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Get your taxes done using TurboTax
Hi, happy to assist!
Congrats on your new business!
A domestic LLC with at least two members is classified as a partnership (form 1065) for federal income tax purposes unless it files Form 8832 and elects to be treated as a corporation.
Assuming you formed a partnership, yes, filing is required, the cost of filing would depend on who you hire to file your returns 🙂
When 1065 is filed, you will receive a K1 that will go on your personal 1040.
Your interest in partnership, partnership agreement, if you are active participant in the partnership or not, etc are the details that are necessary to determine the affect on your returns.
Unused losses may be carried over to offset any future income.
This is just general information.
Here are some helpful links:
Start Up Costs Quickbooks Link
IRS link on filing requirements