No, if you set up an LLC with a friend, then you will need to file a 1065 partnership return to report whatever income and expenses the partnership received. Then the partnership will issue the partners a k-1 which you will then report on your personal 1040 returns. You can use TurboTax BUSINESS, to file the 1065 Partnership return and then you would use TurboTax premier to enter the K-1 you receive from the partnership.
What is a Schedule K-1
What is form 1065
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