Every member can have up to four characters but only three characters that hold positions. If the person already has a kage, curse seal user, or a jinchurriki, the third character must be an ANBU Squad Leader.
Ex: Head ANBU, Kage Assistant, Kage, etc.
So a person could have a Head ANBU and an Kage Assistant but the last would be anything not listed in the character positions topic in Character Creation. Akatsuki does not count as they are arc characters.
Dark's Edit: Being a member of the Seven Shinobi Swordsmen does not count as a position. Also, Ronin counts as a ranking position. A jinchuuriki, regardless of power level, is a ranked position. Only one Kage per person, only one jinchuuriki per person, only one ronin per person. There can only be 5 ronin at a time, as well.