LLC Opinion Letters: Minimizing Preparer Liability Risks
June 21, 2011
Limited liability companies (LLCs) are now the business entity of choice for many companies. As the use of LLCs has increased in all types of transactions, so have requests for third-party opinions covering LLCs.
Practitioners must be extremely diligent in drafting opinion letters to ensure accuracy and completeness. Counsel preparing opinion letters face potential liabilities if the opinion is defective and negligence can be shown.
The TriBar Opinion Committee recently completed its long-awaited Supplemental LLC Opinion Report, which provides guidance on opinion letters concerning issuing LLC interests, admitting purchasers of LLC interests as members of the LLC, and obligations and liabilities of purchasers of LLC interests.
Richards Layton’s Elisa Erlenbach Maas will be on this authoritative panel which will explain best practices for drafting opinion letters using the TriBar LLC Opinion Supplemental Report as a guide. The panel will discuss strategies for minimizing potential liabilities and risks to opinion preparers.