Online Business Purchasing
Need to know approximately how much attorneys fees would be in purchasing a business to do the following: ?
I need to know approximately how much I can expect to pay when purchasing a business to hire an attorney to draw up the LLC papers, review the sales agreeement and review the lease agreement.
Please assume that the transactions are not complex in nature. This is a restaurant business.
I know you can file online for cheaper but do feel better to have the assistance of an attorney.
I had an atty REVIEW a relatively simple LLC agreement a few years back, but it was straight forward and only cost $350 for an hour.
I have another company, more complicated and it took about about $3500 on the LLC agreement, to draw it up and file (including an $800 fee to state of CA for tax – minimum and required on LLC and Corp).
I have seen places that say will create and file the LLC for $2500 – which seems to be a rough going rate.
The Lease agreement should also be straight forward – unless it is out of line. As a decent atty costs around $350 an hour, assume one hour on the lease agreement. Less if they are drawing up your LLC.
The sales agreement is where you have the big unknown. That all depends on the language. If not complicated – one or two hours. But if stuff goes back and forth then you have 30 minutes here and there. Could range from $350 to $1500.
I have had 3 – 4 page contracts that have taken 30 minutes to be reviewed and tweaked to $2000 in fees. Not sales,but still a contract.
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