Definition of a Qualified Joint Venture

A qualified joint venture is a joint venture that conducts a trade or business where (1) the only members of the joint venture are a married couple who file a joint return, (2) both spouses materially participate in the trade or business, and (3) both spouses elect not to be treated as a partnership.

LINK: https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo....