How a Consumer Hired a Lawyer to Draft an Investment Management Agreement in North Carolina

In 2022, an individual in North Carolina posted a project seeking assistance with drafting an investment management agreement. The client aimed to establish a private investing LLC for family and friends to pool resources and invest primarily in publicly traded securities while keeping operational costs low and avoiding debt. Key concerns included ensuring the legality of the venture, understanding the requirements for adding members to an existing LLC, creating a governing operating agreement, and knowing the necessary disclosures for potential owners. As a result, the client received three proposals from licensed lawyers, with flat fee bids ranging from $1,600 to $3,400, all submitted to complete the work beyond a week.