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LPA: General Provisions


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.

This section of a limited partnership agreement enumerates the rules involving meetings, actions without a meeting of all partners, amendments, etc.