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Business & farm
If a business has two owners, like you are indicating, then it defaults to being a partnership. You can elect to be taxed as a corporation, but under no circumstances can it be a sole proprietorship - by definition a sole proprietorship only has one owner. You will need to file a partnership tax return (Form 1065) for the business, and then you will receive a Form K-1 to include on your personal tax return.
‎June 3, 2019
10:55 AM