Well, it's a weird situation where we have an LLC with 3 members, and each of us have capital investment, but none of us work more than 500 hours for it. So by default, it seems we are all limited, "investment"-level partners in this LLC. But of course someone has to be designated as the manager of the LLC, so one of us is the manager... the manager is automatically a "general partner" I believe, but it seems they should also be allowed to be a "limited partner" and receive distributions without having to pay SE tax, since they work less than 500 hours for the LLC.
Should the manager member be listed twice in the member section of the LLC in Turbo Tax Business? Once as a general partner (who receives guaranteed payments for service) and once as a limited partner (who receives income distribution for capital investment, which is not subject to SE tax)?
