My wife and I have filed Sch C's a few years in a row. Each of us has our own.
I want to take advantage of the rules allowing for a joint venture.
Can I use my single member llc name for the business dealings and banking of the joint venture?
Then end of year have one set of JV books, for tax purposes have 2 sch C's.
The rules imply a partnership llc but we are electing to not file as such. Therefore can I use the SMLLC for the business activity?
Of if someone could give an example of the structure. Or other ways to make it work.
Thanks in advance.
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Your facts as presented are not clear:
1. We file married jointly with each having a sch C with our taxpayer name on them. We share work as we are real estate agents.
2. Her RE license is under mine. I am her broker in charge. We also share administrative tasks back and forth.
3. We are in NC.
Since you live in NC you CANNOT do a QJV . So if you don't want to continue the method you are currently using then you could open a corporation or a partnership. Seek local professional guidance to see if this is possible or desirable.
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