What are the pitfalls for not having legal representation first?
Well, the option that you have really is to demand an accounting from your partner. The problem with this is, is to hire a forensic accountant, to hire a lawyer, to demand the accounting and to hire the forensic accountant to examine the books is very, very expensive. And frequently, although you pay the forensic accountant $250 dollars an hour and up and the lawyer $250 and up you don’t always get an accurate picture of that corporation is about. There’s no guarantee that the information submitted to the forensic accountant is going to be complete or accurate and you’re going to pay thousands of dollars to piece this together. What you’re better off doing is staying involved in the business from Day 1, speaking to your lawyer early and first and knowing how that business conducts business and what its worth all along the way.
