Need to file form 1065 for my business, but need an extension. I'm not sure if I need to be qualified as a partnership or LLC. No profits or losses for last year.

[ccmasterminds]

What's the best way to set up my business for tax purposed.  It's for real estate investment.  My brother and I will split the profit at the end of each fix and flip.

[SheriD · Accepted solution]

Whether you should be a partnership or an LLC depends on the income you expect to make, what state (or states) you'll be doing business in, as well as other considerations.

The good news for now is - both LLCs and partnerships file the same form (Form 1065). That's all you need to file a business extension (Form 7004).

If you have an iphone - you can use our new app to e-file a 7004 business extension. Go to the app store and search for "TurboTax Business Extensions".