An organization comprised of a general partner, which manages a fund, and limited partners, who invest money but have limited liability and are not involved with the day-to-day management of the fund. In the typical venture capital fund, the general partner receives a management fee and a percentage of the profits. The limited partners receive income and capital gains. Typically, each limited partner commits to contribute capital into the partnership or call, and receives a pre-determined share of the profit. Of the general partners, the limited partner also receive the tax benefit of a "passed through" loss (a personal income tax deduction for part of the loss) during the development stages of the partnership when the expenses exceed any receipts.