Thank you for referencing the IRS article on Qualified Joint Ventures. I'm not sure we want to go that route, for a few reasons:
(1) The partnership has an EIN. This is required in North Carolina in order to maintain business checking and savings accounts at a local bank or credit union.
(2) The article points out that the IRS will be wondering, after March 15, why they have not received a Form 1065 for the partnership, and this will necessitate an exchange of letters.
(3) The partnership agreement (required in North Carolina) outlines what happens to the partnership in case something should happen to one of the partners.
