A GP or General Partner is a legal entity or structure which is needed to be the owner of a limited partnership (LP). A unique characteristic of a GP structure is its unlimited liability. GPs typically act as the manager of the partnership. GP is also a general term for the individual or entity that manages a fund. SPVs usually don’t have GPs as part of their structure because SPVs usually use an LLC structure rather than an LP structure. LLC structures do not need a GP or general partner, LP structures require a GP to be its manager. Venture funds usually employ the GP, LP structure.
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