LCCF: The Legal Contract and Company Formation Club.
When you skim, like I do, this forum every day it seems that both newbies and more seasoned investors all ask the same 20 questions about what legal implications a certain deal might have, what contract with what content to use for this or that deal, and what kind of company formation would be the most advantageous.
Here’s a suggestion:
As most of us probably work within a very similar personal realm as investors - some of us want to protect private property for our families, some of us want to protect the assets we built up investing, and some both: instead of each of us paying thousands of dollars to put together a team of legal professionals and company formation specialists, why don’t we chip in a small amount each (depending on how many will join this “club”), hire the best of the best - some might even already attend this forum or have good suggestions - and work out a three-four basic scenario “manual”, that members of the LCCF can adjust to our own, individual needs!
Cookie-cutter plans customized on a DIY-basis don’t work when needed and I don’t see how this club will be much different from Internet providers. The value in legal work is having an expert examine your specific, individual situation and provide guidance along the way. The manual may take hundreds of hours at $250/hr or more to create, assuming you really want the best of the best. It would probably be cheaper for people to hire their own attorney and actually get something that is designed for them instead of a general purpose document.
I don’t agree. Like I mentioned, most people have the same basic needs, and 100 people paying $100 each to to get 80% of the way beats 100 people paying $10.000 each to get 100% of the way.
What does this mean? Why would I only want 80%. If I’m paying for something, I want it done 100%. If people need to go to an attorney to customize your 80% document, it will cost less to have the attorney draft one from scratch because he won’t have to review your document to figure it out.
Nine out of 10 legal documents, Contract & Agreements, Purchase Agreements, Lease Agreements, etc. are pretty standard, so you don’t need and expensive attorney to invent the wheel at your expense.
The same goes for company formations: pretty standard, and I’d rather pay a small amount to an expert to make a standard formation suitable to my needs, than to let “a panel of experts” invent the wheel again at my expense for a product that will never be bullet proof anyway. I’ve never met neither a lawyer nor an accountant who wanted to be personal (read" financial) responsible for his or her work should the shit hit the fan!
After all, this is not rocked science - I guess then only ones my suggestion will really hurt are the outrageous expensive accountants and lawyers themselves…