Posted By: Anonymous
Sole Props - 06/25/10 06:03 PM
Can a sole prop include husband and wife as joint owners? Does the spouse have to be just a "signer" or can they be joint owners?
Posted By: fmissle
Re: Sole Props - 06/25/10 06:50 PM
They can in Washington State (only if they're marries though). Don't know about other states though.
Posted By: Anonymous
Re: Sole Props - 06/25/10 07:10 PM
Not in Georgia
Posted By: rlcarey
Re: Sole Props - 06/27/10 12:31 PM
They may be able to register the assumed name as a sole prop in the State in which they are conducting business, but from the IRS standpoint, they are either a partnership or a qualified joint venture.
Most states would say no even for community property states, as the official ownership is a sigle person, with rights of the community property, but that is a state issue. IRS is different as noted by rlcarey.