Is it possible to start a sideline business while on unemployment and looking for a job?
Posted by
brian in
Unemployment HELP on
Mar 4th, 2010 |
2 responses
I have been looking for a job and a friend came to me with an opportunity to start a sideline company but I don’t expect it to make any money tell 6 months down the road (which is after the unemployment would run out.
Would this stop my unemployment completely or would I just need to fill out the info each week like I got a job and just state how much I earned (most likely zero, but you never know)?
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Sure, but make SURE that you report any and all income from this business to the Unemployment Office! You don’t report the “profit” but ALL monies received, i.e. your Gross Receipts from this business venture.
Failure to do so is a crime and will at the very least require you to repay the benefits that you improperly received. You could also lose your unemployment benefits in their entirety, be banned from collecting unemployment for a period of time, or even be prosecuted.
In Massachusetts you report NET self employment income. Check with your state to find out for sure.