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Thread: Benefit of hiring a lawyer for incorporating

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    Default Benefit of hiring a lawyer for incorporating

    Hello Beyond,

    A friend and I have recently decided to start a business. We are currently looking at our options for incorporation. We would like to set up the company with a buy/sell clause and a shotgun. We figure that this will be easy enough to do on our own through the registry as we will be 50/50 partners and it seems straight forward.

    Some think that we are crazy to go forward with a lawyer, so I am wondering if Beyond can convince me to spend the extra cash to hire one.

    Thanks.

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    Default Re: Benefit of hiring a lawyer for incorporating

    Originally posted by BavarianBeast
    Hello Beyond,

    A friend and I have recently decided to start a business. We are currently looking at our options for incorporation. We would like to set up the company with a buy/sell clause and a shotgun. We figure that this will be easy enough to do on our own through the registry as we will be 50/50 partners and it seems straight forward.

    Some think that we are crazy to go forward with a lawyer, so I am wondering if Beyond can convince me to spend the extra cash to hire one.

    Thanks.
    Normally, I recommend one to incorporate themselves, however adding a partnership in to the mix, I'd recommend getting a lawyer.

    You want to make sure the partnership agreement is as clean cut, and covers absolutely every type of situation that can arise, and provides a course of action in any of the possible events (divorces, buyouts, health issues, mental capacity, unrelated personal lawsuits, disputes among partners, death, etc...).

    Even if you guys are tight, you want a partnership agreement that would cover rules as if you were arch enemies. Do it now at the beginning instead of later...
    Sig was pwned by Moderator!

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    for my next one i think im going to go with the lawyer/accountant combo just to help minimize taxes as much as possible. always been a fan of letting the experts handle the things they do best while i focus on what i do best

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    For a partnership, Yeah get a lawyer.

    50/50 partnerships are the most complex and troublesome business arrangements I can imagine. I hope this isn't a close friend. You are likely to seriously change this relationship once you are business partners.
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    Brewery?

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    No advantages at all. Lawyers are useless.

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    Originally posted by shakalaka
    No advantages at all. Lawyers are useless.
    Truth
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

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    Originally posted by roopi
    Brewery?
    Zoo Keeping Services.

    Thanks for the replies. We decided to take the general consensus and just hired a lawyer. I figured it would of cost a lot more. Not even worth the thread for the $1500 they charge lol.

    Cheers guys.

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    It's not the incorporation that's costs. It's the USA.

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    Originally posted by BavarianBeast


    Zoo Keeping Services.

    Thanks for the replies. We decided to take the general consensus and just hired a lawyer. I figured it would of cost a lot more. Not even worth the thread for the $1500 they charge lol.

    Cheers guys.
    Which lawyer did you decide to go with? Iím looking for one for the same purpose right now.

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    Same, negotiating a partnership, didnt know whether to do it myself with all the what ifs answered and signed or go through a lawyer. Pretty sure that if you have the what ifs answered and laid out i dont think youll need one?

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    I went with a buddy's friend who is operating with Lawson Lundell out of Yellowknife so his rate was pretty good.

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    My company is solely owned by my wife and myself, so that was simple. I did look into creating it as a partnership with a colleague of mine, and after talking it through with him, we both decided a two-par partnership was terribly complex and would impact our working relationship.

    My way of thinking about it is that it's just as hard to build it with two partners as it would be with ten or more shareholders. Actually worse because with only two you are MUCH more likely to run into an impasse that can't be solved with a simple vote.
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