Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 18, 2020 4:36:21 PM

I have a minimal activity business tax license in TN. What form will I file?

We are a small business but not an llc.

0 4 644
4 Replies
Level 15
May 18, 2020 5:31:14 PM

Define "WE" ... are you a partnership ?  Are you spouses ? 

New Member
May 19, 2020 6:47:42 AM

Business partners

Level 15
May 19, 2020 10:25:44 AM

Multi member LLC file a Partnership return form 1065 each and every tax year until you tell the IRS the business dissolved by filing a final return.  

 

  1. For your multi-member LLC, you will need to use TT Business.  This is only available for as a download and only for windows environments. https://turbotax.intuit.com/small-business-taxes/ 
  2. Once you have completed the business return (form 1065) you will use the K-1's to complete your personal tax return (form 1040).  Check out the intuit home page to determine which product best suits your needs.  There are numerous options for both download and online
  3. Multi-member LLC tax returns can be complicated, especially the initial year.  I would recommend that you consult with a tax professional at least for your initial year to get started on the right path and help you understand the nuances of partnership tax.

New Member
May 19, 2020 3:02:47 PM

This is not an LLC - it just simply a minimal activity business tax license