Husband started small business with his sister- LLC partnership in 2017. Both invested personal $ & have made no profit. Does this affect our personal taxes?

[WillK · Accepted solution]

It might. For the partnership, they will need to file a partnership return (Form 1065) using Turbo Tax small business :https://turbotax.intuit.com/small-business-taxes/. 

Once the 1065 has prepared and filed, it will generate schedule K-1 for each partner which reports the income/expenses of the business to each partner according to their percentages. The schedule K-1 will need to be filed on their personal returns.