If the Business produced income in 2016 it must be reported to the IRS. If you are sole proprietor this income will be reported in your 1040 Tax Return with Schedule C. This can be done with TurboTax Self-Employed. If your Business was a Corporation, S-Corp, LLC, or Partnership you must purchase TurboTax Business to create a return.
For a Quick read from TurboTax regarding your Business please click on the link below:
TurboTax
Overview; Business Income and Deductions