You will not report any of this on your personal tax return. The partnership (or whatever, be it an S-Corp or C-Corp maybe) will file its own completely separate tax return. A 1065-Parnership Return if a partnership, or an 1120 or 1120-S if a C-Corp or S-Corp. You can't even start your personal return, until after the business has filed it's own return.
The business will issue each partner or owner a K-1 and any other necessary tax documents, which those partners or owners will then use to complete their personal tax returns. If investors received any payouts or dividends on their investment, then the business also has to issue each investor the appropriate tax reporting document.
If you've never dealt with this stuff before, you need to see a tax pro for at least this first year. Do it wrong, and the fines, penalties and late fees can easily bankrupt the business before it even gets off the ground.
To tackle this yourself (which I do NOT recommend) you'll need to use TurboTax Business (different from Home & Business). TurboTax Business is not available as an online product, and is not available for MACs. IT's for the Windows platform only. You can purchase the CD at https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp
Once you pay for it, you can download the installation file immediately and install it, so you don't have to wait for the CD. If you want a CD mailed to you, make SURE you specify that when you buy it.
