I started a small business in Pennsylvania last year, but haven't made any money yet. How do I report that on k-1's to the investors?

ANSWER

The BIDaWIZ Team's Answer:

You report the income and expense items on the Form 1065 (assuming this is taxed as a partnership) which flows to the Schedule K-1. For instance, the ordinary loss is reported on line 1 of the Schedule K-1. This would be the partner's distributive share of this loss item.

References: IRS Publication 541; IRC Section 704
State: Pennsylvania