Limited Partnership Agreement (LPA)

A Limited Partnership Agreement (LPA) is a legal contract that outlines the rules and terms between the general partner (who manages the fund) and limited partners (investors). It specifies how the partnership operates, how profits and losses are shared, the responsibilities of each partner, and procedures for managing the partnership. Essentially, it provides clarity and structure to ensure all parties understand their rights and obligations, helping to prevent and resolve conflicts during the partnership's lifespan.