nkthen wrote:Singapore Saint wrote:Hi,
While setting up a new company in Singapore, I've been quoted around $3000 for drawing up a shareholders agreement, which to my mind is $3000 that I could make much better use of during the start-up period..
I fully appreciate why we need the agreement, but I object to paying a law firm $3000 for 5-6hrs work when it seems like its just a case of taking a standard document that has been drawn up under Singaporean law, adding the details of 3 people to it, the 3 of us signing and then each holding a copy. (A simplified view, I know...)
Has anyone been able to get a shareholders agreement signed without resorting to paying this kind of money?
The reason why it is $3000 is because no 2 partnerships are the same. You can use a boiler plate partnership agreement and pray that nothing exceptional will happen.
Template partnership are also harder to be use in court as any smart lawyer can dismiss that as a template, or use that all-familiar template to look for loopholes.
Or you can pay $3000+, get a customized partnership agreement which covers 100% of your legal protection and suitable for your biz.
It's your call. Being cheapo has it's cost.
And a fool and his money is easily parted
That's what you try to convince people, to stand the test in court, there are no guarantees at all which side is going to win! Until that day arrives in court he he's better off saving the 2700$ when he may need it more, in fact there is a very good chance that a template agreement is just as good.
Problem with lawyers are they over value themselves in many cases, unless they have made their mark as the best, Someone has to lose in the court room?
To give you a prime example of irrational behaviour i saw this lawyer go up to this woman and her children and asked why did your boy do this, to my son! and he pushed the boy on the head. He demanded an apology, the woman may be never so what happened because all the kids where playing, she was quiet while he was doing his verbal act in front of everyone, his display of professional pride and what a cock up he made of himself.
Anyway his threats of taking her to court over safety, was a load of bullshit. He himself had committed a crime of common assault on a 7 or 8
year old boy, and did exactly what he was accusing the boy of doing to his son, Simply forgetting the boys where playing and not fighting and are also to young for prosecution, surely anybody with a bit of commonsense would know the difference of what is rational and not rational, paying 3000$ for any contract is far from rational, end of story in my opinion.
