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