Similar to a general partnership, which has one or more general partners (GPs), a limited partnership has one or more limited partners (LPs). however, only one partner is required to be a general partner.
The LPA addresses: the Term of the partnership, Management fees, Hurdle rate or preferred return, Carried interest, and Restrictions on the General Partner.
Administrative consensus allowing individual managers to control specific activities for a particular period of time. The duties and responsibilities of the manager are are enumerated and detailed. Fees and expenses are also detailed.