Married filing jointly for a California LLC 50/50 owned between my wife and myself

I am a W-2 employee, but have a separate California LLC that is 50/50 owned by my wife and myself and was incorporated on December 3rd, 2014. The LLC didn't generate revenue for 2014, but we do have business expenses and deductions as typically associated for any 1st year startup. The LLC did not hire any outside consultants or employees.

  • Do my wife and I each need to file a K-1 since we're married and filing jointly?
  • Since we're married filing jointly, how does each of our LLC ownership affect our business expenses and deductions on the joint tax return?

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