Technology start up companies and entrepreneurs seeking venture capital often find the legal terms demanded by venture capital lists to be onerous. However, the terms demanded by these "VCs" are dictated in large part by the legal structure of VC funds and the demands by the investors in these funds on the VCs. Join Peter Townshend, a partner in McDermott Will & Emery LLP, who discusses the structure of VC funds and describes how this structure affects VC-backed preferred stock financings and the emerging companies and founders that accept VC funding.