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foreign [Music] lawyer I always found myself repeating these same lessons over and over again to emerging managers so if youre sticking with us great job this stuff can feel so complicated so we covered the basic definition of what a venture capital fund is and we understand at a high level how Venture Capital works now lets get into some of the harder stuff and take a look at how a VC fund is set up high level BC funds are just big business Partnerships with a whole bunch of interlocking parts in this lesson were going to break down what those parts are and how they work you ready lets go [Music] first up lets talk about something we touched on a little earlier the limited partnership if you remember most BC funds are set up as limited Partnerships its a core component of how they work so what is a limited partnership high level its just a type of legal entity thats used for a whole bunch of different business purposes in the US and in Venture Capital funds are usually structu