., (1964) 42 TC 1067.The Supreme Court has explained that the distinction between co-owners of property and partners depends on whether they intend to and, in fact, join together for the present conduct of an undertaking or enterprise-The following factors are often cited as evidence of this intent:The agreement of the parties and their conduct in executing its terms;The contributions, if any, that each party makes to the venture;Control over income and capital and the right of each party to make withdrawals;Whether the parties are co-proprietors who share in net profits and have an obligation to share losses;Whether business was conducted in the joint names of the parties;Whether the parties held themselves out as joint venturers; andWhether separate books of account were maintained for the venture.The court held that the co-ownership arrangement constituted a partnership for federal tax purposes.

@Spencer SakaiIf the company is a single member LLC or a sole proprietor then I would use the company.

A sole proprietor that doesn’t have onsite customers?

Your SSN is your tax payer ID number if you operate as a sole proprietor (no entity like LLC).

I was previously the sole proprietor of one LLC in Aurora CO and it's currently listed as delinquent.

If you contribute the property into a simple single member LLC that elects to be taxed as a sole proprietor then  the LLC is a disregarded entity as the property will still be reported on your personal tax return where it is reported now.Any entity can do a 1031 exchange. 

Hi Marco,Your question about using an LLC (or going as a sole proprietor) seems to come up frequently in the BP posts.

- ‘lifestyle’ business – ie simply intended to be run by and to provide an ongoing source of work and income for the proprietors, no clear vision for the long term future?

Schedule C if you a sole proprietor) & you do not have any w-2 employees working for your self-employed business or otherwise.2.

One of the bedrooms in our unit is used solely as an office for our business-related work (or at least it was last year; it's a baby room this year).While reporting the rental income, and taking deductions, would it be better to file as self-employed or sole proprietor?