Qualified Joint Venture/ EIN

[Terry D EA]

I need some advice here. I began preparing taxes on my own 21 years ago. I have always been a one man show. My wife has always booked appointments and performed various secretarial tasks. Since day one, I have been a sole-proprietor with me being the only person identified with my existing EIN. As we plan for our retirement years, we are making several financial changes. One change is to include my wife on the business bank account. The bank is requiring a partnership agreement and is asking for the articles or organization from the NCSEC. I really don't have any issues forming a LLC. I'm not quite sure the laws or requirements in NC to make the election for a qualified joint venture. I want to do this to avoid the form 1065. My main question is will I have to obtain a new EIN because of the LLC? I thought I have read somewhere that only one EIN can be assigned to an individual.  I think I do which will be somewhat of a pain to make changes. Also, if anyone has any experience with NC with this, please chime in with your advice.

[Terry D EA]

Okay, there is one thing I already have found. I shouldn't listen to the bank. Under IRS guidelines, there can be two owners of a sole-proprietorship. When I registered the business numerous years ago, my wife and I both were listed as the owners. Also, an LLC cannot qualify to be a joint venture unless you are in a community property state. Yes, I like the idea of the liability protection under the LLC and as we increase our client base, it very well maybe the best thing to do. But for right now, I can continue to operate under my EIN as a qualified joint venture. I am busy enough at this time without having to deal with re-structuring my own business. Any advice or suggestion will be appreciated.