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Unemployment and Owning A Business

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Unemployment and Owning A Business

Post by Sonia Noname on Sat Mar 19, 2011 9:28 pm

I need advice.

I have been unemployed since Dec 2008 (with a brief stint of employment for 3 months)and have been collecting. a year ago an friend of mine and I started a business with 3 other people (LLC). As of today we are the only two members left. The business made a profit of $2000 in 2010 and is preparing to do taxes. Will this at all affect my unemployment? I didnt earn a red cent from my business nor did I earn any for the business. What should I do?

Sonia Noname
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Posts : 4
Join date : 2011-03-19

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Re: Unemployment and Owning A Business

Post by Jobless_in_Ma on Sat Mar 19, 2011 9:44 pm

Hi Sonia, you need to contact your local unemployment office for more specific answers on your situation. This isn't a typical situation at all. Sorry we couldn't help much more.

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Re: Unemployment and Owning A Business

Post by Really? on Sun Mar 20, 2011 1:30 am

If I understand what you are saying you have been collecting unemployment and you are concerned about the 2,000 made by the business you co own costing you eligibility with Unemployment benefits.
If you did not earn the two grand it will not cost you eligibility. As long as no payroll taxes were held out and you do not get a 1099 you are all good.

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Re: Unemployment and Owning A Business

Post by Sonia Noname on Sun Mar 20, 2011 8:09 pm

So if the business files taxes, do they ask any information on me?

Sonia Noname
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Re: Unemployment and Owning A Business

Post by Guest on Sun Mar 20, 2011 9:40 pm

Sonia, the best thing you can do is to contact your Unemployment Office. Rule are very specific regarding these types of things. None of us would want to see you jeopardize your benefits by giving incorrect information.
Please contact your State Unemployment Office for all the information.

Guest
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Re: Unemployment and Owning A Business

Post by Guest on Sun Mar 20, 2011 11:10 pm

Sonia Noname wrote:So if the business files taxes, do they ask any information on me?

Yes, the best thing to do is go to your unemployment office. Any income from the business, regardless if they were invested right back into your business, should have been reported to unemployment. The best thing to do is be up front with them.

Guest
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Re: Unemployment and Owning A Business

Post by Sonia Noname on Mon Mar 21, 2011 4:49 pm

I am going to contact my UI office, however I never saw any income...nothing was paid out to me. I am confused by the term income....income for the business or myself?

Sonia Noname
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Re: Unemployment and Owning A Business

Post by Guest on Mon Mar 21, 2011 4:59 pm

Any income. Even if you invested the money back into the business, that is considered income and must be reported to unemployment.

Guest
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Re: Unemployment and Owning A Business

Post by Sonia Noname on Mon Mar 21, 2011 5:03 pm

I didnt make any income from the business....no monies were paid to me and then I invested it back...that never happened. We never were given a check or put on payroll. All of the 2000 dollars stayed in the company account. Is that considered income still?

Sonia Noname
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Re: Unemployment and Owning A Business

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