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We went the general partnership route because there were two of us and we weren't yet married. Turned out to have been an excellent decision, from the perspective of health insurance alone. We have been able to qualify for group insurance and avoid the dreaded individual market.
We file an annual partnership tax return with the IRS, but our taxes are now paid as individuals (married filing jointly) using the Form 1040.
The only complication is that we never drafted a formal partnership agreement (think George M. Cohan and Sam Harris in "Yankee Doodle Dandy"). With post-9/11 banking laws, we need a partnership agreement (past tax returns aren't enough) as evidence of our partnership's existence and character in order to open business accounts at banks with which we did not have a banking relationship before the laws were passed.
Michael L. Wyland
Sumption & Wyland
818 South Hawthorne Avenue
Sioux Falls, South Dakota 57104-4537
(605) 336-0244
"I never considered a difference of opinion in politics, in religion, in philosophy, as cause for withdrawing from a friend." - Thomas Jefferson to William Hamilton, April 22, 1800
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