I am heading up a group investment project in a storage unit facility. We will need a detailed and customized LLC and Operating Agreement. I spoke to an attorney who provided free initial advice and charges $1499, all fees included, for the LLC and O.A. Does this sound reasonable?
Although it's specific by state (due to LLC filing fees), in most places that wouldn't be considered very far off the mark. You could try something like ZoomLegal.com to see if they could do it more cheaply (I really don't know). In California, I've seen prices range from $1,000-$5,000, but legal fees here tend to be high and the LLC filing fee charged by the state is among the highest in the nation. Also, it depends on how complicated your particular needs for this LLC are. If your O.A. is complex, your fees will reflect that.
My initial setup fees were $1,900 for my LLC, but that included over $600 in fees paid to the state for the LLC itself. Seem reasonable to me, especially if you do anything more complicated than just creating a very simple operating agreement.
Sounds reasonable to me as i'm paying about the same amount for my LLC. Would you mind telling us more about your upcoming project? I'm not familiar with storage unti and am interested to learn more.
Depends entirely on; complexity of the business setup, standard charge in the local community, and experience of the attorney in question. No such thing as a common market fee for things. However, it is well worth it compared to using websites like Legalzoom.
In PA, my attorney set up my LLC were comprised of $150 for state filing fees and $375 for her services to put the OA and application together.
Thanks everyone for the input. Jen L, we are purchasing some land and are building a self-storage unit facility on it. It will be gated, offer a non face-to-face rental process through a website, and contain a few different unit-size options.
Welcome to BP.
$1500 is very reasonable. I paid $2500 for my series LLC setup. And please DO NOT go for any online cheap websites for you LLC set up because the idea behind LLC is protection and you would need an attorney down on the road if something happens.
You will appreciate it if you research deep.
Hope it helps.
Yep, Reasonable, we pay around $2,200 that includes LLC, O.A., and review of all titlework, exceptions, Purchase Agreement, amendments/addendums, etc.
Congrats - Self-Storage is ALL we do, and hope to get some updates on the success of yours.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing