Preparation of Legal Opinion
A legal opinion or Legal Opinion is provided in the form of written advice on a specific subject or area of operations performed by the customer.
It is drawn up at the request and in the interests of the requester. Such a conclusion cannot be issued to both parties to the transaction and ensure the benefit of all parties to the dispute.
The quality of its preparation makes it possible to make sure of the transparency of the transaction (project), as well as the expediency and legality of important legal actions planned by the client.
When is there a need to prepare a Legal Opinion?
1. When such a conclusion is given regarding immovable property. In this case, it is easier to establish whether the client is at risk by buying or becoming the owner of real estate.
2. When it comes to international organizations that provide services. In this case, Legal Opinion indicates the presence or absence of a ban in the provision of this type of service by the specified company to its citizens.
So, we can talk about the permissibility or impermissibility of the provision of services by foreign citizens for citizens of other jurisdictions and for the approval of transactions when buying and selling on the currency exchange. Conclusions are submitted to VISA or Mastercard, acquirer or banking institution to confirm the money transfer.
The types of activities for which Legal opinion is provided by the attorneys of Eternity Law International:
– Legal opinion for forex brokers;
– Legal opinion for binary options;
– Legal opinion for the gambling business;
– Legal opinion for a crypto exchange;
– Legal opinion for a crypto exchanger;
– Legal opinion for operations with cryptocurrencies.
3. When concluding cross-border transactions. For such operations, the opinion makes it clear whether the submitted documents are valid and whether they are legally important. It also determines in an important jurisdiction for us whether these documents will comply with local legislation.
4. Financial transactions. The legal opinion provides an assessment of the legal threats of a specific project, here we recommend ways to minimize them. The project documentation is being corrected.
5. For prospectuses of emission of shares and securities. The Legal Opinion is provided at the time of the placement of shares and is a confirmation that all the necessary requirements have been met during the issue.
How Legal Opinion is prepared
When ordering a legal opinion, the client wants to get complete clarity in the legal plan and wants to see in it an accurate legal study of the legal threats of a specific project or agreement.
The statements made in the conclusions determine the level of the performer’s reliability. In this regard, those ordering Legal Opinion are obliged to study the conclusion for the absence of ambiguous judgments and conclusions, innuendos, uncertainties, slips of the tongue and guesses.
Their presence suggests that lawyers doubt the expressed judgment and withdraw themselves from the obligation for incorrect or inaccurate conclusions and recommendations.
A high-quality Legal Opinion must be clearly formulated and substantiated by law. Here you should indicate the exact initial circumstances, contain references to articles of legislative documents and clear results.
At the same time, legal support will not replace a legal opinion. The parties should not rely on the fact that, upon receiving such an opinion, they receive detailed instructions for the implementation of the project or the execution of the agreement with their own hands.
Step-by-step preparation of Legal Opinion
Background – initial data
This part of the conclusion contains reference data on the information provided from the customer, on the documentation or the transaction itself, on which conclusions will be drawn. Here, the details of the applicable law are prescribed, based on the authority where the legal relationship takes place.
Document reviewed and inquiries made – part of the research
The research section contains a reflection of the process and results of data analysis for these documents, describes the actions for collecting additional information necessary for an honest conclusion and the conclusions drawn on their basis.
This includes transaction papers, incorporation documents and minutes of meetings of the board of founders or directors of the company. The conclusion should indicate what documents the performer worked with: originals or their copies, possibly draft papers.
A list of additionally collected sources is also compiled, and requests that have been submitted to various registration, taxation or patenting authorities, etc. are indicated. The result of the request is recorded, even if it is negative.
In the event that the preparation of Legal Opinion takes a long time, then it is possible that you will reapply with the introduction of the latest changes that have occurred during the period from the filing of the first request.
Assumptions are the results summarized in the Legal Opinion, which directly depend on the starting point of the author of the opinion. From the presentation of the starting points by the creator of the study, which will form the basis for making further assumptions, the correctness and accuracy of the transaction review can be analyzed.
This part includes standard hypotheses as well as those related to specific events.
Examples of typical hypotheses:
1. When both parties to this transaction have the necessary legal capacity to sign it.
2. When there is a real desire
For advice on the preparation of a Legal opinion, contact the specialists of Eternity Law International.