It is normally organized as an LLC with member managers who employ the professionals necessary to raise, manage, and invest the funds. The management company runs the fund and acts as advisor to the portfolio companies. General Partner - The management company (organized as an LLC) is the general partner. A limited partnership is made up of a general partner and a limited partner. General Partnership - A VC fund is generally structured as a limited partnership. Partnerships will have a detailed partnership or limited partnership agreements. An LLC will have a articles of organization and an operating agreement. A corporation will have articles of incorporation and bylaws. Each of these entities must have their own organizational and operational governance documents. Generally, all of the entities will be organized under the law of Delaware. It consists of a maze of business entities organized under state law. The structure of a VC fund can be quite complicated.
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