I wanted to follow-up with you concerning the importance of taking preventative legal steps when starting your business. Googling this weekend, I found a blog entry from Rhonda Abrams, author of The Passionate Entrepreneur on Yahoo! Finance. Here’s an excerpt:
“Taking care of your company’s legal health is like taking care of your personal health: An ounce of prevention is a lot more pleasant than a pound of cure. I often see entrepreneurs end up in legal battles costing thousands of dollars that could have been avoided with a $200 trip to an attorney.”
Reading the excerpt sparked two immediate thoughts:
1. She’s spot on, and
2. $200?! (Just kidding.)
Abrams finishes the article with some tips on how to select a lawyer and what types of issues you should discuss with your legal counsel. The point you, the entrepreneur, should take home is that seeking legal advice early can save you plenty down the road in terms of money and headache. The legal advice will likely cost you more than $200, but it will be worth every penny.