In fact, gp and fund management companies should be two main bodies. Gp and management company are both invested or served by the same entity, which is nothing more than facilitating financing from lp. Because gp assumes unlimited liability (often inferior), how can it be said that it knows more about the invested projects? Then, this management company is also my gp, so I know the project better and I dare to invest myself. In addition, the adoption of gp is actually mainly a seemingly unlimited liability. In fact, GPHL is often a limited liability company, and unlimited liability is banned. In addition, the tax issue is actually very troublesome, depending on the contract with the investee to determine what kind of income, interest on creditor's rights or equity dividends, or transfer income. This involves personal income tax and enterprise income tax, and it is very important to identify the nature of income. This tax issue is very complicated and may not achieve the effect of tax avoidance.