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Old 10-24-2009, 06:48 AM
 
17 posts, read 34,897 times
Reputation: 11
Default Unemployment for small business owner who just lost his job?


I was just notified that I will be losing my job at the end of the year. I have a question and it is a little confusing.

I own a small business that I have always just considered a long term investment for the real estate value. The business that occupies the real estate is operating but I have never taken a paycheck since I have always had a full time job. I am now losing that job and I was wondering if I will still be able to collect unemployment. I'm afraid that since I own this business that it will cause a unemployment denial and or they will ask for reimbursement if they find out.

Any Ideas?
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Old 10-24-2009, 08:22 AM
 
Location: New Jersey
3,814 posts, read 7,783,247 times
Reputation: 907
Quote:
Originally Posted by KFEG71 View Post

I own a small business that I have always just considered a long term investment for the real estate value. The business that occupies the real estate is operating but I have never taken a paycheck since I have always had a full time job. I am now losing that job and I was wondering if I will still be able to collect unemployment. I'm afraid that since I own this business that it will cause a unemployment denial and or they will ask for reimbursement if they find out.

Any Ideas?
The rules on eligibility vary from state to state.

For example, in New Jersey, where I am located, you would only be ineligible for Unemployment if you are an officer or an owner (part of full) of a company -- and your unemployment would be based on your earnings from that company.

According to the NJ Department of Labor website:

"If you are an officer of a corporation, or you own more than a 5% equitable or debt interest in the corporation, and your unemployment claim is based on wages with the corporation, you will not be considered unemployed during your term of office or ownership. Since you are not considered unemployed, your claim will be held invalid and you will not receive benefit payments.

A corporation is considered viable unless it has permanently ceased operations and filed for formal dissolution in accordance with the New Jersey Business Corporation Act or has filed for bankruptcy under Chapter 7 of the United States Bankruptcy Code."


Department of Labor and Workforce Development | Corporate Officer/Owner

Check the Department of Labor website for your state, or call your local UI office for info applicable to you.
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Old 10-24-2009, 08:37 AM
 
17 posts, read 34,897 times
Reputation: 11
Quote:
Originally Posted by diorgirl View Post
The rules on eligibility vary from state to state.

For example, in New Jersey, where I am located, you would only be ineligible for Unemployment if you are an officer or an owner (part of full) of a company -- and your unemployment would be based on your earnings from that company.

According to the NJ Department of Labor website:

"If you are an officer of a corporation, or you own more than a 5% equitable or debt interest in the corporation, and your unemployment claim is based on wages with the corporation, you will not be considered unemployed during your term of office or ownership. Since you are not considered unemployed, your claim will be held invalid and you will not receive benefit payments.

A corporation is considered viable unless it has permanently ceased operations and filed for formal dissolution in accordance with the New Jersey Business Corporation Act or has filed for bankruptcy under Chapter 7 of the United States Bankruptcy Code."

Department of Labor and Workforce Development | Corporate Officer/Owner

Check the Department of Labor website for your state, or call your local UI office for info applicable to you.
Thanks for your help. You seem very vers in unemployment. I am in IL and I could not find any info on their site.

Does anyone know about the rules in IL?
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Old 10-24-2009, 10:19 AM
 
Location: Lehigh Acres
1,777 posts, read 2,549,259 times
Reputation: 850
try changing "nj" in his link to IL and see what ya get
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