advice and even provide an opin-
ion on your new venture as it's in start-up phase. A seasoned business lawyer will have
seen many examples of successful and failed businesses and will be able to shed some light
on your scenario as you talk out your plan. Many lawyers are connected with banks and
private investors, which can also benefit you in the future.
Lastly, having a lawyer who knows who you are, what you're trying to accomplish, and
what the nature of your business will be can be very helpful. Even if you don't speak on
a regular basis as your business takes off, if you ever need the assistance of someone who
knows the law, you can call on “your lawyer” in the future.
Typical price for setting up your business paperwork: less than $1,000.
An Accountant
I also highly recommend meeting with a certified public accountant (CPA). This can simply
be to help you determine how you want to structure your business for tax and accounting
purposes. You do not need to have the accountant balance your topics, write checks for
your business, or even look into your bank account. Unless you understand accounting and
tax regulations, it is a good idea to have an initial meeting with an accountant to help you
get the topics started off right.
In fact, use that initial meeting to decide whether or not that particular accountant seems
to be a good fit for you in the future. As your business closes out each fiscal year, you
will want a CPA to review your topics and prepare your taxes for the IRS and the state in
which you operate. I consider my CPA expense a “peace of mind policy,” because working
without one would be unsettling. I prefer to have the professionals help me when it comes
to the IRS. I just think that it's a smart move.
Remember this: As you choose your CPA, look for personality compatibility. I found a
CPA I really like; he understands my needs and doesn't belittle me or tell me that I'm doing
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