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Can one person be a limited member and general member of the same LLC?
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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Can one person be a limited member and general member of the same LLC?
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
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Can one person be a limited member and general member of the same LLC?
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
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Can one person be a limited member and general member of the same LLC?
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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Can one person be a limited member and general member of the same 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)?
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Can one person be a limited member and general member of the same LLC?
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Can one person be a limited member and general member of the same LLC?
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Can one person be a limited member and general member of the same LLC?
Tell be about the nature of the business: what is sold, how is it sold, who are your customers, roughly what is your gross income, and what employees do you have that manage the business, etc. How long have you been in business, what other jobs does the "managing partner" have, etc. More facts are better than less.
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Can one person be a limited member and general member of the same LLC?
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