Starting a company is not a difficult task, but knowing when to start it and include lawyers can be a bit more challenging. These days it is popular to be an entrepreneur and everyone desires to start his or her own business. Instead of going straight to the lawyers to file an LLC, you might want to make a different approach.
Going this route might be by the book, but it is also expensive. If you have a legitimate venture you are going to put a lot of time and money into, it might be worthwhile. If you are boot strapping your new company, it might not be such a great use of your capital resources.
According to Hutchinson & Stoy, PLLC you may not need to go to get your LLC paperwork handled the second that you have an idea. Instead, it might be a better idea for you to wait and save that capital until you know for sure that it is something you are planning to follow-up with in the long term.
After a while (and especially if you start generating revenue), it might be a good idea to look into getting a lawyer involved with your company. The best way to do that is look for a local lawyer, but keep in mind that the basic LLC filing can be done by anyone. The time when you really need a lawyer is when you have multiple partners in a business or you want to do some other unique things with equity.
Either way, don’t be in a rush to get lawyers involved with your new venture if you don’t think it is going anywhere. It can be expensive (upwards of $300 in some states) to get the paperwork filed and it isn’t always necessary. Wait until you have a bit of traction before following up with legal support.