Most attorneys and law firms still charge by the hour. Even though flat fees seem to be more common nowadays for certain routine agreements and matters, the meter usually starts running as soon as you start talking to your attorney. Here are a few tips on how to keep legal fees under control.
If you are determined to pay no more than $99 dollars for your business incorporation, why not do it yourself?
Here is how:
Great – you have found people who share your vision to own and grow a business. But don’t forget that going into business with other people requires you to think ahead and be clear about the relationship. This is your livelihood and future. Do not think for a minute that conflicts can be resolved as you go along. Even the best of friends can end up in serious conflict over issues that might seem minor.
While you may be tempted to save the money that an attorney might charge to document your agreement, think about the thousands of dollars you may have to pay to litigate a conflict or the money you might lose because such a conflict keeps you from operating a profitable business.
Regardless of the legal entity you may choose for your business, think about every issue that might be relevant for your particular situation, and have your attorney draft the appropriate legal papers. Naturally, you cannot foresee every possible disagreement that might arise in the future. Beware of business partners who need to agree on every minute detail of the business-to-be. (That could be a hint that going into business with that particular person might not work out for you in the long term.)
Following are some of the basic issues you need to agree on with your fellow business partners.
If you thought you were immune to liability as a shareholder of a New York corporation, know this: In New York, the ten largest shareholders, as determined by their shareholding, of every closely held corporation are personally liable for all salaries due to any of its employees for services performed by them for the corporation. … Read More
Once you know there will be a written agreement, someone has to draft it. Should it be your lawyer or the other party’s lawyer? Some say make your lawyer insist on preparing the first draft. I tend to agree with that. It gives you the opportunity to set the stage for later negotiations and control … Read More