Terms & Conditions
Preti Flaherty has a limited number of openings for participation in our Preti Launch Pad initiative, and we will select participants based upon the criteria outlined below and subject to the restrictions set forth in these Terms and Conditions. The criteria and restrictions are subject to change at any time at the sole discretion of Preti Flaherty.
Criteria for Qualification
- Participation is limited to business owners seeking to form a corporation or limited liability company (LLC) to be organized in the states of Maine, New Hampshire or Massachusetts.
- The business must have 5 or fewer owners.
- The business and business owners must not have a current or prior client relationship with Preti Flaherty.
- Business Launch Pad is intended for operating entities with annual gross revenues of less than $250,000. Real estate or other holding companies, and companies with gross revenues in excess of $250,000, are not eligible for this program.
- Preti Flaherty will, in its sole discretion, also consider a variety of other factors, including whether the business owners have developed a written business plan, whether start-up funding is in place or has been secured, and the nature of the business.
Scope of Work
Those selected for participation in Preti Flaherty’s Launch Pad program will receive the following services:
- Initial in-person consultation with a Preti Flaherty attorney to discuss the formation of an LLC or corporation and related issues and considerations;
- Preparation of the articles of incorporation or certificate of formation, as applicable;
- Preparation of bylaws or LLC agreement, as applicable;
- Preparation of organizational consent resolutions;
- Assistance with application for an Employer Identification Number (EIN); and
- Preparation of stock or membership unit certificates, as applicable.
- Perform a name search to determine if the selected name for the corporation is likely to conflict with existing corporations or trademarks.
- Provide preliminary consultation with respect to intellectual property issues of concern to the new venture.
A Preti Flaherty attorney will serve as clerk or registered agent of the newly-formed LLC or corporation. The charge for this service for participants in the Preti Launch Pad program will be offered at a reduced rate of $200 per year, plus applicable fees payable annually to the states of Maine, New Hampshire or Massachusetts, as applicable, for a period of three years. Participants will be billed for this service on August 1st of each year.
The following is a list of issues that commonly arise in the context of new business startups but which would be considered outside the scope of services to be provided pursuant to this program. Preti Flaherty would be happy to assist in any of these areas, subject to the commencement of a separate engagement setting forth the work to be performed and the agreed costs or rates:
- Negotiation and preparation of an agreement relating to future buy-out of business owners, such as a shareholders’ agreement, buy-sell agreement, right of first refusal or option agreement;
- Employment matters, including hiring and firing, preparation of an employee handbook and advice on compliance with various employment laws;
- Tax matters and tax filings (with the exception of general advice regarding the tax treatment of LLCs and corporation and assistance with obtaining an EIN and making a Subchapter S election);
- Trademark searching and registration of trademarks;
- Assistance with patenting an invention;
- Employment and consulting agreements, non-disclosure agreements and license agreements.
- Patent studies to assess freedom to operate within the contemplated field.
- Assistance with raising capital or securing a loan; or
- Advice on necessary licensing and permits required for specific business operations.
Other Terms and Conditions
As with all potential clients, engagement in an attorney-client relationship is subject to confirmation that our engagement would not constitute a conflict of interest under any applicable state bar rules.
All participants will be required to advance all filing fees charged by the States of Maine, New Hampshire or Massachusetts with respect to formation of an LLC or corporation at the commencement of Preti Flaherty’s engagement and as a condition to the performance of work.