For what tax ramifications should I be alert from a partnership perspective?Because the LLC is operating in California, you are going to have to file a CA income tax return and pay income taxes to CA. Normally at this point I'd talk about how your resident state usually offers a tax credit to offset some of the double state taxation. But that's moot for a Texas resident. :-(So you're going to have some extra costs with this investment - the cost of state income taxes. (Plus there might be some compliance costs like a higher tax return preparation fee.)--Peter
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