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Related Assignments
This section sure looks like a doozy, but it's really just a bunch of subsections diving into different legal entities for ventures. After we go through all of the benefits of and different ways you can incorporate, we talk briefly about the process of splitting equity ownership. Then, we look at the most common types of IP, and how they might be applicable to your venture.
It's no secret: lawyers are expensive. Attorneys can charge anywhere from $200 to over $1000 per hour, depending on their specialities, location, and their experience. Legal expenses can quickly add up if you don't know how to handle lawyers, so it's best to engage them only when you need them.
Often, student entrepreneurs think they need to talk to a lawyer when they really should be consulting a non-legal expert, or Google. While you might be lucky and have access to pro-bono legal office hours, it's important to use them only when you really need to be talking to someone trained in the rule of law.
<aside> ⛔ Before we proceed, a disclaimer: this was not written by a lawyer; this is not legal advice.
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Here are some situations where you should talk to a lawyer:
Here are situations where you likely don't need a lawyer:
<aside> 🧩 Touch Point What are some legal matters that your venture might deal with? Make a list of the things that you think you would, and would not, need formal legal help for.
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When you are starting a venture, it's important that you **incorporate ****the venture, meaning to constitute it as a legal organization. The process of incorporation involves legally declaring your venture to the state, drafting operating documents, and establishing your organization as one that may be subject to fees, paperwork, and taxes.