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$20K in legal fees to get incorporated?!
by samtp 15y ago
$20K in legal fees to get incorporated?!
- smanek 15y agoHe was saying the law firm was willing to defer up to $20K in fees until he raised a round. That might include drafting/reviewing things like articles of incorporation, corporate bylaws, vesting agreements, NDAs, IP assignment, contractor and employee paperwork, etc. It's depressingly easy to run up $20K in legal fees at $500/hr.
- samtp 15y agoYeah, I hope thats what he meant or else we definitely short-changed our law firm!
- rdl 15y agoThe actual corp setup should cost $1-3k assuming you use fairly standard docs to start. There are some overpriced firms which want $5k. This is independent of deferral, although generally the more overpriced firms are more willing to defer.