b'ThePropertyLLCwillbedesignatedasmanager-managedon formation.Themanagerwillbeaseparatelimitedliabilitycompany; possibly a joint venture as described above. The Class A members are the passive investors, and the Class B members are the management class. Class A and Class B split distributable cash; the asset management entity will earn fees.Limited Partnership A syndicate may be a limited partnership (LP). Limited partnerships weretheoriginalsyndicatemodel,beforelimitedliabilitycompanies existed. Now, limited liability companies are the syndicate entity of choice. A typical limited partnership structure is provided below: 165'