Question 1 of 35. Spouses can elect Qualified Joint Venture status, if all of the following are true, EXCEPT: The only members of the joint venture are a married couple who file a joint return Both spouses materially participate in the business. The business has been set up as a limited liability company (LLC). Both spouses elect not to be treated as a partnership. Mark for follow up Question 2 of 35. Taxpayers who are also sole proprietors should keep their personal and business finances separate because: They will not be able to get business loans if they don't have separate accounts. If there are not separate bank accounts, all deposits may be considered business income unless proven otherwise in an audit. The IRS requires separate bank accounts. The bank requires separate bank accounts. Mark for follow up R 2626