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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 91098
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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How much should I expect to pay to set up a very straightforward

Resolved Question:

How much should I expect to pay to set up a very straightforward board of advisors for an existing LLC
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

Can you please explain the entire situation with the LLC that you want to set this board of advisors for?

How many advisors are you thinking about?

Will they require any special expertise?

Will the avisors be members or investors in the LLC?
Customer: replied 1 year ago.

2 of them - they will neither be members nor investors, rather independent advisors.


 


the LLC itself is a sole proprietorship at this stage active in financial markets

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your response.

Hiring such advisors depends on their specialty and expertise. Most advisors work either on commission of 5%-25% of the money they make your LLC or they will want a monthly retainer depending on the amount of work they have to do. However, you have not given me any information sufficient to even give you a ballpark figure I am afraid.
Customer: replied 1 year ago.

Ok, happy to give me details if it helps. So, again the LLC is a sole proprietorship set up in New York and among others licensing out its technology to market participants. I am looking to add two independent advisers, and for that I need a board to be created. They will not be overseeing the day to day management of the entity, rather they will be consulted frequently for expert knowledge (they have a wealth of experience and network in the space). I need to have the role of the advisory board documented in the operating documentation of the existing LLC. This question is quite narrow in scope: what would be a reasonable price range for producing this specific documentation ?


 

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your update.

Just to make sure I understand you clearly. Are you simply asking what it would cost you to draw up an operating agreement for having an advisory board for this type of situation?
Customer: replied 1 year ago.

Yes.

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for clarification.

The cost of setting up such a simple straightforward operating agreement, without numerous terms and conditions would run about $400-$900, depending on the actual attorney used and their level of expertise and whether or not they have a similar agreement they can modify or have to draft one from scratch.


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Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 91098
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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