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2 Owners of Business Acct. as Sole Proprietor

Question: 
Can a husband and wife both be owners of a business account as a sole proprietor?
Answer: 

Answer by Randy Carey: Not according to the IRS. It is either a partnership or a joint venture.

Answer: 

Answer by John Burnett: In at least one state, Oklahoma, spouses may own and operate a sole proprietorship. The IRS may treat it as a partnership or joint venture, but the Fed would permit the spouses to hold a NOW account as a sole proprietorship. You need to know whether your state also accepts spousal sole proprietorships.

First published on BankersOnline.com 8/13/12

First published on 08/13/2012

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