I was reading the LPA and had this question. It would be great if someone could share some insight or experience. Thanks!
The decision on whether LPs should have more control over extensions typically depends on how the LPA is structured. Generally, LPs have limited control due to the passive nature of their role, but they can influence decisions like extensions if the LPA includes provisions for it. Some LPAs might require a majority vote for extensions, while others may not. It's essential to consult the specific LPA terms and possibly seek legal advice for clarity.