Hi Lauren and Melanie,
My husband and I form a partnership together for our business, we're an LLP.
I don't know why your tax consultant would have told you to file yearly, I'd definitely ask for clarification on why he or she recommended that. It could simply be that you do not have enough income to justify paying quarterly at this time, if you are a very new business this could make sense. We pay quarterly to both our state government as well as the federal government.
There can be penalties for not paying quarterly, not to mention it can be quite painful to pay a single lump sum at the end of the year if you have been making a decent amount of money through the year.
I hope this helps a bit!