Take a moment to stop and think about the last time that you sat down composed a detailed and thorough business plan for your startup business or considered tax planning. How much money do you recall paying in terms of legal fees for the business itself?
This amount is one that is perhaps the most common issue with a vast majority of startup businesses – and the truth is there really is no wrong answer in terms of how much can be paid in legal fees. There are a few different factors that you will need to take into consideration when it comes to determining this exact amount – factors that may suggest that you should loosen up your wallet a bit in terms of how much you should pay your attorney.
Number of FoundersIf your startup business will have more than one founder, this is a factor that will indicate that you may need to add to the total amount of your legal fees. One of the most important aspects of having a successful startup company is being able to both document and establish the relationship between all of the co-founders.
Raising Capital any capital will be raised from third parties, your legal fees will have to be increased no matter what without any exceptions being made to this rule.
Public Company. It should be noted that this does not mean the same thing as a publicly-traded company. What this means instead is that the more of a public presence your startup business has, the more money you will need to spend to protect the business itself from outside factors such as third parties, trademarks, etc.
Typically, most legal fees that have to be paid to startup attorneys can include the following: