Hiring Lawyers and Accountants

Too often, a new entrepreneur will visit with a lawyer to get advice for starting a business.  It is a natural thing to do.  The new entrepreneur is trying to build a consensus around their business idea, and they want to make sure they are doing things right. 

Here's the problem:  The line between legal advice and business advice is kind of blurry--a slippery slope.  This sometimes slips into hours of discussion with a lawyer about business advice.  Compounding the problem is that most lawyers are expensive and many of them aren’t good at business.  Just because you are good at law, doesn’t make you good at business.  

I’m not bashing lawyers here.  I’m just suggesting to new entrepreneurs to be aware of this situation.  Every situation is unique, but it is good general advice to limit consultation with attorneys to legal matters.

The same principle applies to a CPA and/or bookkeeper.  If you are inexperienced, you need these folks to help you set up and teach you how to keep your books.  The slippery slope happens if you start to lean on them to tell you how to run your business. 

Again, I'm not criticizing any profession here.  I'm just trying to heighten awareness so you don't accidentally slip into this mistake.

One final thing about the services provided by lawyers and accountants.  Everything is easier if you set things up correctly in the beginning.  Get your business name and corporate formation done.  Get an appropriate bank account and accounting system, etc.  Starting out right saves you a lot of work in the long run.  Lawyers and Accountants can help you get set up right.