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By Jason Watson, CPA
Posted February 22, 2020
Using the same example above, the two insurance agents could simplify life by entering into a joint venture agreement that allowed for revenue and expense sharing, without the formality of the business entity structure above.
Be careful here. The IRS could impute that this is a partnership and demand a partnership tax return. Not much more will be said here since WCG is not a huge fan of joint ventures in this fashion, and most attorneys say it is very expensive to draft this agreement. Automobile manufacturers have the budget to enter into joint ventures.
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