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Get your taxes done using TurboTax
To follow-up on the comments from @HelenC12, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and elects to be treated as a corporation. Thus, with regard to your question, if you decide to remain a partnership, you will complete a Form 1065, which is an informational return because partnerships do not pay taxes. You may have heard people use the term "pass through entity" to describe a partnership for tax purposes. That term, PTE, is used because partnerships "pass through" their income and loss to the partners. Thereafter, the partners pay tax on their respective income, and/or gain from the partnership.
After completing your Form 1065, which you can do in TurboTax Business, the partnership then issues a Schedule K-1 to each partner (you and your daughter), and then the partners use their Schedule K-1 (partnerships don't issue a W-2 to partners) to prepare their separate tax returns.
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