Forming a company/partnership

YouBuyLocal

How much does it cost to form a company?

It is a partnership so I would like to include a small number of provisions and two classes of shares, one with an option that I can repurchase for a pre-agreed price, say three euros per share. Where do you think I should go to talk to a decent solicitor that hasn't spent the past 10 years doing conveyances for developers that will have a half hour chat with me without charging on the basis that I can throw business at him/her is the future?

There are a number of company formation places that deal specifically with these matters. Might be better talking to one of them?

YouBuyLocal

Many are not solicitors. Can they draw up different types of shares and insert provisions for their resale or do they just offer a normal template and charge extra for your particular needs?

Jo King

YouBuyLocal wrote: »

Where do you think I should go to talk to a decent solicitor.......... without charging on the basis that I can throw business at him/her is the future?

In your imagination only. Good solicitors need to be paid good money.

Have to say the attitude of "I want a professional service that I can rely on but I don't want to have to pay for it! Sure the cheek of the solicitor, it's only a chat like!" is a bit much.

If you want that level of professional service go and pay for it. It's clearly worth it to you and believe me, given the number of disputes that happen between shareholders of small companies, it's worth it in the long run too.

YouBuyLocal

Deleted User wrote: »

Have to say the attitude of "I want a professional service that I can rely on but I don't want to have to pay for it! Sure the cheek of the solicitor, it's only a chat like!" is a bit much.

If you want that level of professional service go and pay for it. It's clearly worth it to you and believe me, given the number of disputes that happen between shareholders of small companies, it's worth it in the long run too.

Eh, I never said it was cheek to want to charge me and the previous poster edited what I wrote. And many services offer a free consultation in order to develop a sales funnel. I think its "a bit much" to assume that the reason I was interested in getting a consultation was because I am cheap.

I appreciate people need to get paid for services, thats the economy... "like!" But I don't know what exact services I need, which is the purpose of a consultation.

An insurance broker will give a consultation! Often an architect will also. I've had a consultation with an accountant and property consultant about connecting with angel investment. I think a brief conversation would help me deliberate whether they are someone I can depend upon and describe to me some basic provisions I will need to include in the documents and what kind of cost I am looking at.

I am a young entrepreneur and do not have any cash to spare, so I need to investigate costs BEFORE handing over any cash.

YouBuyLocal

YouBuyLocal wrote: »

Eh, I never said it was cheek to want to charge me and the previous poster edited what I wrote. And many services offer a free consultation in order to develop a sales funnel. I think its "a bit much" to assume that the reason I was interested in getting a consultation was because I am cheap.

I appreciate people need to get paid for services, thats the economy... "like!" But I don't know what exact services I need, which is the purpose of a consultation.

An insurance broker will give a consultation! Often an architect will also. I've had a consultation with an accountant and property consultant about connecting with angel investment. I think a brief conversation would help me deliberate whether they are someone I can depend upon and describe to me some basic provisions I will need to include in the documents and what kind of cost I am looking at.

I am a young entrepreneur and do not have any cash to spare, so I need to investigate costs BEFORE handing over any cash.

I wasn't actually referring to you per se. More so to a general attitude. Sorry if it came across as a personal thing.

I always thought of solicitors as being akin to doctors. If you go and see a doctor and there's nothing wrong with you it still costs €50. Perhaps my view of it is wrong.

CIARAN_BOYLE

Deleted User wrote: »

I wasn't actually referring to you per se. More so to a general attitude. Sorry if it came across as a personal thing.

I always thought of solicitors as being akin to doctors. If you go and see a doctor and there's nothing wrong with you it still costs €50. Perhaps my view of it is wrong.

Some solicitors work like that. There are other solicitors where you can go in have a chat about what you need for 20 minutes and he tells you I'll draw up a company formation contracts for €xxx and you decide whether or not to buy.

I've found a place online that will do the whole company formation for you for €292, and another for €320. Those can be ballparks as to what price you could be looking at.

YouBuyLocal

CIARAN_BOYLE wrote: »

Some solicitors work like that. There are other solicitors where you can go in have a chat about what you need for 20 minutes and he tells you I'll draw up a company formation contracts for €xxx and you decide whether or not to buy.

I've found a place online that will do the whole company formation for you for €292, and another for €320. Those can be ballparks as to what price you could be looking at.

Yeah, I am definitely looking at that ballpark, I've read quite a few of these sites - many not solicitors, which I find extremely strange, why do solicitors pay non-solicitors (one company registered in New Zealand with a .ie domain) to to contract work, which is what company formations are! - but my issue is I need to speak to a solicitor to find out the added cost of issuing two classes of shares with an option for me to re-purchase on one, within the mem & arts of ass. For that I don't want to talk to a tax auditor! Sometimes it hard to find their credentials on the sites as well, they are often just "company formation specialists", i.e. we have templates for your every need!

I wasn't actually referring to you per se. More so to a general attitude. Sorry if it came across as a personal thing.

I always thought of solicitors as being akin to doctors. If you go and see a doctor and there's nothing wrong with you it still costs €50. Perhaps my view of it is wrong.

I don't think you are wrong on that actually, I just have a different mentalility. I look at it from a business perspective. A solicitor is a business owner after all, so by looking into a start-up he may be developing a relationship which could bare fruit, in terms of future service. That is what a business person does, they look at every opportunity and the most entrepreneurial can be quite unconventional. Most things in that way of working don't bare fruit, but if you are calculating and shrewd enough to see an opportunity you can make a hell of a lot more money in the long-term.

But most solicitors would consider their businesses to be a much more in line with employment. They wish to get paid for every piece of work and do not take risks. That is fair enough, if that way pays the bills. There is no "deserve" involved, only the necessity of the context. The moral element of this is the risk of being taken advantage of. That is life, you can never fully predict whether someone will make good. You can make a contract, but that is no use if the reason the person doesn't make good is because of failure (which is part of life and is not morally bad either) rather than malice.

Maybe in the past, with all of the conveyances to do, they could afford to live this way. But now, like many other professions, I believe that their interests - i.e. providing for a family and earning a living - would be better served by taking more calculated risks and being adaptable (That is not gambling, hope that is clear).

So to be clear, I am happy to pay for services - in fact I am not the kind of person that can comfortably avail of a service without paying back; I once paid a mate back €10 6 months late after he had left and returned from the UK.

So should I just start looking up the golden pages and calling random solicitors offices?

bath handle

[/Quote]So should I just start looking up the golden pages and calling random solicitors offices?[/Quote]
Probably the most stupid thing you could do.

YouBuyLocal

bath handle wrote: »

So should I just start looking up the golden pages and calling random solicitors offices?

Probably the most stupid thing you could do.

Well thank you, every comment is useful I suppose. Nothing positive to say at all? Just don't do that? That doesn't really get me anywhere now does it!?!

blueythebear

YouBuyLocal wrote: »

Yeah, I am definitely looking at that ballpark, I've read quite a few of these sites - many not solicitors, which I find extremely strange, why do solicitors pay non-solicitors (one company registered in New Zealand with a .ie domain) to to contract work, which is what company formations are! - but my issue is I need to speak to a solicitor to find out the added cost of issuing two classes of shares with an option for me to re-purchase on one, within the mem & arts of ass. For that I don't want to talk to a tax auditor! Sometimes it hard to find their credentials on the sites as well, they are often just "company formation specialists", i.e. we have templates for your every need!



I don't think you are wrong on that actually, I just have a different mentalility. I look at it from a business perspective. A solicitor is a business owner after all, so by looking into a start-up he may be developing a relationship which could bare fruit, in terms of future service. That is what a business person does, they look at every opportunity and the most entrepreneurial can be quite unconventional. Most things in that way of working don't bare fruit, but if you are calculating and shrewd enough to see an opportunity you can make a hell of a lot more money in the long-term.

But most solicitors would consider their businesses to be a much more in line with employment. They wish to get paid for every piece of work and do not take risks. That is fair enough, if that way pays the bills. There is no "deserve" involved, only the necessity of the context. The moral element of this is the risk of being taken advantage of. That is life, you can never fully predict whether someone will make good. You can make a contract, but that is no use if the reason the person doesn't make good is because of failure (which is part of life and is not morally bad either) rather than malice.

Maybe in the past, with all of the conveyances to do, they could afford to live this way. But now, like many other professions, I believe that their interests - i.e. providing for a family and earning a living - would be better served by taking more calculated risks and being adaptable (That is not gambling, hope that is clear).

So to be clear, I am happy to pay for services - in fact I am not the kind of person that can comfortably avail of a service without paying back; I once paid a mate back €10 6 months late after he had left and returned from the UK.

So should I just start looking up the golden pages and calling random solicitors offices?

Didn't you make another thread about "bootstrapping" shareholders agreements?

At least it seems that you are taking advice on board in that you seem to be willing to go to a professional in respect of this matter. Fair enough, you're running on a tight budget. I think we all understand that in the current recession etc. but you're going to have to face up to the fact that you would be best served by obtaining professional assistance in this regard and you will have to pay for it. It will save you money in the long run.

No offence, but nothing in your posts thus far would persuade any solicitor to carry out work for free for you based on potential future work coming their way from you.

I would suggest that it's clear you need to obtain the services of a solicitor (you seem to realise this) and that you will need to be very clear as to what services you require (to get an accurate quote). You should ask for recommendations for a solicitor from friends/family/work colleagues etc or even if you asked nicely, I'm sure somebody on boards.ie would PM you with suggestions.

After this, you should contact the recommended solicitors and seek an initial meeting or quote and see how you go.