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In general. limited partners do not pay self employment tax. They do pay SE on Guaranteed Payments. I would look to the partnership agreement since Sec. 301.7701-3 does not address whether an LLC making a partnership election is considered a general partnership or a limited partnership for federal income tax purposes and whether LLC members are considered general or limited partners.
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In general. limited partners do not pay self employment tax. They do pay SE on Guaranteed Payments. I would look to the partnership agreement since Sec. 301.7701-3 does not address whether an LLC making a partnership election is considered a general partnership or a limited partnership for federal income tax purposes and whether LLC members are considered general or limited partners.
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