How these contributions are translated into legal ownership of a portion of the Fund, and the paperwork around a risk fund may seem a bit daunting, but the documents are not that complicated conceptually. As mentioned in this fundraising article, the Fund`s documents may take the form of a limited liability enterprise agreement ("LLC"), a limited liability enterprise agreement ("LLP") or a more traditional limited partnership agreement. Or they may be a mix of some or all of those mentioned above, where an LLC serves as a family doctor under a traditional partnership agreement. But whatever form your lawyer recommends, they`ll really only cover three fundamental concepts: (1) Presents itself as a venture capital strategy as overwhelming as it may seem, it`s really not as difficult as someone who isn`t familiar with the process might think. All proper fund documents include compensation from the Fund to family physicians for all fund decisions and actions taken in good faith. It`s really as close as you can access the insurance policy in the scenario above for borrowed cars. The section on compensation essentially stipulates that the Fund shall pay the legal debts and expenses of family physicians with respect to all problems arising from the management of the Fund, provided that they act in good faith and act under the conditions of the Documentation of the Fund. . . .