My wife and I both are getting started with our own businesses.
She does social media management and I design/build websites that I offer managed hosting for the client. We both currently do business under the same DBA and are solo proprietorships. We don't work together technically, but sometimes will refer each other clients.
This is my wife's only income and I am active duty army.
I know the IRS automatically sees us as qualified joint venture, but I honestly don't know how that affects us.
https://www.irs.gov/businesses/small-bu ... n-business
Her business currently brings in ~20k a year with 1 client and should grow as she gets more clients.
Mine only brings in $650 a month on recurring payments for the managed hosting.
We file taxes as MFJ.
As of now there is no plan to bring on any employees or contract any work out.
Do we need an LLC?
Should we both stay solo proprietors?
She does social media management and I design/build websites that I offer managed hosting for the client. We both currently do business under the same DBA and are solo proprietorships. We don't work together technically, but sometimes will refer each other clients.
This is my wife's only income and I am active duty army.
I know the IRS automatically sees us as qualified joint venture, but I honestly don't know how that affects us.
https://www.irs.gov/businesses/small-bu ... n-business
Her business currently brings in ~20k a year with 1 client and should grow as she gets more clients.
Mine only brings in $650 a month on recurring payments for the managed hosting.
We file taxes as MFJ.
As of now there is no plan to bring on any employees or contract any work out.
Do we need an LLC?
Should we both stay solo proprietors?
Statistics: Posted by WOMoney — Sun Jul 28, 2024 6:57 pm — Replies 2 — Views 293