How To Best Structure Business With Your Spouse -- What is a Qualified Joint Venture?

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This video covers how to plan the best type of business structure with your spouse. This includes what a Qualified Joint Venture Means and considerations for accounting, taxes & legality! Can a husband and wife start a business together as a sole proprietorship?
Click to subscribe! / @businessfinancecoach
Resources mentioned:
Free Business Spreadsheet Template: www.amandarussell.mba/gettheb...
IRS on QJV: www.irs.gov/businesses/small-...
"Material Participation"? • Material Participation...
E-COURSE: The BEST Type Of Business To Form www.bizschool.coach/bestbizco...
ALL E-COURSES: www.bizschool.coach/courses
Purchase a meeting: www.bizschool.coach/schedulem...
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Пікірлер: 32

  • @Hooray7874
    @Hooray78744 жыл бұрын

    This video was actually super helpful. It really debunked my preconceived notions on the benefits me and my husband would receive with an LLC. Thank you. I'm officially benge watching your vids after this.😁

  • @rickeyhughes7380
    @rickeyhughes73804 жыл бұрын

    Hello, Miss Amanda. This is Rickey Hughes again. I have just watched your video about doing business with your spouse. Thank you for sharing this video. I believe this is something to think about. I do have a Bookkeeping and Accounting business. However, I have no spouse. So, I don't think this applies to me. But, I believe you have explained it well. Hopefully, I will keep these things in mind just in case I do get married. Again, I thank you for sharing this video as well as other videos you have shared. I hope you will keep up the good work with what you are doing. Thank you, again, so much. Take care.

  • @woodandtable
    @woodandtable4 жыл бұрын

    Thanks! Great explanation.

  • @causa04
    @causa043 жыл бұрын

    Subscribed!!!! WOW thank you so much for your video, this is what I was looking for and it is hard to find information about it. =)

  • @universeunknown1880
    @universeunknown18803 жыл бұрын

    I’m horrible with compliments. I simply subscribed to see more of this goodness.

  • @josephmidyett
    @josephmidyett4 жыл бұрын

    another great one

  • @glenstull6351
    @glenstull63513 жыл бұрын

    Man good stuff

  • @lovely_MHA
    @lovely_MHA3 жыл бұрын

    Thank you

  • @gnome3928
    @gnome39284 жыл бұрын

    Thank you for this awesome video, I learned so much! I know you went over this already but just to verify, me and my spouse as a QJV, would we just split in half everything like revenue, cost of goods, mileage, etc... for our schedule C’s?

  • @melaniehadley_ATXlendingteam
    @melaniehadley_ATXlendingteam4 жыл бұрын

    Thanks for a great video. I'm going to check out your other videos as well. My question is if my husband and I elect to the LLC with just him as the single owner so we can do a Schedule C for tax purposes, what would happen if died? Is it possible to change the owner of the LLC without having to start a whole new LLC?

  • @ichiulucero4396
    @ichiulucero43963 жыл бұрын

    So if two schedule C for a couple. DO I just splice the number to half for everything?

  • @kerryarmstrong5565
    @kerryarmstrong55653 жыл бұрын

    Bought a duplex at the beginning of 2019 was wondering how to fail my wife is an RN I took The year off to take care of the duplex had to do quite a bit of work to it. But I did draw unemployment wages.

  • @StarlynsAgency
    @StarlynsAgency3 жыл бұрын

    I help people register biz wiyh the state ans this one client has a personal block in the banking system he cant open bank accounts. So when he wants to open an account for his biz the moment he say his social security the bank refuse to open his business bank account. Idk how to help him

  • @a1no1x
    @a1no1x3 жыл бұрын

    Ok, so I want to start a business with my wife and we are in Texas, a communal property state, so we can file as a qualified joint venture for taxes... what about creating the biz and registering it with the State of Texas? Is it still a LLC? Or is it registered as some other entity?

  • @wade6315
    @wade63154 жыл бұрын

    Hello Amanda love your videos. I have an issue that I’ve been trying to solve and would be happy to pay you for some advice. My wife owned a limousine service in 2018 which is a single LLC and did joint taxes as a married couple. The company is under my name now since 2019 and I did my taxes on TurboTax. I got an email back from Turbo tax saying that my federal tax return was rejected. The reason for the rejection was: IND-031-04 - The primary taxpayer's AGI or Self-select PIN from last year does not match IRS records. Why would it say that when I’m doing taxes under my name? I filled jointly with my wife, We have 1 child. Please any help would be appreciated. Thank you in advance and hope you are staying safe.

  • @rarebreedtm7118
    @rarebreedtm71184 жыл бұрын

    Hello, my name is Chris. I just found your channel. I was hoping you might have an email or something to speak with you about these loans and Grant's. I'm a stay at home father of five and my wife runs her salon from home with no employees. We are not able to get any of these for help. She has no employees so I'm wondering if that is the problem. We are close to losing everything we've worked for, house and all. We don't know where to turn so any information would be greatly appreciated. Thank you

  • @kettliewatson7924
    @kettliewatson79244 жыл бұрын

    I need your help please

  • @lucan6901
    @lucan69013 жыл бұрын

    I was expecting millions of views and...only 2k?

  • @gladysstephenson51
    @gladysstephenson514 жыл бұрын

    HELP: not sure what EIN Entity to choose. We are husband and wife. We are starting a trucking business. We are going to set up as an multi-LLC, but we are also partners. I'm a bit confused on which EIN to use; a partnership EIN or a Multi-LLC EIN. My husband has a self employed EIN (sole proprietor), which was just for him, but now, I have to get a new EIN to include me as the spouse.

  • @businessfinancecoach

    @businessfinancecoach

    4 жыл бұрын

    You need to watch this video again!

  • @clee1052
    @clee10524 жыл бұрын

    Could you tell me how Single Owner who is approved for PPP can make it 100% grant please.

  • @amandarussell8185

    @amandarussell8185

    4 жыл бұрын

    they haven't finalized this criteria, but your bank will tell you. keep your accounting records and be sure to withdraw the funds from any business account to your personal account, if applicable.

  • @kriswilliams460
    @kriswilliams4604 жыл бұрын

    Which one gives you more back on taxes?

  • @businessfinancecoach

    @businessfinancecoach

    4 жыл бұрын

    they are all basically the exact same except the corporation which is generally higher

  • @ketolasvegas7930
    @ketolasvegas79303 жыл бұрын

    My wife & I started our business last year as an LLC. After watching this video and realzing that i did not document everything correctly in 2019, i think it would be better for us to not be an LLC so that i can file 2019 using sched C. Is there anyway to change this to file or are we stuck?

  • @businessfinancecoach

    @businessfinancecoach

    3 жыл бұрын

    Go to your state website and they'll be a form to dissolve your LLC

  • @ketolasvegas7930

    @ketolasvegas7930

    3 жыл бұрын

    @@businessfinancecoach i want to make sure this is the right choice. But, i have muddied the business account because we are an online bakery. We have a lot of sales and expenses. So, if I can file on schedule C using income recordings from diff payment online payouts that would be easier. So, this option would allow us to keep our EIN?

  • @ashleybaughman8796
    @ashleybaughman87963 жыл бұрын

    ugg! i have so many Questions i already did my LLC and put my husband and i on befor reasching on it. i put my husband as the regestered Agent and i was the Organizer but i Sierously have no idea what i am Doing. i thought hey if i put him on it as well were a Team But he is wanti ng to 1099 me because do advertising and "keeping up with stuff" but we ae a roofing company so He is the making the money and checks are in his Name ive been trying to google how to do a IEN. i am literally a Mess and i just finally got a computer i am new to literally everything and id love to see how i come use your template as well. but first i need figure out how to make i IeN AND FINISH completeing the buisness but i want us both to play a roll in OWNING business but when it comes to money andtaxes i no nothing thank you soo much for your video please help direct me on where or how do a ien

  • @ashleybaughman8796

    @ashleybaughman8796

    3 жыл бұрын

    and like i said about if he 1099s me maybe we dont have to do that, we do have other workers so we can 1099 them so do i a form 1065 to start off? and then we Each apply for our Own IeN?

  • @kettliewatson7924
    @kettliewatson79244 жыл бұрын

    I hope you have in email I need to speak to you

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