I have an LLC that files a Form 1065 and issues K-1s to two members. Except for "Business Startup and Organizational Costs" (that we used last year), I don't see where the business deducts its ongoing operating expenses on Form 1065. "Other Deductions" does not seem to allow for or cover ordinary operating expenses. Where are these expenses deducted, or are the LLC members supposed to deduct business operating expenses on their Form 1040?
