Starting a new business entity can be both exciting and intimidating. One of the things I most enjoy in my practice is helping start new businesses. I help the owners make sure their new business starts out with a firm legal footing.
In order to make the formation process as smooth as possible, I offer my clients a flat fee of $595 to represent them in forming a new business. There are three basic steps in forming your new business:
I offer my clients a complimentary telephone consultation. During the consultation, we will discuss your new business plans and objectives. There is no cost or obligation for this consultation. If you decide you want me to represent you, I will send you an engagement letter.
After you return the engagement letter, I will collect detailed information from you about the structure for the new business and make my recommendation regarding the best type of legal entity for the business. The most common types of Texas entities are:
I will draft the paperwork and file it with the Texas Secretary of State's office. It is usually processed within one business day.
Once the entity is formed, I will have an extensive company book published for your new entity. The Company Book includes:
I will then meet with you and walk you through the initial organizational meeting or provide you with written instructions to complete yourself. The initial company meeting usually takes place within a week of formation.
The initial fee of $595 is the only attorney's fees you will pay for the process. That fee does not include the Secretary of State's fee, which is $308 for most new entities, or the $97 publishing fee. So, the typical total cost is $1,000.
There are additional fees, which we will discuss in advance, for additional consultation on custom buy/sell or management provisions, transfer restrictions, dispute resolution, and other specific needs you might have. Fees for Limited Liability Partnerships are also higher. I provide the forms you need to obtain your federal employer Identification Number (EIN) and make your tax election. There is a $75 fee per form if you want me to draft and file them for you. There is also a $50 fee if you want "rush processing."
For information about the various types of business entities under Texas law, click here.