You should consult directly with a tax professional in your jurisdiction for guidance and, perhaps, income tax preparation for the partnership.
Technically, a multi-member LLC can have an ordinary business loss but not an NOL; the business loss is passed through to the members on their K-1s and they, individually, may have an NOL as a result (provided they have sufficient basis in the LLC).
Further, the members need to materially participate in the LLC or the loss reported on their K-1s will be suspended under the passive activity loss rules.
Finally, the members need to keep track of the pass-through items (of income and loss) in order to calculate their outside basis in the LLC. TurboTax does not handle that matter.
