Living Entrepreneurship Blog / Babson Entrepreneurs

Legal When Starting a New Venture

Many of us forget about how important all of the legal work is when starting a new venture, but it is critical. Sure it is sometimes difficult to talk about it when your partner is your friend or spouse, but it is a must because it will come back to haunt you later on. There are many tools and templates online that can be of help to you. Of course, the best is always to go with a lawyer, but if you can’t afford it then changing around a free template is better than nothing. I have heard countless horror stories when it comes to legal documents not being signed by the founders and have gone through quite a few bumps myself so don’t forget to take care of it early on. Don’t worry about the document being perfect, but make sure that you have something and then once a little bit of revenue comes in, get a lawyer to revise it. Don’t be lazy or shy when it comes to your business. Another quick note: make sure that you incorporate your business as soon as possible to limit your liability. One of my favorite sites is Filings Made Easy. Good luck.