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Accountant free questions?
My current position has been cut as of April 30 2012 . At that time I plan on starting a buisiness with my wife . I plan on collecting unemployment benefits as well . Is this legal if the proceeds from the business are in my wife's name only ? Are there tax benefits for a female owned and operated business? The state I reside in is Rhode Island
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If you are working for anyone else you cannot legally collect Unemployment Insurance benefits.
That includes working for/with your wife. You already know that, that's why you use the wording "as well." Unemployment Insurance benefits are not in place to subsidize your other income. |
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Let me rephrase the question my wife will be sole proprieter on paper she will receive all proceeds from the business in her name .I will remain unemployed and off the books for the period that I will collect unemployment benefits.Meaning I will not be employed by the business . My question is because this is my wife's business and we file jointly would I be considered an owner as well. Therefore not eligible to collect . I understand what you are stating and this probably circumvents the system .
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No, the owner is the owner. Your marital status does not affect ownership. I would refer to your employment as something other than "off the books" - you are either employed or you are not. This could hang you up.
I understand that you may assist her BUT you will not work for her, be employed by her, receive a salary and so forth. When I first read your question my hair stood on end - now that you've explained I can breathe again. Good luck with the business - has she considered applying for loans or grants as a minority-owned (female) business? There are no tax breaks as such but there are other benefits. |
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To collect unemployment, you have to certify that you are willing and able to work for each day that you claim benefits. You also certify that you are actively seeking employment.
If any of the above is false, then you will be falsifying your claim. On the other hand, if you have no interviews or calls to make on any day and you fill in your idle time by helping your wife as an unpaid volunteer. |
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