How important is to establish a relationship with a lawyer and an accountant in early stages of a company


3

The older I get and the more I get into entrepreneurship, I find myself having to talk more and more with different type of lawyers and accountants.

Does it make sense to establish a relationship with such professionals from the beginning? and if so, what are the best ways to get to talk to them and establish a relationship when all you have is a new startup and not money?

Getting Started Legal Accounting

asked Dec 3 '11 at 05:28
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Ricardo
4,815 points

3 Answers


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Does it make sense to establish a relationship with such professionals from the beginning?

No, it is totally preferably to learn about keeping proper accounting the moment you get sued your ass off from the government and that you totally ddestroyed your compayn from makint mistakes in your contracts because you are a legal ignorant.

what are the best ways to get to talk to them and establish a relationship when all you have is
a new startup and not money?

Nothing.

See, without monry for basic setup procesdures you do NOT have a startup, you have a funny idea. I dont say you need tons of money, but I always got basic advice for 2-3 days worth of my income (when I was earning lower). If you have not enough money to pay for the ticket to register your business, dont run around telling people you have a startup. Get a job at McDonalds and save enough to pay for the setup of your operations.

answered Dec 3 '11 at 05:44
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Net Tecture
11 points
  • Thank you for your answer. I get what you are saying. However, I am talking about creating a relationship with a lawyer and an accountant to help me with more complicated matters. I take care of my own taxes and have incorporated my own company. I am looking for someone to help when more expertise is needed. Thanks. – Ricardo 9 years ago
  • So still, get in touch with them. This does not necessarily involve tons of payments up start. Your local chamber of commerce can help. When I established my last company I had a lawyer on retainer (handle everything that hits me for a fee per month) for a year and it paid out very well. – Net Tecture 9 years ago
  • Thanks... this is the type of advice I am looking for... I am not sure of all the options that are available out there. – Ricardo 9 years ago

1

Yes, you should get to know such professionals up-front.

State that you don't have the money to retain anyone right now, but you would like to establish a relationship so you know whom to retain when the right time arrives. Then ask for a brief chat by telephone or over coffee with the objective that you'll learn which start-up blunders to avoid (i.e., when you need to seek professional expertise).

Disclaimer: This information does not constitute legal advice and does not establish an attorney-client relationship.

answered Dec 4 '11 at 12:09
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Dana Shultz
6,015 points

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Yes. I'm a lawyer. I handle start-ups, from incorporation to initial financing rounds to going public.

If you don't have a lawyer from day 1, you will do things that may seem insignificant but can have severe consequences on your business down the road (financial or otherwise), and when it comes time to doing a financing, cleaning up the mess will delay your financing and be much more expensive (for legal fees) than if you had just contacted a lawyer in the first place. Even if you can't/don't pay, just bounce things off the lawyer- they will gladly answer quick questions.

answered Dec 3 '11 at 23:28
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User6492
1,747 points

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