Iryami Law Blog

Monday, June 24, 2013

Starting A New Business? The Truth About Legal Fees

"Nothing, " I responded to the man who had asked me how much I charge to file the papers for him to start a corporation for his new business. Knowing that he would be surprised, I quickly provided the explanation:

"To start a corporation for your new business, all I have to do is to pick up the phone and basically provide the name that you want for your new business to this private agency that I use. And shortly thereafter, your company is formed!" I then explained that the client would, of course, have to pay for the state's filing fees, and the modest fee the private agency charges me for filing the necessary papers. But I pocket nothing. "I charge by the hour. What am I going to do--charge you $8.33 for the two minutes of my time?" I concluded, I don't think so. I charge nothing!"

The same applies whether the business to be formed would be a corporation or a limited liability company. The process will cost the client a few hundred dollars in filing fees and such. I get nothing--except the thanks of a satisfied client. And, in the end, that is all that counts.

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