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An Oak Bay applicant may consider a limited-partnership investment and wonder whether personally running daily operations is always necessary. EB-5 requires participation in management or policy formulation under the applicable rules. The actual rights should be reviewed rather than assuming every limited partner is either automatically eligible or wholly passive. A first review should build a transaction ledger from the origin of each dollar through the investment vehicle, with the governing agreement beside it. It should also identify the job-creation methodology, timing assumptions, and the applicant's actual management or policy rights. The core decision is whether the documents support an immigrant investment case as filed, rather than whether the project marketing material uses the word 'participation' or forecasts a large economic benefit. Hypothetical example: a harpsichord maker sells a Canadian workshop and considers buying a minority interest in a U.S. instrument factory. The subscription papers forecast a sale in six years but separately require the enterprise to repurchase the interest at a fixed price. Before committing, the maker must decide whether that term leaves capital exposed to a genuine possibility of loss or can be inconsistent with the at-risk requirement. The executed subscription agreement, operating agreement, escrow terms, and correspondence settling any side agreement—not a projected exit graph—answer the issue. This review also reveals whether the proceeds have a lawful, fully documented path from sale to investment.