"Dan Caputi" wrote in message
> I just lost my consulting contract that had been my sole source of income
> for the past 15 years. In NY, I'm not entitled to collect unemployment
> unless I dissolve my s-corp. I can't do *that* until all outstanding
> invoices are paid and all the checks have cleared. Should that income for
> work I did *last year* be considered as continued employment?
>
> Is this fair? - I've been paying myself a salary and all UI premiums for
> that entire time but I am unable to collect on unemployment while looking
> for a new job. So why did I bother paying myself a salary? In hind-sight,
> maybe it makes more sense *not* to pay yourself a salary if your an
> independent principle of an s-corp. I didn't think that was legal - what
am
> I missing? Why the double standard?
>
> - Dan C.
You still have to pay unemployment insurance for every employee of the
corporation, regardless of whether or not they take any salary. In MA, you
can't collect unemployment for one person corporations either. Really unfair
but I guess that's the way they fund the system... take money from you for
which you can never collect on. You just have to consider it an expense to
be a corporation. Same also goes for business (not E/O) liability insurance.
You pay all the premiums but you can never collect on it.
-al sung
Rapid Realm Technology, Inc.
Hopkinton, MA
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