Legal Question in Business Law in Florida
Business Funding
We are a new small business looking to get funded to have additional working capital. We have been in contact with a lawyers office that wants money up front, but says its refundable if they do not find an investor for us. We went to our attorney and he is skeptical. I was wondering if anyone here had some input for me? Is money up front for a lawyer finding funding something that is done often, or not?
Asked on 3/18/08, 4:23 pm
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: Business Funding
It is not typical. If money is up front, make sure it is in his trust account, get the agreement in writing, and get a receipt that shows it is in the trust account. Lawyers get in a ton of trouble for messing with trust account money when they are not supposed to.
Answered on 3/18/08, 4:47 pm
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