LLCs and taxes

[Seth C.]

I can't quite understand the way people are structuring PPMs and talking to investors about their products.

When someone says "I try to get 18-22% IRR for investors", are they talking before-tax or after-tax? If after, after which taxes?

When you have an LLC with a managing partner and a number of passive partners, and the LCC files and pays taxes, what remains for an investor to pay? Does the structure of the PPM matter (3-20 investors)?

many thanks! S