Comments on: A Little Bit of Zen: You Own the Business But The Business Is Not You http://www.biggerpockets.com/renewsblog/2009/04/02/bit-zen-business-business/ Learn, Network, Invest Sat, 11 Feb 2012 16:57:56 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Catehttp://www.biggerpockets.com/renewsblog/2009/04/02/bit-zen-business-business/#comment-64877 Cate Sun, 05 Apr 2009 20:27:40 +0000 http://www.biggerpockets.com/renewsblog/?p=4829#comment-64877 Lawyers do not get paid because they are smart. I have worked for enough of them to know and have conducted business with them to be assured of it. Point in fact is mentioned in the article about the 37 LLCs - just who do you think was making money by charging for these even though they were not needed?! And because of the stupidity of the lawyer guess who pays for the mistakes - the client has the privilege of paying his lawyer because the lawyer makes a mess of it. Truth be told, most people do not want to spend the time to do their own due diligence and think that paying a lawyer for his services will some how get better results - this is not true. Even more on point is if you do not spend the time to understand what you are doing, how do you know that what your legal counsel is telling you to do is correct?! This is why people like Madoff and others get away with fraud. Food for thought. Lawyers do not get paid because they are smart. I have worked for enough of them to know and have conducted business with them to be assured of it. Point in fact is mentioned in the article about the 37 LLCs – just who do you think was making money by charging for these even though they were not needed?! And because of the stupidity of the lawyer guess who pays for the mistakes – the client has the privilege of paying his lawyer because the lawyer makes a mess of it. Truth be told, most people do not want to spend the time to do their own due diligence and think that paying a lawyer for his services will some how get better results – this is not true. Even more on point is if you do not spend the time to understand what you are doing, how do you know that what your legal counsel is telling you to do is correct?! This is why people like Madoff and others get away with fraud. Food for thought.

]]> By: Christianhttp://www.biggerpockets.com/renewsblog/2009/04/02/bit-zen-business-business/#comment-64842 Christian Fri, 03 Apr 2009 23:39:53 +0000 http://www.biggerpockets.com/renewsblog/?p=4829#comment-64842 Man, this is a really smart piece. You're absolutely right that attorneys often shortchange their clients by not giving them any real world tips to use when going about their new venture. God knows it happened to me. Of course, every successful entrepreneur has an innate knowledge that it's on them to learn the ropes...the buck stops with them, but still...this stuff does not typically come intuitively to most people. Important stuff here... Man, this is a really smart piece. You’re absolutely right that attorneys often shortchange their clients by not giving them any real world tips to use when going about their new venture. God knows it happened to me. Of course, every successful entrepreneur has an innate knowledge that it’s on them to learn the ropes…the buck stops with them, but still…this stuff does not typically come intuitively to most people. Important stuff here…

]]> By: Joshua Dorkinhttp://www.biggerpockets.com/renewsblog/2009/04/02/bit-zen-business-business/#comment-64832 Joshua Dorkin Thu, 02 Apr 2009 18:01:02 +0000 http://www.biggerpockets.com/renewsblog/?p=4829#comment-64832 Greg - This is one of the most important posts on the site that I've seen. Many new investors simply put properties in their name and leave themselves open. Not only that, but as you point out in the article, little mistakes you make by commingling your business and personal funds can get you into trouble.Thanks again for the great lesson!Josh Greg – This is one of the most important posts on the site that I’ve seen. Many new investors simply put properties in their name and leave themselves open. Not only that, but as you point out in the article, little mistakes you make by commingling your business and personal funds can get you into trouble.

Thanks again for the great lesson!

Josh

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