I've operated a sole proprietorship for several years. My spouse has been a W-2 employee but was recently laid off and has been successfully pursuing 1099 income since in the same area/industry as my business (we even share one of our clients). She's interested in establishing a solo 401k and continuing with the self-employed route.
We're discussing the pros/cons of going into business together as sole proprietors. A Qualified Joint Venture appeals to us more than the additional paperwork of payroll as a W-2 employee or having to file a 1065 as a partnership.
We live in the state of Georgia, which isn't a community property state. I assume the QJV option isn't possible for us since it requires we live in a community property state?
If we operate our own small businesses, can we decide to combine them later?
