Legal Advice and Startups

Photo: Junction 2015 hackathon

It’s often the case, when someone starts a business, that they don’t have a lot of money. There are always a lot of things to buy, like equipment, and if the business has moved into rented premises then there is the cost of a new lease, which can be high. Among the many things on the to-do list may be to hire a lawyer to get a standard client agreement drawn up, or terms and conditions for product sales, or licensing IP, or a shareholders (or partnership) agreement, and so on. Then the startup owner(s) find out that legal advice can be expensive, and they decide to skip the legal advice or professionally drafted documents for the time being, and make do with downloaded documents (sometimes from a different country) or documents a friend has given them.

Everyone has a budget, and if you can’t afford a lawyer then that is your reality. But startup business owners who decide, for whatever reason, to skip obtaining legal advice should be careful. It is worth keeping the following things in mind, in this situation.

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