the inventory transferred as well as any other assets transferred would be treated as capital contributions. do you realize that now you have a partnership? since it is an LLC it can not use the qualified joint venture option to avoid filing a partnership return. the partnership return you needed to file was due 3/15/2020. there was no extension like for individuals. the penalty for filing late is about $200 per partner per month. so right now if you do nothing you are liable to get a bill from the IRS for about $1,600. in addition, you need the TT business software to do the return that only can be installed on a PC. there is no online version. I strongly suggest you engage the services of a pro who can deal with the first year return and the entries that are needed to be made to ensure the return balances and (s)he can also write a letter with the return kindly asking the IRS to abate the penalties. After 7/15 the penalties go up another $400.
