You may have established a partnership. A partnership is an unincorporated business owned by two or more persons associated as partners. Often the same persons who own the business also manage the business. Many small retail establishments and professional practices, such as dentists, physicians, attorneys, and many CPA firms, are partnerships.
A partnership return may be required to report the income and expenses (Form 1065} The net profit/loss shown on your individual tax returns is determined by the partners' ownership percentages.
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