Hi folks, there are two partners operating a business and it is organized in the state of Tennessee as a "Multiple Member-Managed Limited Liability Company".
I am not sure whether to select "Domestic limited liability company" or "Domestic limited liability partnership" on Schedule B of Form 1065. For sure, they are a partnership but as an LLC.
I don't know the implications of choosing the wrong one. Thanks up front for any guidance on this matter.
