My $5000 Legal Lesson

LegalLessonsIn 2001, I got involved in a business partnership in a foreign country. My partner was a good friend and there was plenty of excitement! We were convinced we were in the right business.

I trusted my friend to take care of the details and I made available my part of the capital. We made use of his lawyer and things seemed to be going well – until not.

After awhile, I started noticing a few legal loopholes and began to get concerned. As events unfolded, the damages became clear and I had to start afresh.

I got my own lawyer – a sharp, petite, French woman – and with her help, we were able to clean up the mess. By the time the dance was over, I had spent over $5000 (excluding legal fees) in the process. It was one of my most painful business lessons.

Now, I engage my lawyer every step of the way in all of my business dealings. I don’t joke with the legal aspect of business. The moral of the story is that it’s important to have a good legal foundation from the inception of your business.

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