Qualified Joint Venture(married couples)

Only businesses owned and operated by spouses as co-owners & not in the name of a state law entity(includung LP and LLC) can be considered QJV. To qualify the business must:

be a marreied couple who files a joint return.

both spouses materially participates in trade or business.

both spouses elect not to be treated as partnership.

Note: mere joint ownwership of proprty that is not trade or business does not qualify.Spouse must share items of income, gain, loss, deduction and credit in accordance with each spouse interest in the business.

Start here:

https://www.zenbusiness.com/s/formation-types/?utm_source=shareasale&source=shareasale&medium=affiliate&utm_medium=affiliate&utm_campaign=3705778&campaignid=3705778&utm_content=1949782&content=1949782&sscid=11k9_80m2b