It all depends how you set up your business. Are you setting this up as a single member LLC which in that case all your income and expenses will be reported on your personal tax return on a Sch C. Or maybe your'e going the route of setting a 1065LLC partnership in which case you will report the income and expenses on a partnership return and consequently generate a K-1 for each of the partners showing your net income from the business on that Box 1 on the K-1 which will then be reported on your personal tax return from there. In either case, you will have to keep a record of all your income and expenses incurred for the period in question.
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