Question about lawyers and accountants

jforrest

I might be starting up an LLC with a couple of partners, and as I`ve never done this before, I have the first of what will probably be many questions.  I`ve heard the advice that entrepreneurs should retain a lawyer and/or an accountant when they start a company, and we will most likely do that with this LLC.  The question is, should I personally retain my own additional lawyer and/or accountant to protect myself in this partnership, or is it enough just to have ones for the business as a whole?

MarkP

I always have my own attorney at least review the organizational docs and operating agreement.
Good success!

pepperlegal

In the ideal situation, you should have each member of the LLC have his/her own attorney representing his/her interests, in addition to an attorney representing the business itself (once it`s formed).That being said, many of my clients elect to waive any conflict of interests and have me represent both (if there are two members) of them in the LLC formation process.

jforrest

Thanks for your answers.  Pepperlegal, may I ask, what are the ramifications of waiving any conflict of interests, and why would it be necessary in the case you describe?