Solved

Self employed partnership with spouses

Forum|Forum|2 years ago
August 30, 2023
2 replies
0 views

How do I set up our sole proprietorship as owned by both myself and my husband?

Ask the Experts - Self-Employed - Aug 2023

Best answer by Laura_CPA

Hi CherylFA,

Happy to help you, hope all is well with you! Is this an LLC? If it is, you can file as a Partnership (Form 1065) or you make elect to file Qualified Joint Venture as sole-proprietors (which will require to file 2 Schedule C with income and expenses cut in half).

Please see this link for additional information: https://www.irs.gov/businesses/small-businesses-self-employed/married-couples-in-business.

Cheers,

Laura

Laura_CPAAnswer

Hi CherylFA,

Happy to help you, hope all is well with you! Is this an LLC? If it is, you can file as a Partnership (Form 1065) or you make elect to file Qualified Joint Venture as sole-proprietors (which will require to file 2 Schedule C with income and expenses cut in half).

Please see this link for additional information: https://www.irs.gov/businesses/small-businesses-self-employed/married-couples-in-business.

Cheers,

Laura

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

TimS5

If you have already formed a partnership and been operating as a partnership, you will want to file as a partnership on form 1065. However, if a partnership has not been formed, you can file one schedule C if you are married filing joint. You each will be social security tax based on your 1/2 share of the income on form 1040, schedule SE. If you were to file married filing separate, then you would each file a schedule C reflecting 1/2 of the income and expenses. The following is a link were more information may be found. https://ttlc.intuit.com/community/business-taxes/discussion/can-my-husband-and-i-file-one-schedule-c-for-a-jointly-owned-and-operated-business/00/864769