First of all congratulations on starting your business.
There are pros and cons for both partnership and LLC. The main drawback about partnership is liability. All partners are personally liable for the business’s debts and obligations. LLC is separate legal entity from the owners. Owners are in most cases are not held liable for debt and liabilities. SBA has some great info. about LLC vs Partnership.
https://www.sba.gov/business-guide/launch-your-business/choose-business-structure
LLC and partnership both will file form 1065 and if you are expecting a loss, there will be no estimated tax payment requirements. Partnership or LLC do not pay any taxes but all income passes to the partners/members and they pay taxes on their personal returns.
Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!
