topic Re: New LLC in Get your taxes done using TurboTax

New LLC

jmflores — Tue, 10 Mar 2026 07:00:00 GMT

Hi all! A partner and I started an LLC where we do corporate training sessions. We simply started the LLC so that we could advertise properly and stop invoicing our partners as sole proprietors. The business itself will not make any "profit" as all the money we make just filters through the business and then the appropriate partner withdrawals for themselves. As far as taxes go, will the LLC still need to file taxes, with a notation of zero profit (I'm assuming)? I'm also assuming that the profits we take through the business and deposit for ourselves are then income reported on our own tax return?

Re: New LLC

Donna F 77 — Wed, 16 Nov 2022 19:30:30 GMT

Congratulations on your new LLC! As a partnership, the LLC will need to file a partnership tax return (Form 1065). The partnership income will flow through to you and your partner via a Schedule K-1 that will be produced with the partnership tax return. The partnership will report the income and expenses and show either a profit or a loss. That profit or loss figure is what flows through to your personal tax return. More information can be found below:

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/form-1065-u-return-partnership-income/L9CrK579v_US_en_US

https://ttlc.intuit.com/community/business-taxes/discussion/i-need-to-do-my-business-partnership-taxes/00/360310

https://www.irs.gov/pub/irs-pdf/p541.pdf

Re: New LLC

Mike9241 — Wed, 25 Jan 2023 01:52:16 GMT

the withdrawal of money from the partnership is not an expense. it should show up on each partner's k-1 in box 19 and on schedule L the withdrawal and distribution line. be aware that the 1065 i due 3/15/2023 though it can be extended. you may also have to file a state partnership return.