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What are the basics of LP term sheets and investor qualifications for first-time fundraisers?

I'm a first time fundraiser and I have some super basic questions: Is there a standard or basic term sheet for a LP? Is anyone who wants to invest considered an LP?
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As you accelerate your pitching you will use a PACT to collect interest. Then after you have $1m+ or more collected in PACTs, your law firm will help you incorporate all the entities and governing docs. Then you will send LPs an LPA to sign. 

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