I am purchasing and existing but currently closed Pak Mail shipping store. My husband and I file joint taxes and we are funding this venture together. However, he will retain his full time position with his current employer and will not be working in the store. Would this be considered a partnership-joint venture or a sole proprieter?
It can be what you want it to be. The question of entity structure is really about two types of planning - liability and taxation. Proprietorship and partnership offer the least amount of liability protection. I wouldn't think you would want to choose either one of those.
jbeidle | Contributor | 7/9/2009 - 1:32 am
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