My wife and I split the LLC 50/50, with equal responsibilities.
On my 1065 I checked off Managing LLC Member for both of us and generated K-1's.
When entering K1's with Turbo Tax Home and Business, it has 2 boxes to choose from.
-General Partner or LLC Member
-Limited Partner or Other LLC Member
We are set up in the LLC as both Member-Managed, so from the 1065, entering K1's in Turbo Tax Home and Business, and originally setting up the LLC, I am not sure how this is all related, but I would like to get this right.
I do not believe that either one of us is a General Partner or a Limited Partner. So it comes down to LLC Member or other LLC Member.
