Please give a source. Thanks.
2006-07-24 07:33:25 · 9 answers · asked by Mama R 5 in Business & Finance ➔ Small Business
By definition, it's a partnership. Just found the definitions online.
Joint Venture is two businesses
Proprietorship is one person
Thanks for answering . 10 points to best answer still.
2006-07-24 07:48:10 · update #1
find answers to all of your small business questions from the small business administration
2006-07-24 07:37:50 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It's a sole proprietorship. It would make no sense for them to be a partnership, because the significant would assume an equal share of the liability of the business (instead of just the husband/wife). Joint ventures are between businesses.
2006-07-24 07:43:06 · answer #2 · answered by niuchemist 6 · 0⤊ 0⤋
It is not a sole proprietorship. it may be joint venture or may be partnership. If it is only for a particular period/objective ,it is J.V. otherwise it is treated as partnership.Relationship is immaterial.Here is two person operating business and they become partner , not proprietors.
2006-07-24 07:49:13 · answer #3 · answered by bharehardeep 2 · 0⤊ 0⤋
It could be setup any way you want it. The business could be setup as a corp (either S-Corp or C-Corp), partnership (as was mentioned) or, through some paperwork, it could mention that either spouse is the owner of the business. Of course, both a jointly responsible for debts incurred.
2006-07-24 08:15:47 · answer #4 · answered by Dwight D J 5 · 0⤊ 0⤋
I think it depends what state your in... I'm in Michigan , and thats a dower state. a wife owns half of what her husband has, regardless if her name is on it or not. but, only a few states are like that. Some are curtsy states, where the man has rights to the wifts items. Call an attorney. :) I work for a family company, its an LLC. Hope that helps...
2006-07-24 07:42:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Its not a partnership i think thats when two compaanys (or small businesses) work together. I think its a joint venture.Actually i really dont know. but i thought that is what a partnership is.
2006-07-24 07:37:04 · answer #6 · answered by heyitspreeti 5 · 0⤊ 0⤋
It depends. When I started my small home business, where I live, since I am married it is a joint venture.
You'll have to check your local tax laws and business regulations.
Right now, when we file our joint tax return, all business records are included in it.
2006-07-24 07:38:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
it is a sole proprietorship my and my spouse both own 2 business together We do mary kay and agel and because we are married it is solely owned!
2006-07-24 08:00:29 · answer #8 · answered by lori b 3 · 0⤊ 0⤋
Depends on whose name is on the deed. If both are then its a
partnership.
2006-07-24 07:37:11 · answer #9 · answered by retrodragonfly 7 · 0⤊ 0⤋