Host Gary J. Ross talks with Ben Kwon, Partner at Nixon Peabody and longtime co-chair of the ABA BLS Fund Formation subcommittee. Gary and Ben cover the basics of forming a venture capital fund, including the various entities that constitute a fund and the legal documents that govern fund terms and operations. Ben discusses key tax considerations and the “distribution waterfall” that allocates profit among the fund’s participants. Gary and Ben also touch on issues with a fund trying to change fund terms after launch. The episode concludes with some advice for emerging fund managers.