LLC Not Limited Partnership - IRS
Here's an interesting change in IRS policy on how to treat members of an LLC. (Naturally, the IRS did not change it's mind gracefully.)
Re: LLC Not Limited Partnership - IRS
Thanks for this read Jim,
I have maintained for some time that LLC's are basically general partnerships with some liability protection. So far the liability issue has not been challenged as much as I first thought it might.
There has been some attempt to sell them as more, and of course USDA decided to treat them as corporations for entity determinations(at least locally), but the federal tax handling has been as that of a General partnership.