Our process helps us to understand more about the company and allows us to make recommendations about documentation that may be missing key provisions and/or absent entirely. When a new client engages with Fourscore as an already existing company, we use an expanded intake process to gather information and documentation that has already been prepared by a prior law firm, the founders themselves, or in some cases an online legal services provider. The documentation we have seen for businesses set up as corporations is usually less complete than the LLC documentation.
A well drafted (and practically useful) operating agreement for a multi-member limited liability company has many concepts that are often either misunderstood by entrepreneurs or omitted entirely from the operating agreements produced by online legal services companies. Frankly, it is hard to mess up, and even if it does get messed up, there is only one owner, so that owner can do whatever needs to be done to fix the mess without discussion.Ĭompanies like legal zoom offer other services as well – you can set up a multi-member limited liability company or a corporation using online providers, but it is not recommended unless you are confident that you understand what needs to be included in the documentation. The process to set up a single member LLC is very, very simple. However, we regularly help with the cleanup once a company moves beyond those services companies to a law firm like Fourscore, so this article gives our perspective on companies like Legal Zoom.īased on what we have seen, these types of legal services companies tend to be best utilized when an entrepreneur needs to set up a single member limited liability company (a business that will not receive outside investment and that is solely owned by a single person). These online legal services companies can play a useful role for certain types of new businesses, so they should not be discounted completely. It isn’t just legal zoom – if you’re an entrepreneur, you might look into any number of the online legal services companies that have sprouted up over the past +/- 20 years to help set up your new business.
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