Cost-Effective Methods to Deal with Legal Issues for Your Start-up

By: Zain Nabi  |   August 13th, 2013   |   Business

Starting a company with little budget is undoubtedly one of the most difficult tasks. You can cut the budget on goods and services but there are a number of things on which you need to concentrate before other expenses which can’t be avoided such as accounting fees and legal fees.

 

Lachlan McKnight, chief executive of LegalVision, presents some ideas about how to keep legal expenses down when starting a new business. This article sheds light on different ways, which can help a new entrepreneur in reducing their legal costs:

 

Get a lawyer to help you for free

If any of your friends is a lawyer, then half of your problems are solved. Seek their professional advice in reviewing important documents. However, if you don’t know anyone who is an expert on advising at legal matters, don’t worry. Every state has some legal help offices that provide legal help at an affordable price and it is one of the ways to save cost as if you contact a private practitioner you would have to pay a lot.

 

Give away some equity

 

If the first step does not solve your problems, you could get some legal advice by giving away a share of your equity. In early days when Facebook did not have enough money they gave away their equity to a number of service providers. Obviously, paying your lawyer is a much better approach, but if you don’t have cash you can easily find entrepreneurial lawyers who by taking your equity can provide you legal help.

 

Use Internet

 

Nowadays the Internet plays a major role in every field of life. If you are strapped for cash and need to customize some legal documents, the Internet can be a big help. There are a lot of websites that offer basic templates by which you can easily customize legal documents. These basic templates are usually free of cost.

 

In order to start a new business you need some legal help. This involves a range of roles from creating important legal documents to solving legal queries. It is fair to solve these legal issues before starting a new business as it can boggle your mind later.

 

Image: SparkBoutik