Can Business Owner Collect Unemployment Compensation?
When you are self-employed, one of the problems you will usually encounter when you lose your business is the uncertainty of what happens next. If you are a regular worker, you just have to apply for local unemployment for benefits.
But it is different when you are a business owner and on the verge of losing it. On the question of whether a business owner can collect unemployment compensation, the answer varies state by state. There are some states where even business owners can take advantage of business compensation.
First is to be certain that it is possible to get compensation in your area by contacting the local state employment office. When you are certain that it is possible to get compensation, the general steps in collecting unemployment compensation includes:
Ensuring Your Eligibility
First, there are certain requirements which you must meet to avail of the unemployment benefits. Most common requirements include:
- Being able to physically work
- Availability for full time job,
- Is actively seeking for new employment
- Unemployed but not your fault.
You will also have to complete several forms for eligibility and come back to the office either bi-weekly or weekly to follow up your application. The state employment office will the one to determine of you are eligible for the said benefits.
Sole Proprietor and S Corporations
Generally, if you are a sole proprietor you do not have to pay for tax on the unemployment insurance. But that is not the case if you don’t contribute in the unemployment insurance of the state which means you are not eligible for the unemployment benefits. This is how you can possibly collect unemployment compensation.
Similarly, if you are a business owner running a one-person corporation of your own, it’s likely you are required to pay for unemployment insurance tax for the salary since you can be considered as an employee. In that case, just like any other employees you are entitled to employee benefits. This will apply if you report as an employee and pay the unemployment insurance tax on your salary.
- Benefits for Business Owners
Business owner benefits must be well understood by all the business owners. This is because it will help them enjoy the essence of being an owner of the business.
- Tips to Business Owners for Handling Discrimination
Discrimination is a serious matter in the workplace. As a business owner, you should treat every employee with fairness. And it is your responsibility to make sure nobody in the company is being treated unfairly.
- Franchise Opportunities
- Wholesale Business Opportunities
- Small Manufacturing Business
- Farming Business Ideas
- Unique Business Opportunities
- Shop Business Ideas
- Small Business Opportunities
- Startup Company Ideas
- Home Based Business Opportunity
- Rural Business Opportunities
- Tips for Buying and Selling
- Starting Rental Business
- Ideas for Small Business
- Free Business Ideas
- Internet Business Ideas
- Store Business Opportunities
- Entrepreneur Business Idea
- Retail Store Ideas
- Service Business Ideas
- Advice for Small Business
- Financing a Small Business
- Restaurant Business Opportunities
- Small Business Articles
- Business Marketing and Advertising
- Repair Business Opportunity
- Professional Career Opportunities
- Business Insurance Information
- Instructor Guides
- Writing a Business Proposal
- Which Business is Most Profitable in Canada
- Which Business Degree Makes the Most Money
- Why Business Cards are Important
- Which Business Make High Profit
- How to Calculate Net Income from Balance Sheet
- Net Working Capital to Total Assets Ratio
- How are Business Ethics Developed
- SWOT Analysis of the Airline Industry
- Advantages of Unrelated Diversification
- Types of Business Incubators