This is an excerpt from an excellent article about why you should hire an experienced attorney for your
small business formation, instead of McDonalds LegalZoom:
- LegalZoom is slow. The company’s normal turnaround is 20-35 business days, unless you spend hundreds of additional dollars for a “rush” 7-10 business day service. Many of our colleagues turn around applications in 3-5 business days (or sooner, if need be).
- You’re stuck with their prices. When you work with a lawyer, you can negotiate a flat fee or hourly rate depending on your needs. With online services, that is not an option.
- The advertised prices are not what they seem. $149 for a corporation? That may be true in the abstract, but if you want quick service, advice on other registration matters, or anything else, you will easily spend hundreds of dollars more. The company charges $79 extra to get you a Federal Employer I.D. Number, something you can do online with the I.R.S. for free in less than five minutes.
- No advice on which entity is best for you. Deciding which business entity is best for you is critical, with serious tax, liability, and other legal implications. Every business has different needs, and only by speaking with a lawyer about your goals and plans can you make an informed choice about the right business type.
- You miss out on the latest options. Business entity law is changing. Many states now offer hybrid entities like benefit corporations and flexible use corporations that are helpful to companies pursing both profits and charitable goals. Lawyers versed in their state’s laws can keep you up to date on these developments.
Click here to read the rest. I couldn’t have said it better myself. Or, if I could have, I would have written it myself.