Core concepts
GP/LP economics
GP operates, LP funds; preferred return + waterfall split above.
Documentation
Operating agreement spelling out capital calls, distributions, dispute resolution.
Examples
- $500k deal: GP contributes $50k + sweat; LP contributes $450k; 7% pref, 70/30 split above.
Practical applications
- Operators raising capital below syndication scale.
- Strategic partnerships across complementary skills.
Common mistakes
- Vague verbal partnerships.
- Skipping operating agreement.
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