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Dec 30

A Free Legal Consultation Is Fine, Hire a Good Franchise Attorney

 

Buying a franchise is one common way that many aspiring entrepreneurs get into working for themselves. However, before committing to a franchise agreement – which can least take 10 years or more – it is vital to consult with a franchise attorney.

Many excellent franchise attorneys offer free legal consultations up front, but after that, you should be prepared to pay your lawyer well to advise you on your new business.

Here’s why:

  • You may be investing $100,000 or more of your hard-earned dollars into this franchise. While getting a free legal consultation is fine at first, you should spend the money on a good franchise attorney. There are many details in establishing a profitable franchise operation. Most of those details are laid out in the Franchise Disclosure Document or FDD. That document is probably 200 pages long, and you need to know every bit of it.
  • Your attorney can help you to select a proper business entity. Should you be an LLC, S Corp or C Corp? Do you know the difference between the three?
  • Your lawyer can help you if the franchising operation runs into problems. Some franchisees don’t spend money on a franchise lawyer, and come to regret that decision later.

Remember, after free legal consultations for your franchising business, make sure you hire a good attorney to protect your business interests.