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Learn the advantages and disadvantages of becoming a Sole Proprietor, including liability, medical Insurance, taxes, running a business with your spouse and more.
Choose the Best Legal Entity For Your One-Person Business
Nolo's Tool
Husband and Wife as Co-Sole Proprietors:
If you're married and you and your spouse jointly own an unincorporated business and share in the profits and losses, you're both partners in a partnership.
However there is an exception which permits a husband and wife to be co-sole proprietors (covered next.)
Community Property Exception:
If you and your spouse wholly own an unincorporated business as community property under the community property laws of a state, foreign country, or U.S. possession, you can treat the business as either a sole proprietorship or a partnership, whichever you choose.
Community Property States:
- Arizona
- California
- Idaho
- Louisiana
- Nevada
- New Mexico
- Texas
- Washington
- Wisconsin
Schedule C, Profit or Loss from Business:
Sole proprietors generally report business income and expenses on Schedule C (or C-EZ if eligible).
You file Schedule C annually and attach it to Form 1040 (a farming sole proprietorship files Schedule F, Profit or Loss From Farming.) loop hole lewy.com
Qualified Joint Venture
Choose the Best Legal Entity for Your One-Person Business
An eGuide to the pros and cons of each type of business: LLC, corporation and sole proprietorship. Ownership Structures
AB 1672
When You Can't Pay Your Business Debts: Personal Liability and Bankruptcy Options
If your business is in the red, take steps to protect your personal assets.
IRS Definition of if your are really a business or not
tax almanac.org/
money law views.com/
wikipedia.org/
Nolo Press
Create Your Own Employee Handbook
Management Carve Outs Common Ownership - Affliated Groups Taxation
            
    
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