what kind of attorney do i need for this?

[purbeast0]

as someone who has never had to get an attorney (well i did once but it was for getting locked up for some bs) i am not sure where to start looking for one for something i need to do.

i've met up with a group of 3 other guys and we're starting a company together and working on a killer app idea that we think can take off big time.

the guy who is the main founder is an attorney and he's going to be sending me over the contract today or tomorrow that explains how the company is broken up, who is doing what, the equity that we all get, etc. he recommended that i have a lawyer (other than himself) look over the contract just to be sure everything is okay.

i have no clue what kind of lawyer i should look for this. should it just be a general attorney? or should i look specific for a business attorney? i'm completely clueless about this stuff since i've never had to deal with it. i'm also wondering what kind of price i should be expecting to pay in order to have this done.

any lawyers, business people, or anyone else have any suggestions?

 

[Eli]

Business or contract attorney would probably be best, especially if it's a complicated contract.

I had no clue where to start either. I hit up Yelp and found a few in my area with good reviews, called around and found someone we seemed to click with.

Expect to pay a $500-1000 retainer and $125-250/hr. Our attorney is nice enough to bill half hours. :awe:

 

[Jeeebus]

Are we talking about an operating agreement, non disclosure, employment agreement? You want someone that focuses on business law.

 

[purbeast0]

Business or contract attorney would probably be best, especially if it's a complicated contract.

I had no clue where to start either. I hit up Yelp and found a few in my area with good reviews, called around and found someone we seemed to click with.

Expect to pay a $500-1000 retainer and $125-250/hr. Our attorney is nice enough to bill half hours. :awe:

ok cool i will look into that locally thanks. i'm pretty far from being a strong business oriented guy so i too just have no clue where to start with this stuff but of course i do want to cover my ass too lol.

Are we talking about an operating agreement, non disclosure, employment agreement? You want someone that focuses on business law.

while i don't have it yet, i believe it's going to be the contract that just states the equity and how it's divided up among us 4 as well as how everything is going to operate within the business. i'm guessing it's also going to state what each person's role is and what everyone is expected to be doing work wise.

i already signed an NDA when i first chatted with the founder and he explained the idea to me, so i'm not sure if anything about non disclosure will be in it.

 

[Jeeebus]

Out of morbid curiosity... what type of law does this other guy practice?

 

[purbeast0]

Out of morbid curiosity... what type of law does this other guy practice?

i believe marriage stuff and real estate, commercial and residential. he just mentioned since him writing it up is kind of a conflict of interest that he thinks i should have someone else check it out if i want to.

 

[Jeeebus]

Only asking because I'm currently doing a case where a personal injury lawyer thought himself qualified to draft up purchase/investment contracts and he created a trainwreck in the process. I'm now suing him to recover the $300k my clients lost.

Point being it's good advice to have your own person review whatever he sends and not just rely on the fact that he's a lawyer and therefore must know what he's doing.

 

[purbeast0]

Only asking because I'm currently doing a case where a personal injury lawyer thought himself qualified to draft up purchase/investment contracts and he created a trainwreck in the process. I'm now suing him to recover the $300k my clients lost.

Point being it's good advice to have your own person review whatever he sends and not just rely on the fact that he's a lawyer and therefore must know what he's doing.

yeah i agree, which is why i made this thread

and the fact that he even told me to do so is also a good gesture by him imo because he isn't just playing the "im a lawyer card i know what i am doing' card and understands that this is no little matter if this takes off.

 

[disappoint]

Legal Advice? They should have an app for that! They can call it: Find Ubiquitous Counsel Knowledge Everywhere Directory.

 

[edro]

Is it a hookup app for lenders and borrowers called... Linder?

 

[NoTine42]

A killer app?
Is that an Uber for a hitman? I just hate it when it takes forever for the hitman to show up, and when he finally does, he just brings an old, sawed off shotgun. :O

 

[blackangst1]

Legal Advice? They should have an app for that! They can call it: Find Ubiquitous Counsel Knowledge Everywhere Directory.

LMFAO :awe:

 

[Chocu1a]

Legal Advice? They should have an app for that! They can call it: Find Ubiquitous Counsel Knowledge Everywhere Directory.

 

[purbeast0]

Is it a hookup app for lenders and borrowers called... Linder?

damnit, guess i will just burn it when he sends it to me since the idea is already out there

no but seriously, this is an incredible idea, and it is one of those things that once it is out will seem so obvious that everyone will be like "WHY DIDNT I THINK OF THAT?!?!?"

dont worry though i won't forget all of you little peons only making 200k/yr when i am making in millions.

 

[AznAnarchy99]

Business lawyer. I hired one to write a contract for myself. Expect to pay a $1000 retainer.

 

[Chocu1a]

https://www.youtube.com/watch?v=HL3MxAH-kDI

 

[Tweak155]

damnit, guess i will just burn it when he sends it to me since the idea is already out there

no but seriously, this is an incredible idea, and it is one of those things that once it is out will seem so obvious that everyone will be like "WHY DIDNT I THINK OF THAT?!?!?"

dont worry though i won't forget all of you little peons only making 200k/yr when i am making in millions.

It's not always that someone didn't think of it, it could also be that people aren't motivated enough to do something with it. Once you start getting "bigger", your problems will shift from how do you get the company going and how to protect it to how can I deal with this whole other set of new issues that I never though of before.

Some people thrive off that stuff though, others don't.

 

[purbeast0]

It's not always that someone didn't think of it, it could also be that people aren't motivated enough to do something with it. Once you start getting "bigger", your problems will shift from how do you get the company going and how to protect it to how can I deal with this whole other set of new issues that I never though of before.

Some people thrive off that stuff though, others don't.

no this is one of those things that is herp derp obvious after the fact. like paypal, ebay are so obvious for what they do.

the founder already has some of the protection stuff going on with trademarks and he has patents in the works too.

 

[Jeeebus]

Feel free to send me a PM when you receive the document. Happy to give it a glance and perhaps point you in the right direction.

 

[Red Squirrel]

You need a criminal lawyer. Not a regular criminal lawyer, but a criminal, lawyer. He knows a guy who knows a guy who can help you.

 

[PowerEngineer]

Obviously not a lawyer, but you might want to read up on various options for forming a business in your state. Not a substitute for getting a lawyer, but some familiarity with the subject will make it easier to get comfortable with the advice you get. Sounds like the "main founder" might be looking at a multi-member LLC.

 

[purbeast0]

Feel free to send me a PM when you receive the document. Happy to give it a glance and perhaps point you in the right direction.

thanks man. i got it earlier but haven't had time to go over it. it's 37 pages so i will read it over first myself then let you know, appreciate it.

 

[purbeast0]

Obviously not a lawyer, but you might want to read up on various options for forming a business in your state. Not a substitute for getting a lawyer, but some familiarity with the subject will make it easier to get comfortable with the advice you get. Sounds like the "main founder" might be looking at a multi-member LLC.

he already incorporated it in deleware prior to me coming on board. all 4 of us are actually in 4 different states though.

 

[shortylickens]

 

[bbhaag]

he already incorporated it in deleware prior to me coming on board. all 4 of us are actually in 4 different states though.

How did he set up the corporation? Do you have access to that? It sounds like he sent you an operating agreement. Definitely need a business attorney for that but a general attorney will do in a pinch.

I'm curious why you guys went full blown corp. Why not a mutli member/manager LLC taxed as an s-corp? Would have saved you some tax hassles and no need to mess with the other hassles that a crop entails.