My friend and I are wanting to start a small business where we are selling gift baskets, novelties and things like that. Can we both be owners of a sole proprietorship business? I was not planning to start a business as LLC and that's what it looks like I may have to do. Any advice would help. We live in Oklahoma if that helps. Thanks.
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No. A sole proprietorship can only have one owner. A business with two or more owners would need to be a partnership. It doesn't need to be an LLC. You should have a partnership agreement.
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