Selected Legal Opinions Issues in Venture Capital Finance Transactions

The Report of the The Opinions Committee of the Business Law Section of the State Bar of California on Selected Legal Opinion Issues In Venture Capital Financing Transactions (November 2009) (“Report”) is a commentary on customary practice with respect to third-party legal opinions given in venture capital financing transactions (defined for this purpose as equity investments in privately held companies by professional investors). The Report supplements the Corporations Committee’s Report on Legal Opinions in Business Transactions and the Opinions Committee’s Remedies Report by addressing particular opinion letter issues that often arise in venture capital financing transactions. A primary objective of the Report is to give opinion practitioners guidance regarding whether specific opinions are appropriate in such transactions.

To request this report, contact the section coordinator.