LLCs are created in state law and are not recognized by the IRS as a separate type of entity. The IRS recognizes the LLC as a partnership and LLC must file a partnership tax return form 1065. This return is due March 15, not April 15, and the penalty for late filing is substantial (unless you apply for an extension). The partnership return will issue a K-1 statement to each partner listing their share of income and expenses, which is reported on each partner's personal tax return along with any other income, deductions, dependents and credits.
To prepare a 1065 with Turbotax you would need Turbotax Business, this is separate from the "Home & Business" version. Turbotax Business is only available as a download or CD for PC, there is no online or Mac version.
The partnership needs the same kind of records as any other small business or schedule C sole proprietorship. The business is expected to keep reliable and accurate records of income and expenses, for at least 3 years after filing the return. Property (assets) used by the business have special accounting needs. I suggest you hire an accountant for the first year to keep you from making mistakes, or at least buy one of the tax guides for small businesses, there are several "famous" names of tax books, I don't recommend any one specifically.
