K-1 Tax form: Limited or General Partner for LLC Partnership

[Billie Joe]

• It is my understanding, that when you have an LLC limited partnership, at least one of the partners are General. We have 2 partners, and the type of business is rental.
  
  One partner is Limited and the other is General- who materially participates in the business.
  
  However, our CPA checked the box that says "Limited partner or other LLC member" on the K-1 form for BOTH partners.
  
  Will that pose a problem when we go to file on personal taxes? Or does it even matter?
  
  The options on the K-1 are:
  *General partner or LLC member-manager
  *Limited partner or other LLC member
  *Domestic partner
  *Foreign partner
  
  Should partner #1 have "Limited Partner" on their K-1 & Partner #2 have "General Partner" on their K-1?
  
  I would think that having the different statuses would be taxed differently, but I could be wrong...  

Since we're on the topic, I should also ask: If they are taxed differently, what is the difference?