Session 3: How Angels Actually Hold the Investment — LLC Operating Agreements & SPV Structures
This session of the Angel Investing Education Series demystifies what actually happens after you decide to invest. How do angels get onto the cap table? What are you really signing when you join an SPV? And what rights do you actually hold?
This series is proudly sponsored by Taft Law — a leading law firm with deep expertise supporting startups, venture funds, and high-growth tech. Taft is a premier full-service law firm and an AmLaw 100 firm with offices across the U.S. and over 1,000 attorneys.
Session 3 is designed to give angel investors a clear, practical understanding of the legal and structural mechanics behind early-stage investments. Rather than focusing on theory, this session walks through how SPVs are structured, how economic and governance rights are allocated, and what to watch for before wiring capital.
What we will cover:
Why SPVs exist: aggregation, minimum checks, and administrative efficiency
Manager-managed vs member-managed structures
Economic vs governance rights inside the SPV
Capital calls, reserves, and recycling provisions
Transfer restrictions and liquidity limitations
Fees and carry mechanics
Information rights: what angels should realistically expect
Conflicts of interest and fiduciary considerations
What happens in follow-on rounds
Typical red flags in SPV operating agreements
Live Q&A
This session is essential for angels who want to understand not just the upside of investing, but the structure that governs their capital.
About Abe Wehbi
Abe is a partner in Taft’s Chicago office and focuses his practice on all aspects of business law, with a specific focus on venture capital transactions. With experience representing venture investors and early-stage growth companies, Abe brings perspective from both sides of the table in venture financings and related matters.
Viaka is a global platform that scouts, invests in, and supports the growth of exceptional MENA-connected and diaspora founders, while convening a trusted community of founders, investors, and operators across North America, Europe, and the MENA region.
*By registering for this event, you consent to receive updates from Viaka, including marketing emails and our monthly newsletter. You may unsubscribe at any time.