Qualification for Qualified Joint Venture

[AN_598342]

We're a married couple who obtained a NYC County Partnership Certificate (basically a DBA registration) last year, so we're not operating through a state law entity. We both work on this business and split profits and expenses 50/50. Can we file jointly and as self-employed and not file Form 1065? We used the EIN when opening the Square account to receive sales payments, but no 1099-K was issued. 

[ThomasM125]

Since the venture is not incorporated or registered as a limited liability company with your state, it may qualify as a qualified joint venture (QJV) and as such you would not need to file a partnership return. If so, you could report your business income and expenses on your personal tax return using a Schedule C. There are other qualifications applicable, such as filing a joint personal tax return and both of you materially participating in the business.

You can learn more in this Intuit article.