LLC Partnership Agreement Cost

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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.
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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.

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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.

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