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You could save hundreds of dollars by incorporating yourself without a lawyer. How do you go about doing it? And is it ADVISABLE to incorporate without help?
THIS IS NOT LEGAL ADVICE
The only ones who should be giving legal advice are those LICENSED to practise law (in other words, only lawyers). This article is not legal advice. If you need legal advice, consult a lawyer. This article is being written simply to INFORM you that it is possible to form a corporation or limited liability company without a lawyer.
WHY USE A LAWYER?
First of all, if you make a MISTAKE incorporating yourself, who do you sue? You only have yourself to blame. On the other hand, a lawyer has insurance to cover errors and omissions. Secondly, you could benefit from the EXPERTISE of your lawyer. Perhaps a corporation isn't the right vehicle for you under your circumstances. Be aware that there can be disadvantages as well as advantages to incorporating. Your lawyer can consider commercial law, securities legislation, limited liability, tax factors, estate planning, share structure, and a myriad of other business considerations. Sometimes the advice of a good lawyer can SAVE you thousands of dollars.
IS IT ADVISABLE TO INCORPORATE YOURSELF?
Is it advisable to perform surgery on yourself? Perhaps in a wilderness survival scenario, self-surgery might be your only option -- however, it isn't a good idea in most instances. Likewise, just because it is POSSIBLE to incorporate yourself without a lawyer doesn't mean it is always a good idea. In some jurisdictions, only lawyers can incorporate others. For a paralegal or other person to incorporate a company for you could be considered unauthorized practise of law. Thus, it may be legal to incorporate yourself but not others.
A FEW ISSUES TO THINK ABOUT
Some factors you might consider are:
HOW TO INCORPORATE YOURSELF
Many BOOKS have been written by lawyers on how to incorporate yourself. "Incorporating Your Business For Dummies" by The Company Corporation and "How To Form Your Own Corporation Without a Lawyer for Under $75.00" by Ted Nicholas are two such books. FORMS, corporate supplies, name searches, and kits are available from legal stationers and other sources. Sometimes helpful information on this subject is available from the government for free or nominal cost. And you can sometimes locate incorporation manuals at your local LIBRARY for free.
Be careful. Legal manuals become OUTDATED very rapidly. You might consider very seriously purchasing the most up-to-date manual available; it might also include helpful reference material on maintaining corporate minutes and other helpful suggestions on OPERATING your corporation. Buy the appropriate manual and supplies and then follow the instructions. With a little effort, you could save hundreds of dollars incorporating yourself without a lawyer.
Stephen Pope, President of Pope Consulting Inc., has been helping clients to earn maximum business profits for over twenty-five years. Visit his website at www.popeconsultinginc.com.
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