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Tax Advantages - Sole Proprietorship vs. General Partnership

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SmokeyMoon

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What are the Tax Advantages? - Sole Proprietorship vs. General Partnership

What is the name of your state? California

Here are the facts:

1. Starting a business from home.
2. Live with fiancé (to be married in 2005, going to happen, not an issue)
3. Two kids. not mine, not claimed by me. Huge return for my fiancé because of small income.
4. I currently work steady, make a decent income, and give up a leg every year to the IRS.


Q1: What are the tax advantages and disadvantages to the business structures sole proprietorship and general partnership?

Q2: How are the kids handled from a taxable business standpoint?

Q3: What is our best option? and why?
A. Sole Proprietorship for me.
B. Sole Proprietorship for my fiancé.
C. General Partnership.


I thank you in advance for your help.

-sm.
 
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