Can we use TurboTax Business to file our taxes?
Yes, you can. To prepare a corporate, trust or partnership return you would need Turbotax Business. This is a separate program from Turbotax Home and Business. TT Business is a program only available for desktop use (there is no on-line version.) See http://turbotax.intuit.com/small-business-taxes/
Turbotax Business will prepare
Form 1120-S for S-Corporations
Form 1120 for C-Corporations
Form 1041 for Estate or Trusts, and
Form 1065 for Partnerships
To prepare a personal return, depending on it's complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc. If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Home and Business version.
How LLC Owners Can Avoid Self-Employment Tax
http://curcurucpa.com/blog/everything-you-never-wanted-to-know-about-self-employment-tax-on-llc-owners/