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When I was young, I just bought a Ford Pinto and the water pump went out. Being a young fellow of limited resources but rich with unlimited optimism, I decided I would replace the water pump on my own. I bought the parts, tools, and a manual. With confidence and a true heart I diligently disassembled critical parts of my engine to reach the water pump, as the parts began to pile up outside the car, the instructions became increasingly confusing. It wasn't too long until I was completely flabbergasted. It would have cost me $60 to have the pump replaced by a mechanic. In the end, I had to total the car.
I learned a valuable life lesson that day, one that can be applied to business owners as well. If you cannot afford to lose your entire venture, then you cannot afford to go without the proper expert advice. To insulate your business from liability, you have to hire a commercial lawyer to protect you. Your lawyer will assemble a battalion of accountants, commercial bankers, and insurance experts to help make sure your business is fully protected.
So in conclusion, get yourself a commercial lawyer to help make sure that: (1) your business entity is appropriate for your needs, (2) you have the proper insurance and you understand the limitations; and (3) that your business is legally audited to include a full check up to discover any potentially devastating hidden legal landmines that could put you out of business!