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.
An application form, filled out by an investor, to join a limited partnership. The form is usually created by the general partner evaluating the investor's suitability for the investment in the partnership.