About how much does it cost to have a lawyer write up a buisness contract for 2 people for a llc or corporation

Asked about 4 years ago - Franklin, NJ

me and my friend are starting a buisness and need to have a contract written up

Attorney answers (3)

  1. Elliot S Stomel

    Pro

    Contributor Level 14

    Answered . While this is not my specialty area, I can tell you that most lawyers will charge an hourly rate for doing this kind of work. Rarely will an attorney do this kind of work for a flat fee. Different lawyers have different hourly rates and will also invest different amounts of time in completing the legal work. Bottom line, there is no one correct answer to your question. I suggest that you call around to a few different attorneys, and inquire about their hourly rate and anticipated number of hours to complete your work.

  2. Edward Joseph Smeltzer II

    Contributor Level 14

    Answered . The cost depends on how comprehensive an agreement you want created. If you are just looking for someone to form the business and draw up a basic agreement discussing management and division of profits/losses you can likely have this done for between $1000 and $2000 typically on a fixed fee basis. If you want the agreement to address a buy-sell agreement between the parties in the event of death or to cover what happens in the event of disability or retirement of one of the parties then the time involved and the cost will go up significantly. You and your partner should meet with knowledgable business planning counsel to see what is needed and determine if you can use a single attorney or if your each being reprsented seperately would be more appropriate.

    Very truly yours,

    Ed Smeltzer

    NOTE: This answer was prepared for educational purposes only. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question.

  3. James Edward Schroeder III

    Contributor Level 13

    Answered . What kind of business contract?

    Are you looking for an Operating Agreement which will govern how the business will be run between the two of you? OA's outline who will be responsible for what tasks and responsibilities within the business.

    Usually an attorney will sit down with the parties, discuss the issues facing the business and craft an agreement based on what the parties agree to do.

    Operating Agreements sometimes seem like a formality for business people when the are starting out and ready to get going on their idea but a well crafted OA will pay immense dividends as the business progresses. OA's can prevent hard feelings, miscommunication and often lawsuits between disgruntled partners. They outline the terms of one partner buying out the other and what would happen if one of the partners became very ill or passed away.

    OA's are often drafted on a flat fee and a reasonable price is $1,000 to $1,600 depending on how much time and help the clients need in working out the details of the agreement.

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