Article Date:
May 2008


Word Count:
108

 

 

Husband-and-Wife Joint Venture Election Does Not Apply to LLCs


In a recent posting to its Website, the IRS says that “a business owned and operated by the spouses through a limited liability company does not qualify for the new joint venture election offered to husband-and-wife partnerships.”1

 

The IRS then cites Revenue Procedure 2002-69 for the special rules that allow a husband-and-wife owned LLC to elect single-member status if, and only if, the LLC is in a community property state.

 

The husband-and-wife operated business that files as a proprietorship needs to ... Log in to view full article.

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