Due Diligence Standard

M&A & VC Due Diligence Checklist

The standardized due diligence folder index used by investment bankers, corporate development teams, and venture capital investors to structure virtual data rooms.

Diligence Room Readiness: 0 / 31 items0%

VDR Setup Guide

1.0 Corporate Records & Governance

Folder 1.0

1.1Certificate of Incorporation & all amendmentsCritical

1.2Bylaws and operating agreementsCritical

1.3Minutes of all board of directors and shareholder meetings (last 3–5 years)Standard

1.4Fully-diluted capitalization table (options, warrants, convertible notes)Critical

1.5Shareholder agreements, voting agreements, and right of first refusal (ROFR)Critical

1.6List of jurisdictions where qualified to do business (Good Standing Certificates)Standard

2.0 Financial Information & Tax

Folder 2.0

2.1Audited financial statements (Income Statement, Balance Sheet, Cash Flows) for 3 yearsCritical

2.2Latest year-to-date interim financials with budget vs actual variance analysisCritical

2.3Detailed 3–5 year forward-looking financial forecast model with underlying assumptionsCritical

2.4Federal, state, local, and international tax returns for the past 3–5 yearsCritical

2.5Schedule of all existing debt, bank credit lines, mortgages, and capital leasesCritical

2.6Accounts receivable (A/R) and accounts payable (A/P) aging reportsStandard

3.0 Intellectual Property & Technology

Folder 3.0

3.1List of all registered patents, patent applications, trademarks, copyrights, and domainsCritical

3.2Proprietary IP assignment & invention agreements signed by all founders, employees, and contractorsCritical

3.3Open-source software (OSS) audit disclosures and license compliance records (GPL, Apache, MIT)Critical

3.4Software architecture documentation, hosting topology (AWS/GCP), and disaster recovery plansStandard

3.5Third-party cybersecurity audit reports, SOC 2 Type II attestation, and penetration test summariesCritical

4.0 Commercial & Customer Contracts

Folder 4.0

4.1Top 20 customer contracts and Master Service Agreements (MSAs)Critical

4.2Annual recurring revenue (ARR) breakdown, retention metrics, and customer churn reportsCritical

4.3Key vendor, supplier, and licensing contracts with change-of-control provisionsCritical

4.4Standard customer terms of service, end-user license agreements (EULA), and SLAsStandard

4.5Marketing, affiliate, distribution, and reseller partnership agreementsStandard

5.0 Human Resources & Employment

Folder 5.0

5.1Organizational chart and comprehensive employee roster with titles, salaries, and bonusesStandard

5.2Executive employment contracts, severance agreements, and change-of-control golden parachutesCritical

5.3Stock option plan (ESOP) documents, grant templates, and vesting schedulesCritical

5.4Summary of employee benefit plans (health insurance, 401(k), pension, equity incentives)Standard

5.5Independent contractor agreements and employee classification legal documentationCritical

6.0 Legal, Regulatory & Environmental

Folder 6.0

6.1Summary of past, pending, or threatened litigation, arbitrations, or government inquiriesCritical

6.2Governmental permits, licenses, regulatory registrations, and compliance certificationsStandard

6.3Insurance policies (D&O, General Liability, Errors & Omissions, Cyber Insurance)Standard

6.4Data privacy policies and compliance documentation (GDPR, CCPA/CPRA, HIPAA)Critical

Ready to populate your secure data room?

Avoid exposing these sensitive corporate documents via standard cloud links. Use dynamic watermarks, NDA clickwraps, and second-by-second viewer telemetry. For a deeper dive into managing this process, read VDR Directory's M&A due-diligence checklist.