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Old 12-04-2011, 12:30 PM
 
6 posts, read 31,087 times
Reputation: 11

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I was laid off last year and started collecting unemployment. After applying for numerous jobs and getting no responses, I decided to open a small retail store, which I established as an LLC. The LLC is barely making enough to cover itself, in fact we end up putting in our personal funds half the time to make rent etc., and certainly I am not able to take any salary out of it whatsoever. I have continued on unemployment all this time even though I am extremely anxious about it, fearing that I am breaking all kinds of laws. But seeing as I paid into UI all my working life (40+ years) and as I take no pay from my business, I feel somewhat justified. And, additionally, I do still actively look for and apply for "real" jobs and if offered something, I would take it and hire a part-time person to run the store so I can go back to work.

Can someone clarify if what I'm doing is okay or not? and if not what should I do?
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Old 12-04-2011, 01:40 PM
 
1,463 posts, read 4,691,044 times
Reputation: 1030
I am not sure if what you are doing is wrong or right, but I know that NJ UEI has a program for people who want to start their own business. I can't remember what it's called, but if you look around on the UEI website I'm sure you'll find some information.
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Old 12-04-2011, 01:59 PM
 
6 posts, read 31,087 times
Reputation: 11
Quote:
Originally Posted by SweepTheLeg View Post
I am not sure if what you are doing is wrong or right, but I know that NJ UEI has a program for people who want to start their own business. I can't remember what it's called, but if you look around on the UEI website I'm sure you'll find some information.

I looked into that when I started the business. They offer business advice, a course, etc. The big drawback--and it's a BIG one--is that you get six months of UI while starting the biz... then it's sink or swim, at the end of the six months you stop getting the UI, period, dot, end. If the biz doesn't take off you are screwed. In theory it sounds great but unless you are sure it's going to do well right out of the box, which is rarely the case with a new biz, you risk getting nothing after that first six months.
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