How much does it cost for legal services for companies?Aug 22 2022
At RDM Lawyers LLP we aim to communicate the cost associated with legal services before and during the transaction. Most business services are billed on the hourly rate of our legal support staff ($140-$210 per hour) and the lawyers ($215-$450 per hour). Please feel free to call us to inquire about fees for legal services. Our competent staff will be able to give you a general range for legal services. Below is a list of services and a general idea of costs for those services:
- Leases. Our experienced business lawyers are familiar with drafting simple and complicated commercial leases between one tenant and one landlord as well as more involved multi-tenant leases. The cost to draft a lease agreement starts at $1,500 and will range depending on the details and complexity of the lease as well as the ease of negotiations between the parties. Our lawyers and support staff are familiar with the unique aspects of many different types of businesses including agriculture, restaurants, cannabis, manufacturing, and warehousing to name a few.
- Shareholders Agreements. It is imperative that shareholders of a company agree on their rights, obligations and responsibilities within the company prior to starting the operations. Shareholders Agreements set out the foundation and organization of the Company and the procedure in case of a breakdown within the Company. The cost of a Shareholders Agreement starts at $2,500 and will increase in cost based on the complexity of the agreement and time spent.
- Minute Book Rectification. A corporate minute book can be in virtual form or physical and is required pursuant to the Business Corporations Act (British Columbia). Certain documents are required to be kept in the minute book such as the Articles, Central Securities Registers, Directors and Shareholders Resolutions. For many busy business owners record keeping can be a daunting task and minute books can sometimes become lost or out of date. While it may not seem that the existence of the book is important it is imperative in order for the Company to borrow money from a private or institutional lender and upon the sale of the Company. Canada Revenue Agency may also require that the minute book be made available in the case of an audit. RDM Lawyers has helped hundreds of companies with the recreation or rectification of their minute book. Our competent and experienced staff will review your existing documents, those documents filed with the corporate registry, and those documents provided by your accountant or your organization to recreate your minute book. The cost of the minute book recreation, of an active British Columbia corporation, starts at $400. The cost associated with the minute book recreation is dependent usually on the age of the corporation and the complexity and deficiencies of the corporate records. We would be happy to provide you with a quote for the minute book recreation once we have had an opportunity to review the existing documents of the Company.
- Share/Asset Purchase or Sale. You are about to sell or buy a company, this is can be a very exciting and often an anxious time in your life. RDM Lawyers LLP has experienced lawyers familiar with all aspects of selling and buying both assets and shares of a company. It is important to be aware that fees for these services can be unpredictable because transactions of this nature can take many twists and turns. These types of transactions can range greatly in cost. Simple share transfers can cost as low as $1,500 in instances where it is appropriate to prepare a simple share sale agreement and change of director documentation. More often, you will want your lawyer to conduct due diligence on the Company being purchased and seek advice with respect to all legal aspects of the transaction such as non-competition clauses, leases, and employment agreements for existing employees. Normally the cost to buy a business will start at $6,000 plus taxes and disbursements where the cost of selling a business will start at $4,000 plus taxes and disbursements.
- Incorporation of a British Columbia company. There are many services that we offer where a flat fee is charged and this fee will only be increased in rare circumstances. The cost to incorporate a British Columbia limited liability company (non-professional company ie Medical Doctor) is $800 plus taxes and disbursements. This cost includes, use of our standard articles with special rights and restrictions, preparation of all documents to properly incorporate and organize the company and the cost to prepare the required Transparency Register.