This article seems to suggest that a single person could be a both a limited member and general member of the same LLC (see section heading "What if a person is a General Partner and a Limited Partner?"): http://www.cohnekinghorn.com/LLCs-and-Self-Employment-Tax-Update-2012
Is this the case, and if so, how would this be represented in Turbo Tax Business?
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It appears that, according to proposed IRS regulations, a partner who holds both kinds of interests in an LLC must be considered a general partner, and not a limited partner:
"However, if an individual holds two types of interests in the entity classified as a partnership, and one of the interests is not treated as a limited partnership interest (e.g., a state-law general partnership interest), the individual would not be treated as holding a limited partnership interest (Prop. Regs. Sec. 1.469-5(e)(3)(ii))." - See more at: http://www.thetaxadviser.com/issues/2012/jun/clinic-story-04.html#sthash.q2G8Pvqt.dpuf
It appears that, according to proposed IRS regulations, a partner who holds both kinds of interests in an LLC must be considered a general partner, and not a limited partner:
"However, if an individual holds two types of interests in the entity classified as a partnership, and one of the interests is not treated as a limited partnership interest (e.g., a state-law general partnership interest), the individual would not be treated as holding a limited partnership interest (Prop. Regs. Sec. 1.469-5(e)(3)(ii))." - See more at: http://www.thetaxadviser.com/issues/2012/jun/clinic-story-04.html#sthash.q2G8Pvqt.dpuf
I would say that it is possible, but I have never seen it. Are you filing a 1065 return? How many members of the LLC are there? What is the nature of your inquiry -- what are you hoping to achieve?
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