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By Doris RufOn Feb 22, 2018 Form Template

Startups in Silicon Valley raising their first round of funding can spend upwards of $80,000 on legal fees, according to VentureBeat. Neither the entrepreneur nor the investor wants to see that kind of dough diverted from product development and marketing to lawyers. Enter iDisclose, co-founded by Georgia Quinn. It takes a TurboTax-like approach, enabling entrepreneurs to do 80% of the work using an online tool that walks you through every step of writing legal agreements with investors, Quinn says. You still, however, need a lawyer to review the document. Forms are printed documents with spaces where you can insert information. Forms have been created (by courts, self-help centers, legal aid organizations, and the like) to help people in their court cases. Forms typically will not explain the governing law to you, and they may not provide or cover all of the information necessary for the court to reach a decision. You should use legal forms as a tool in conjunction with the other written documents you prepare, information you gather, and research you do about the law governing your case.

If the transaction is for a large amount, the cost of an attorney to draft a document is relatively small compared to the cost of losing money in the transaction. However, if you have basic needs, such as requiring standard employment contracts, it obviously makes no sense to spend hundreds (possibly thousands) of dollars hiring an attorney to draft the contracts. If your business has legal needs, but you do not want to spend considerable money on attorney fees, sites like QuickBooks Documents may be your ideal solution, providing step-by-step guidance in customizing attorney-drafted documents and legal forms. This will ultimately save you significant capital that can be devoted to more pressing entrepreneurial needs, such as growing your consumer base and expanding your workforce. Every penny counts for startups and small businesses, but some companies try to save money by neglecting to draw up contracts or to seek legal advice. This is penny wise and pound foolish. In the long run, your attempt at savings can cost your company, both in the event of legal action down the road and in lost opportunities. While your frugal sensibilities may also be used to steer clear of uncharted waters to avoid risk, lawyers who have navigated these seas before can help you maneuver around legal pitfalls—and guide you to greater payoffs. This could include drafting your articles of incorporation, invoice terms or even how you budget. In todays market, finding and paying for legal advice has become much easier.

Recently, there has been an explosion of websites and services geared toward helping people sort out their legal issues themselves. Many of these sites offer these legal forms, documents and templates for a flat or monthly fee (as opposed to expensive hourly rates for a lawyer), while others offer their forms free of charge. The gist is simple. You answer a few basic questions, such as the parties names, the specifics of the contract and a few others, and the site creates a document for you based on the answers you have provided. Some sites provide a wider range of legal services, from filing a trademark, creating a living trust, to forming an LLC, among others. However, these services are rather straightforward, and if you have a specific requirement that is somewhat specialized, these services may not be for you. So which is the right choice for you? If you are like most entrepreneurs starting out, you do not have capital to burn, so the choice might already be made for you. However, if you are on the fence, here are some pros and cons to implementing customizable legal documents and templates that should help you make a decision. During the tumultuous course of running a business, you will face multiple difficult choices that may spell the difference between success and bankruptcy. Consider conducting a cost-benefit analysis to balance the complexity of your legal needs against the costs of hiring professional help.

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