https://rausarusso.com/capital The Capital Quarterly briefing and operator-side legal insights from the Venture & Capital Markets Practice of Rausa Russo Law, PLLC. en-us inquiries@rausarusso.com (Rausa Russo Law, PLLC) Wed, 30 Apr 2026 00:00:00 +0000 https://rausarusso.com/capital/quarterly/2026-q2 https://rausarusso.com/capital/quarterly/2026-q2 Wed, 30 Apr 2026 00:00:00 +0000 The post-OBBBA QSBS landscape, SEC private-fund rules at one year, the latest from Delaware Chancery on conflicted-controller transactions, the NVCA model document refresh, and where the FTC non-compete rule stands after the Fifth Circuit. Capital Quarterly https://rausarusso.com/capital/guides/studio-engagements https://rausarusso.com/capital/guides/studio-engagements Wed, 30 Apr 2026 00:00:00 +0000 Three studio equity bands, the five-document set, services agreement scope and sunset, studio equity issuance with milestone vesting, IP assignment, operator/CEO equity carve-ins, DGCL Section 144 conflicted-director procedure, and recap and cleanup paths. Capital Guide https://rausarusso.com/capital/guides/term-sheets-annotated https://rausarusso.com/capital/guides/term-sheets-annotated Wed, 30 Apr 2026 00:00:00 +0000 A page-by-page founder-side walk-through of an NVCA-style Series A term sheet. Pre-money valuation and option-pool top-up math, liquidation preference, anti-dilution, board composition, protective provisions, vesting and acceleration, and what to push vs. concede. Capital Guide https://rausarusso.com/capital/insights/83b-election-explained https://rausarusso.com/capital/insights/83b-election-explained Wed, 30 Apr 2026 00:00:00 +0000 The 30-day statutory deadline under IRC Section 83(b), what an election does, what happens if you miss it, the QSBS five-year-clock interaction, and the post-2025 mailing/portal practice. Capital Insight https://rausarusso.com/capital/insights/safe-conversion-at-series-a https://rausarusso.com/capital/insights/safe-conversion-at-series-a Wed, 30 Apr 2026 00:00:00 +0000 Post-money SAFE math, valuation cap and discount mechanics, dilution incidence on common and option pool, MFN traps, and the Reg D Rule 506 / Form D mechanics every SAFE round has to satisfy. Capital Insight https://rausarusso.com/capital/insights/409a-valuations-explained https://rausarusso.com/capital/insights/409a-valuations-explained Wed, 30 Apr 2026 00:00:00 +0000 Section 409A and the safe-harbor presumption of reasonableness for non-public stock valuations. The three safe harbors at 26 C.F.R. Section 1.409A-1(b)(5)(iv)(B), refresh cadence, and the cost of getting it wrong. Capital Insight https://rausarusso.com/capital/insights/qsbs-explained https://rausarusso.com/capital/insights/qsbs-explained Wed, 30 Apr 2026 00:00:00 +0000 A founder-side walk-through of IRC Section 1202: the exclusion, the holding period, the active-business test, the gross-asset cap, Section 1045 rollover, and Section 1244 ordinary-loss treatment. Capital Insight https://rausarusso.com/capital/guides/venture-formation-and-capitalization https://rausarusso.com/capital/guides/venture-formation-and-capitalization Wed, 29 Apr 2026 00:00:00 +0000 An investor-grade walk-through of the legal architecture institutional capital expects: entity choice, founder equity and 83(b), QSBS planning, IP assignment, SAFEs vs. priced rounds, NVCA mechanics, board composition, venture-studio economics, and the term-sheet points that move every round. Capital Guide