Nevada Legal Opinion
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FAQ
The purpose of providing the legal opinion is two-fold: to inform the addressee of the legal effect of a transaction or matter; and. to identify legal risks that the addressee should consider and further evaluate.
What is an Opinion Letter? An opinion letter, also called a legal opinion, is a letter issued by a legal counsel that facilitates a lender's due diligence process in a transaction. The opinion letter is used in credit analysis to help determine whether to lend to a borrower or not.
A legal opinion is a formal letter from your company's corporate counsel to the investors containing counsel's conclusions about various legal matters relevant to the company and the transaction, based on counsel's review of a defined body of documents and information.
With respect to law, ?opinion? primarily refers to a judicial opinion, which is a court's written statement explaining the court's decision for the case.
The Attorney General is authorized to give opinions on questions of law to state legislators, heads of state departments, district attorneys, county counsels, sheriffs, and to city attorneys in their prosecutorial capacities. The Attorney General is not permitted to give legal opinions to members of the public.
A third party legal opinion, commonly referred to as an ?Opinion Letter?, is a letter issued by an attorney to advise a client of legal risks and resolve legal uncertainties. An Opinion Letter assures the recipient that their conduct is legal and confirms within the existence of legal relationships.
In general, attorneys will only give legal advice on matters in their area of law. A family law specialist will not advise on a criminal case. They might give their opinion or offer general information, but that is not advice.
Although there are a variety of opinion letters, the most common include the Remedies Opinion (or the Enforceability Opinion), the Non-Consolidation Opinion, and the Entity Status Opinion. 63 Each of these opinions plays an important role in legal opinion practice and is discussed below.
