LLC Partnership Agreement Cost

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 2,801 reviews

Jump to Section

Need help with an LLC Partnership Agreement?

CREATE A FREE PROJECT POSTING
Post Project Now

What does an LLC partnership agreement cost? This is a question many people ask when deciding to start a company with a partner. So let’s explore this question and review some general information about LLC partnership agreements.

How Much Does an LLC Partnership Agreement Cost?

An LLC, or limited liability company, is a business structure that an owner can choose when establishing a new company. LLCs can have a single owner, which is called a single member LLC, or they can have multiple owners, which is known as a multi-member LLC. Numerous owners of an LLC are called partners, and they will often execute an LLC partnership agreement.

An LLC partnership agreement sometimes called an LLC operating agreement, is a legally binding contract executed by two or more partners that start a limited liability company together. This legal agreement outlines business practices for the company and each partner's role in running the business.

It is common for LLC partnership agreements to include information and procedures for the following:

  • Business management structure
  • Ownership percentages
  • Profit and loss distribution
  • Partner roles and responsibilities

LLC partnership agreements are vital company documents. They set a standard for business operations and explain each partner’s role in the company to help avoid disputes among partners. If a dispute does arise, a well-written partnership agreement is key in quickly settling the dispute.

Due to the importance of an LLC partnership agreement, it is common for business partners to hire a small business lawyer to draft this contract. A lawyer will ensure that the contract includes all required terms and conditions and protects the rights of all partners.

The cost of drafting an LLC partnership agreement will depend on several factors like the length of the agreement and the number of custom terms the partners want to be included in the agreement.

Based on ContractsCounsel’s marketplace data, the average cost of a project involving an LLC partnership agreement is $603.89.

What’s Included in an LLC Partnership Agreement?

The terms and conditions in an LLC partnership agreement will vary based on the type of company, the number of partners, and the custom terms requested by the partners.

Even though the details of an LLC partnership agreement will vary, the following basic terms should be included in all agreements:

  • Business name. The company’s legal name.
  • Business purpose. A description of the service or product the LLC provides clients and customers.
  • Partner information. The names and titles of each partner.
  • Initial contributions and ownership. How much capital each partner contributed to starting the LLC and the specific percentage of the company each partner owns.
  • Profit and loss distribution. How the company’s profits and losses will be divided between partners.
  • Management structure. LLCs can be either manager-managed or member-managed. This should be determined and recorded in the agreement.
  • Voting. How the company decides important issues and how many votes each member is entitled to.
  • Adding or removing partners. The conditions and protocols for adding or removing partners from the partnership.
  • Dissolution. How the company will be dissolved if the partners decide to close the business. A plan of dissolution needs to be in place.
  • Signatures. All partners must sign the partnership agreement to be legally binding and enforceable.
Meet some lawyers on our platform

Gregory F.

2 projects on CC
View Profile

Michael K.

58 projects on CC
View Profile

Gregory B.

52 projects on CC
View Profile

Daehoon P.

76 projects on CC
View Profile

Examples of LLC Partnership Agreement Projects

LLC Partnership Agreement Drafting Service

A knowledgeable lawyer will be able to provide drafting services to LLC partners who need an LLC partnership agreement. However, only a lawyer experienced with business contracts can ensure that an agreement contains all necessary terms and is legally binding.

When partners hire a lawyer to draft their agreement, the lawyer will first consult with the partners to learn about the terms they want to be included in the agreement. Then, the lawyer will draft an LLC partnership agreement that includes all the requested terms and additional information to make the contract complete and legally binding.

LLC Partnership Agreement Review Service

In some cases, LLC members have started drafting their agreement or already have a partnership agreement. Still, it needs to be revised or completed before signing. A lawyer who provides document review services can complete this project.

During review services, an attorney will review the agreement to ensure it meets all legal contract standards for local and state laws. They will also check that the contract is fair and includes all necessary information. The lawyer can make suggestions and add additional clauses if anything is missing.

A few reasons you may want a lawyer to review a business partnership agreement include:

  • To ensure the agreement fits the needs of the business
  • The agreement needs to be updated with new terms
  • One partner wants the document independently reviewed to ensure fairness
  • There are questions about the terms and conditions
  • There has been a change in the partnership structure

LLC Partnership Agreement Drafting Cost

Drafting an LLC partnership agreement will come with costs because it requires a licensed lawyer's time and legal expertise.

ContractsCounsel’s marketplace data shows that the average LLC partnership agreement drafting costs $617.86 across all states and industries.

LLC Partnership Agreement Review Cost

Hiring a lawyer to review an LLC agreement will also come with fees generally less than drafting fees. However, the lawyer will still need to take time to read over the agreement and make necessary revisions.

ContractsCounsel’s marketplace data shows that the average LLC partnership agreement review costs $555.00 across all states and industries.

How Do Lawyers Charge for LLC Partnership Agreements?

Business lawyers can charge for legal services in several ways. The two most common fee structures are hourly rates and flat fee rates.

Hourly Rate for LLC Partnership Agreements

It is common for business lawyers to bill their time using an hourly rate fee structure. Under this fee agreement, the lawyer has a set hourly rate and will log time in a timesheet while working on a client’s case or project.

The client will receive a bill for the total hours worked after the job. This is typically the safest way for the lawyer to charge clients because if the project takes more time than expected, they are still compensated for their time and effort.

ContractsCounsel’s marketplace data shows that the average hourly rate for an LLC lawyer ranges from $200 - $350 per hour.

Flat Fee Rates for LLC Partnership Agreements

A flat fee billing structure is becoming more common for contract drafting projects like an LLC partnership agreement. A lawyer will provide a flat fee quote to the client for the requested legal services when using this fee structure. This fee is generally paid upfront before the lawyer begins working on the project.

Before starting the project, it is important to make sure the client knows what services are included with the fee. For example, additional consultations, communications, and revisions could incur more legal fees.

ContractsCounsel’s marketplace data shows that an LLC partnership agreement's average flat fee rate is $603.89.

Get Help with an LLC Partnership Agreement

Do you need help with an LLC partnership agreement project? If so, post a project in ContractsCounsel’s marketplace to receive flat fee bids from business lawyers to handle your project. All lawyers on the ContractsCounsel’s platform are vetted by our team to make sure you are provided with top tier service.

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Lawyers

Antoine D. on ContractsCounsel
View Antoine
Member Since:
February 7, 2022

Antoine D.

Owner
Free Consultation
Get Free Proposal
Fort Lauderdale
6 Yrs Experience
Licensed in FL
Howard University School of Law

In his firm, Talented Tenth Law, Antoine focuses on helping people maximize their protection and prosperity in the courtroom and the boardroom. His firm’s services include representing people in lawsuits involving breach of contract, many types of civil lawsuits and helping business owners win government contracts among other things.

Tom L. on ContractsCounsel
View Tom
Member Since:
February 7, 2022

Tom L.

Managing Member
Free Consultation
Get Free Proposal
Houston
15 Yrs Experience
Licensed in TX
Louisiana State University Law Center

Tom is a former chief legal officer of public and private companies. He has extensive experience in mergers & acquisitions, commercial transactions, joint ventures, finance, securities laws and general corporate law across a broad range of industries, including construction, consumer products, e-commerce, energy and healthcare. As an attorney who practiced at two different Top 50 international law firms, he can deliver "Big Law" service at a competitive price. Prior to becoming a lawyer, Tom served as an officer in the U.S. Army and attained the rank of Captain. He served a tour in Iraq where he led a reconnaissance platoon and was awarded the Bronze Star Medal.

Craig Y. on ContractsCounsel
View Craig
Member Since:
February 8, 2022

Craig Y.

Partner
Free Consultation
Get Free Proposal
New York
26 Yrs Experience
Licensed in NY
New England Law - Boston

Craig E. Yaris is a partner at Parlatore Law Group, with the experience and drive to handle all your Franchise, General Business Practice, and Mediation needs. As a former small business owner and Chief Operating Officer of a franchisor himself, Mr. Yaris is passionate about promoting business growth. He has experience handling daily operations, employee disputes, and negotiations of pertinent contracts for a franchise company with 100 locations in five states, where he organized and conducted semi- annual meetings to educate and inform franchisees of best practices for improved growth. In addition, Mr. Yaris was responsible for the preparation and filing of the UFOC (Uniform Franchise Offering Circular) in several states and is well-versed in business formation. Between his time as Franchisor and Conflict Resolution Specialist, Mr. Yaris was the Co-Founder and Chief Operating Officer of an online company whose goal was to help inform marketers and business owners of the fast-paced and ongoing changes within their specific verticals. This experience helped him hone his research and writing skills and prepared him for the cloud-based aspects of Parlatore Law Group. Mr. Yaris also has extensive experience in public speaking, as he has planned and delivered several keynote addresses and educational seminars for many New York-based organizations, and as a Continuing Education Instructor for Hofstra University. Prior to joining Parlatore Law Group, Mr. Yaris worked as a Patient Advocate, and more recently, a Conflict Resolution Specialist, where he mediated and resolved disputes on behalf of patients with insurance companies. In this role, he negotiated for coverage of previously denied medications and medical procedures as well as successfully mediated disputes between individuals and business partners which would have otherwise resulted in protracted litigation. In addition, he has experience mediating employer and employee disputes as well as helping resolve family conflict. He has also studied and attended many Non-Violent Communication (NVC) workshops and strives to bring these tools and methods to all of his mediations. His variety of experiences speak to his ability to handle small business needs at all stages of business growth and development. Mr. Yaris also has experience with business growth and development, as he has worked with several small business on creating and implementing strategies for steady growth. In addition, to spending time with family, Mr. Yaris volunteers his time helping spread the message of the ACLU and he supports many local charities focused on families and children. He is admitted to practice in New York.

Amy P. on ContractsCounsel
View Amy
Member Since:
February 9, 2022

Amy P.

Principal Attorney
Free Consultation
Get Free Proposal
Edmonds, WA
18 Yrs Experience
Licensed in WA
The University of Montana School of Law

Amy has served as outside general counsel and litigator to established businesses throughout western Washington since 2010. Her passion and focus is providing the best possible representation for clients in the construction, transportation and hospitality industries.

Jacob O. on ContractsCounsel
View Jacob
Member Since:
February 14, 2022

Jacob O.

Contracts Manager
Free Consultation
Get Free Proposal
Iowa City
2 Yrs Experience
Licensed in MO
University of Iowa - Law

I am bar certified in the lovely state of Missouri. I received my J.D. from The University of Iowa College of Law (2019) and my B.A. in Political Science from BYU-Idaho (2015).

Nicholas V. on ContractsCounsel
View Nicholas
Member Since:
February 28, 2022

Nicholas V.

Attorney
Free Consultation
Get Free Proposal
Denver, CO
4 Yrs Experience
Licensed in CO, NY, TX
Texas A&M University School of Law

I am a solo practitioner with offices in Denver, Colorado and Austin, Texas with a focus on general business and real estate contracts.

Kelvin R. on ContractsCounsel
View Kelvin
Member Since:
February 25, 2022

Kelvin R.

Attorney
Free Consultation
Get Free Proposal
Dallas, TX
25 Yrs Experience
Licensed in TX
Tulane Law School

Experienced business and contract lawyer. Our firm specializes in commercial litigation and dispute resolution.

Jessee B. on ContractsCounsel
View Jessee
Member Since:
March 14, 2022

Jessee B.

Attorney | Creative at Law
Free Consultation
Get Free Proposal
Tennessee
9 Yrs Experience
Licensed in TN
The University of Memphis—Cecil C. Humphreys School of Law | Juris Doctor, Law)

Whether you're thinking of starting your own business and not sure how to bring your vision to life, or you're a business owner, creative professional, creator, influencer, artist, musician, startup, nonprofit, or entrepreneur who wants to grow your business and protect your content and brand—I can help. Get experienced legal counsel, quality representation, and creative solutions customized to fit your unique needs. Services include: entity formation, business issues, planning, financing, and strategy; contract drafting, review, and negotiation; intellectual property protection; copyright and trademark filing; startup and nonprofit setup and guidance; real estate matters; property purchase, sale, and leasing; assistance with legal issues related to content creation, branding, design, writing, film, music, art, entertainment, social media, e-commerce, marketing, advertising, data and privacy compliance, and more. Questions? Let's work together. Reach out and say hello.

Stephanie C. on ContractsCounsel
View Stephanie
Member Since:
March 8, 2022

Stephanie C.

Attorney
Free Consultation
Get Free Proposal
Niceville, FL
2 Yrs Experience
Licensed in AL
Southern University Law Center

Alabama Licensed Attorney offering Freelance Services for Wills, Trusts, Probate, Family Law Documents, Criminal Matters, and Real Estate Closings.

Benjamin V. on ContractsCounsel
View Benjamin
Member Since:
March 10, 2022

Benjamin V.

Attorney
Free Consultation
Get Free Proposal
Colorado
3 Yrs Experience
Licensed in CO
Columbus School of Law, Catholic University of America

My practice involves counseling businesses and individuals on a variety of contracts, such as business formation, technology/IP, real estate, leases, and even domestic relations agreements. Much of my practice is dedicated to litigation. As such, I approach contract and transactional work from a litigation perspective by advising clients of the risks involved in failing to develop proper contracts. It takes more than knowledge of the law to be a good lawyer. A good lawyer is honest and forthcoming with clients and has a counseling ethos. And, to me, a good lawyer stands in the shoes of the client when considering how to best serve that client. Whether my client is a business or an individual, I am passionate about helping my clients understand their rights, responsibilities, risks, and possibilities.

David H. on ContractsCounsel
View David
Member Since:
March 10, 2022

David H.

Technology Contract Attorney
Free Consultation
Get Free Proposal
Fort Wayne, Indiana
11 Yrs Experience
Licensed in MI
Western Michigan University - Thomas M Cooley Law School

Michigan licensed attorney. A compelling combination of technology, sourcing, sales, and legal experience. Over 20 years in technology positions negotiating technology engagements and contracts. General practice legal experience. Significant IT contracts experience (from IT sourcing/procurement) with the State of Michigan and Zimmer Biomet (Fortune 500). Excellent people, negotiation, and writing skills; keen eye for continuous improvement. Trusted business partner co-leading or supporting cross-functional integrated business/IT projects.

Find the best lawyer for your project

Browse Lawyers Now

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call