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Silly chick | If a husband and wife start a small business is it a sole proprietorship or a joint venture or a partnership? |
Please give a source. Thanks.
Additional Details
By definition, it's a partnership. Just found the definitions online.
Joint Venture is two businesses
Proprietorship is one person
Thanks for answering . 10 points to best answer still. |
 |
 
theskullknows
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find answers to all of your small business questions from the small business administration |
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bharehardeep
 |
It is not a sole proprietorship. it may be joint venture or may be partnership. If it is only for a particular period/objective ,it is J.V. otherwise it is treated as partnership.Relationship is immaterial.Here is two person operating business and they become partner , not proprietors. |
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niuchemist
 |
It's a sole proprietorship. It would make no sense for them to be a partnership, because the significant would assume an equal share of the liability of the business (instead of just the husband/wife). Joint ventures are between businesses. |
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Smiley
|
It depends. When I started my small home business, where I live, since I am married it is a joint venture.
You'll have to check your local tax laws and business regulations.
Right now, when we file our joint tax return, all business records are included in it. |
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retrodragonfly
 |
Depends on whose name is on the deed. If both are then its a
partnership. |
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Dwight D J
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It could be setup any way you want it. The business could be setup as a corp (either S-Corp or C-Corp), partnership (as was mentioned) or, through some paperwork, it could mention that either spouse is the owner of the business. Of course, both a jointly responsible for debts incurred. |
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lori b
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it is a sole proprietorship my and my spouse both own 2 business together We do mary kay and agel and because we are married it is solely owned! |
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JSP
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I think it depends what state your in... I'm in Michigan , and thats a dower state. a wife owns half of what her husband has, regardless if her name is on it or not. but, only a few states are like that. Some are curtsy states, where the man has rights to the wifts items. Call an attorney. :) I work for a family company, its an LLC. Hope that helps... |
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heyitspreeti
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Its not a partnership i think thats when two compaanys (or small businesses) work together. I think its a joint venture.Actually i really dont know. but i thought that is what a partnership is. |
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