This article needs to define its terms. What is a GP? Sure I can google it but this is supposed to be an article that explains that kind of thing, I may as well just google how VCs make money and read a different article.
LP = Limited partner
GPs are the VCs, the ones wearing Patagonia puffer jackets. LPs are the actual investors, including pensions, endowments, sovereign wealth funds, high net worth individuals, and on occasion, larger institutionals like hedge funds and publicly traded corporations.
VCs are probably also structured as limited partnerships.
Limited partnerships will typically have "General Partners" who have voting control and no liability protection. And Limited Partners who have no voting control, but have liability protection. All the partners are "owners".
A partnership agreement can probably structure control any way, but in my limited experience the above are generally true.
Limited partnerships are tax advantaged structures that dont require any W2 wages to be paid to execs (unlike S corps and LLCs). This means all the money can be given out as distributions which avoid all self employment taxes. The main advantage of an LP (like an LLC or S corp) is that they are tax pass through entities so income taxes are only paid once (unlike a C corp)
Unlike an S corp, limited partnerships can distribute tax liability to GPs and LPs using any algorithm they wish. LLCs must distribute tax liability to shareholders according to their ownership percent.