Venture Capital Firms are usually structured as limited partnerships. The general partner is usually a limited liability company or corporation that acts as the management arm. VC Firms can also be set up as limited liability companies or corporations that make investments with capital of the management team or partners without the use of any investor or outside capital, however, that is rare.

Angel Investors can also be said to be Venture Capital, although Angel Investors usually invest on term fairly different than the the large Venture Capital Firms.  For instance, Angels will probably not ask for as much equity in the company they are funding and they will conduct less due diligence.  The down side, however, is that they usually invest less money when they do make an investment.