Practical LLC and LP Opinions: What They Mean and How To Prepare Them
June 23, 2014
Limited liability companies (LLCs) and limited partnerships (LPs) have become the business entities of choice in a wide variety of transactions. The legal status of an entity, its power to perform its obligations under the transaction documents, and its authorization of its officers to enter into those documents on its behalf can have significant consequences.
Attorneys need to understand that the thoroughness and accuracy of an LLC or LP opinion can have serious ramifications for the parties to the transaction and for the firm that gives the opinion. Attorneys also need to understand that the rules that apply to giving an LLC or LP opinion vary from the rules that apply to giving opinions on corporations.
It is thus crucial for business lawyers and business advisors to comprehend what the common LLC/LP opinions mean, the work required to support them, and the ethical issues that they can pose. This CLE program on LLC and LLP opinions, taught by three nationally-recognized experts including Richards Layton director Jim Leyden, helps attendees gain essential and practical insight that will help their business practice.